Advertising
iHeartMedia Revenue Platforms is shutting down its Aliso Viejo office and moving operations to Texas. The division of iHeartMedia Inc. in San Antonio makes software that manages advertising space and revenue for some 1,100 radio stations. It plans to cut 72 local jobs by April 4, according to a notice filed with state’s Employment Development Department.
Automotive
Mazda Motor Corp., the Japan-based parent of Mazda North American Operations in Irvine, is recalling 70,000 RX-8 sports cars in the U.S. due to a problem with fuel pump sealing rings that could leak and catch fire, regulators said. The recall affects RX-8 models 2004 to 2008.
Irvine-based AutoAlert, a data mining and sales-lead generation company, will move its headquarters to Kansas City, Mo. this spring to take advantage of tax incentives, according to news reports. It was founded in 2002.
Healthcare
Allergan PLC said it will buy Pleasanton-based Zeltiq Aesthetics Inc.’s CoolScupting System for $2.47 billion, or $56.50 per share, in a transaction expected to be completed in the second half of the year. Zeltiq will be folded into Allergan’s Irvine-based business lines, a company spokesperson said. Zeltiq’s Food and Drug Administration-approved technology cools targeted fat cells in the body to induce a natural elimination of fat cells without affecting surrounding tissue. The global market is estimated to be $4 billion.
Hospitality
The Pendry San Diego opened last week in downtown San Diego’s Gaslamp Quarter. Pendry is the lifestyle urban hotel line of Montage International in Irvine, which also runs Montage Hotels & Resorts properties, including a flagship location in Laguna Beach. The $120 million, 317-room San Diego location is the first Pendry; a second is scheduled to open next month in Baltimore.
Manufacturing
Element Skateboards Inc. in Irvine named David Brooks its global general manager, the brand’s top executive position. He replaces Frank Voit, who stepped down from the role in January but remains with parent Billabong International Ltd., also based in Irvine. Brooks joins Element from promotional agency Wasserman Media Group in Los Angeles
Obituaries
Richard “Dick” Lyon, a founding trustee of Children’s Hospital of Orange County, pioneering Navy SEAL and former Oceanside mayor, died on Feb. 3 at age 93, according to news reports. The retired rear admiral and first Navy SEAL team reservist to become a flag officer was a native of Anaheim. He was believed to be one of the first commandos to enter Japan following the atomic attacks on Hiroshima and Nagasaki.
Longtime business executive and bon vivant Joseph DeFranco died Feb. 12 at his home in Newport Beach at age 94. He helmed Separation and Recovery Systems Inc. in Irvine for 28 years until his retirement in 2000 at age 77. It made oil filtration products and was at the time a subsidiary of publicly held American Eco Corp. in Houston; a related company, now a privately held LLC, is based in West Deptford, N.J. SRS was co-founded by DeFranco’s friend, actor and OC resident John Wayne.
Real Estate
Hotel REIT Sunstone Hotel Investors Inc. in Aliso Viejo sold Fairmont Newport Beach for $125 million. The buyer wasn’t disclosed, but it’s believed to be a China-based entity affiliated with Infinity Realty Advisors in Los Angeles. The sale works out to about $282,000 per room for the 444-rooom property, which is a few blocks from John Wayne Airport.
Restaurants
Andrew Puzder, chief executive of CKE Restaurant Holdings, which was founded in Anaheim, withdrew from consideration for U.S. labor commissioner. President Donald Trump nominated him for the post, but multiple Republicans had expressed less than enthusiastic opinions about Puzder. CKE is now based in Carpinteria.
Services
Irvine-based CoreLogic Inc. said Chief Executive and President Anand Nallathambi is taking a medical leave of absence from the company. Chief Operating Officer Frank Martell will serve as interim president and CEO. CoreLogic provides real estate information to companies in real estate, mortgage finance, insurance and capital markets. Nallathambi has led CoreLogic since it separated from Santa Ana title insurer First American Corp. in 2010. Martell joined CoreLogic in 2011 as CFO and became COO in 2014.
