Compiled by Julie Leupold
TECHNOLOGY
Irvine’s Epicor Software Corp. named a new chief executive to replace longtime leader George Klaus. Thomas Kelly, 55, is set to be Epicor’s president and chief executive. Klaus will stay as chairman and will oversee the transition. Epicor also announced that Mark Duffell, its president and chief operating officer, is leaving at the end of March to “pursue other opportunities.”
Shares of Irvine’s Broadcom Corp. fell last week after an analyst said he anticipates delays in chips that are set to go into phones made by Nokia Corp. The chipmaker saw its stock fall more than 5% on a recent market value of about $10 billion. Broadcom’s stock plunged to below $19 a share, marking a three-year low.
HEALTHCARE
Eye care products maker Advanced Medical Optics Inc. will move out of its Irvine plant, which it took over as part of last year’s acquisition of Irvine-based IntraLase (see story, page 1). The move is part of a cutback of 150 jobs worldwide, according to filings with the Securities and Exchange Commission.
Edwards Lifesciences Corp. said that it is reorganizing its businesses and three executives will be leaving. Corporate vice presidents Anita Bessler, who oversaw Edwards’ core heart valve business; Stuart Foster, who oversaw critical care and vascular business; and Alex Martin, who oversaw the development and expansion of Edwards’ North American sales and marketing unit, are set to leave at midyear.
REAL ESTATE
Orange’s Planning Commission approved The Irvine Company’s request to subdivide 785 acres east of Irvine Lake for nearly 1,200 homes. The project is part of the developer’s larger plan to add nearly 4,000 homes to the area. The plans also include landscaping, trails, widening of Santiago Canyon Road, controlled access gates, fuel modification areas and open space. It’ll likely go before the City Council in March or April.
APPAREL
Vancouver, Wash.-based Nautilus Inc. is selling its Pearl iZumi clothing line to Irvine-based Shimano American Corp., part of Japanese cycling and fishing equipment maker Shimano Inc. Shimano will pay $65.3 million in cash for Colorado-based Pearl iZumi, which Nautilus acquired in 2005 for $74 million. Shimano will assume $4.2 million in long-term debt from the buy. The deal is expected to close by the end of March.
EDUCATION
Washington Post Co. has taken an 8.1% stake in for-profit education company Corinthian Colleges Inc. of Santa Ana. Washington Post said it acquired $60 million worth of shares. The media company, which operates schools through its Kaplan Higher Education unit, said it didn’t have any plans to buy up more shares in Corinthian.
Donald Bren, chairman of The Irvine Company, has given $8.5 million to a Santa Ana nonprofit that offers afterschool education for kids. The money will be used to expand Think Together’s programs for underprivileged children in school districts in Santa Ana and eastern Los Angeles County. Bren’s gift increases his total giving to Think Together to $10 million.
GOVERNMENT
An investment fund in which Orange County has invested $80 million is near default. County Treasurer Chriss Street said he believes the county ultimately will get all its money back because “the underlying assets are paying.” But the fund operator, Whistlejacket Capital Ltd., lost its would-be savior and is facing a cash crisis. Standard Chartered PLC, the British bank that manages Whistlejacket, said that it was going to put Whistlejacket on its books to prevent any loss to investors but decided not to bail out the structured-investment vehicle after its value plummeted.
OTHER NEWS
Foothill Ranch-based Kaiser Aluminum Corp. said its quarterly profits more than doubled from a year ago, sending its shares soaring. The company’s stock gained as much as 10% before ending the day with a 5% gain on a market value of about $1.5 billion. The company said it earned $24 million for the recently ended quarter, double the profits it reported for the same period a year earlier. Revenue for the quarter rose 7% to $360 million, just shy of analysts’ expectations of $363 million. Kaiser also reported earnings for the full year at $101 million on sales of $1.5 billion. Sales increased 11% over a year ago.
