Finance
John Mack, former chairman and chief executive at Morgan Stanley, was appointed chairman of the board of managers of Newport Beach-based Lantern Credit LLC. He’s an investor in Lantern Credit and since 2015 has served on the board. Lantern Credit says it helps consumers improve their credit scores in real time and also offers other services.
Santa Ana-based Banc of California said one director resigned from its board and that two others joined it. Eric Holoman said he’s resigning because he’s too busy after being named chief executive of EquiTrust Life Insurance Co., a $17 billion firm bought by Magic Johnson Enterprises in 2015. The two new directors are Mary Curran, previous banking chief risk officer at MUFG Union Bank, and Bonnie Hill, chairperson of San Diego State University’s Campanile Foundation.
Anaheim-based auto finance firm Gateway One Lending & Finance laid off more than 50 people in Anaheim and four in Rocklin in Placer County as part of a realignment, effective May 15, the Orange County Register reported. The company said it’s switching focus to “stable profitability” and improving service efficiency and effectiveness.
Healthcare
Endologix Inc. in Irvine agreed on a debt package of $170 million with New York private equity firm Deerfield Management Co., which now also holds rights to buy 6.5 million Endologix shares at $9.23 apiece. Endologix makes endovascular stent grafts to treat abdominal aortic aneurysms.
Former Alphaeon Corp. Chief Executive Robert Grant announced he’ll launch an app this fall allowing consumers to schedule and access on-demand specialist physicians in fields such as orthopedics, cardiology and brain surgery. The app connects users to about 1,500 specialists for urgent-care and hospital concierge clinics in cities like New York, Los Angeles, Dallas, Miami and Washington D.C. Newport Beach-based Concierge Key Health LLC is developing the app. Like Alphaeon, it’s a subsidiary of Newport Beach-based Strathspey Crown Holdings LLC.
Manufacturing
Shenzhen Rapoo Technology Co. Ltd. established its North American headquarters in Brea. The Chinese company sells computer accessories, such as 5G wireless mice and keyboards, and wired gaming products, in more than 40 countries. Established in 2002, it posted sales of $100 million last year.
American Vanguard Corp. in Newport Beach agreed to buy some U.S. assets of three crop protection product lines from Adama Agricultural Solutions Ltd. in Israel, on undisclosed terms. Adama is owned by the China National Chemical Corp. in Beijing; the Chinese parent company agreed with the U.S. Federal Trade Commission to sell some assets as part of its proposed purchase of Syngenta AG in Basel, Switzerland.
Real Estate
South OC’s largest land owner and developer, Rancho Mission Viejo LLC, tweaked its executive team structure. Chief Executive Tony Moiso was also given the chairman title, while Chief Operating Officer Don Vodra is now president. Moiso had served as president of the family-owned and operated company for 45 years. The company oversees development of the 23,000-acre Rancho Mission Viejo (see related item in Insider column, page 3).
Restaurants
Taco Bell Corp.’s bean burritos will be the focal point of an upcoming campaign by People for the Ethical Treatment of Animals. The animal rights organization will launch ads near Taco Bells in Florida, Georgia and New York, to “promote the fast-food chain’s certified vegan food offering.”
Technology
Cylance Inc. in Irvine initiated a round of fewer than 50 job cuts in a restructuring. It was unclear if they were the first layoffs for the fast-growing security software maker, which declined to disclose the number of cuts but said they’ll enable growth.
