Finance
Irvine-based Banc of California was named the official commercial bank of the committee trying to land the 2024 summer Olympics for Los Angeles. The Business Journal recently ranked the bank the fastest growing public midsize company headquartered in Orange County.
Healthcare
Fountain Valley-based MemorialCare Health System said it entered a joint venture with Fresenius Medical Care North America to operate 15 kidney dialysis clinics in Orange and Los Angeles counties. Thirteen of the clinics are already operating, and the other two, in Huntington Beach and San Juan Capistrano, are under development. Fresenius is based in Waltham, Mass., and is a unit of Germany-based Fresenius Medical Care AG & Co. KGaA. It cares for people with end-stage kidney disease at over 2,200 U.S. dialysis clinics.
Children’s Hospital of Orange County joined the Cancer Moonshot 2020 initiative designed to speed development of cancer cures through immunotherapy. CHOC officials said the Orange pediatric hospital and nine other pediatric health systems will participate in a consortium to share data among academic institutions, healthcare groups and companies. Cancer Moonshot 2020 is led by Dr. Patrick Soon-Shiong, a biotechnology executive who is founder and chairman of Culver City-based biotechnology company NantWorks LLC.
Irvine-based Quality Systems Inc. appointed James Arnold Jr. to the post of chief financial officer, effective March 1. Quality makes software that doctors and dentists use to manage their practices. He will assume the CFO role from John Stumpf, who had been interim CFO since Paul Holt’s departure last year. Holt is now chief financial officer at Culver City-based NantHealth LLC. Arnold was most recently chief financial officer at Irvine-based software company Kofax Ltd. for nearly five years. He holds degrees from Delta State University in Cleveland, Miss., and Loyola University in New Orleans.
Hospitality
Huntington Beach Chamber of Commerce President and Chief Executive Jerry Wheeler plans to retire April 8. Wheeler, 68, led the chamber through a period of growth. Its membership has increased by 100 to about 700 since he became president in June 2011. He also expanded sponsorship and attendance at the organization’s business expos by holding them in public venues. Wheeler is moving to Sacramento, where his wife, Celia, who has led March of Dimes work in Orange County, has taken a promotion.
Real Estate
A developer has proposed building a 26-story condominium tower on the current site of the Orange County Museum of Art, the Orange County Register reported. Related California Urban Housing LLC would tear down the museum on San Clemente Drive and replace it with the 100-unit tower, which would house two- and three-bedroom condos. OCMA had already announced plans to ultimately move to the Segerstrom Center for the Arts in Costa Mesa. Demolition of the museum would start in about two years, based on development plans.
Technology
Irvine-based Ingram Micro Inc. announced it’s set to be acquired for $6 billion by a Chinese conglomerate in a deal that represents a 39% premium of the average closing share price of Ingram Micro shares in 30 trading days through Feb. 16. The transaction, which was unanimously approved by both boards, is expected to close in the second half of the year. Under the deal, Ingram Micro will retain its Irvine headquarters and become a unit of Tianjin Tianhai Investment Co. parent HNA Group, a Hainan-based Fortune Global 500 company with major operations in aviation, tourism and logistics. Its management team will remain in place, with Alain Monié continuing his role as chief executive, the company said. Ingram Micro employs about 950 in OC.
