Exult Chief, Ruby’s Founder, Other Entrepreneurs Honored
The founder of the 1940s-style Ruby’s diner chain and the chief of a human resources service for big companies were among the honorees at the Business Journal’s first Excellence in Entrepreneurship Awards held last week.
Doug Cavanaugh, chief executive of Newport Beach-based The Ruby Restaurant Group was honored for growing the diner chain from its first spot on Balboa pier to 38 sites today and plans for 22 more in the next five years. Industry sources put Ruby’s yearly sales at about $70 million.
Jim Madden, founder and chief executive of Exult Inc. was awarded for starting the Irvine-based company in 1998 and growing it into one with a market value of more than $1 billion today. Big names such as Bank of America Corp., Prudential Financial Inc. and BP PLC contract with Exult for online human resources and other services.
Raymond W. Cohen, chief executive of Irvine-based Cardiac Science Inc. was honored for his role in reviving the maker of cardiac defibrillators. Back in 1997, Cohen took over running the company when its shares traded for about a dime. Today Cardiac Science counts a market value of around $300 million and a string of recent contract wins.
Daryl Carter, co-founder and chief investment officer at the Irvine office of Capri Capital LP, was awarded for helping to grow the 10-year-old real estate investment firm to $6 billion in assets under management. Carter runs Capri with Chicago-based partner Quentin Primo, who was on hand for last week’s award ceremony.
Matthew K. Stewart, co-founder and co-chief executive of Santa Ana-based National Service Group was awarded for his work training college students through business internships. In 1996, Stewart and his partners bought the rights to a failing painting company, tweaked the business model and launched National Service Group. The company has grown to 120 workers managing 800 intern businesses.
