EDUCATION
University of California-Irvine was awarded a $7.8 million federal grant from the Eunice Kennedy Shriver National Institute of Child Health & Human Development to explore the link between family income and early brain development. The five-year research project will be based on studies documenting that brain development in children from low-income households differs from that in children from higher-income households.
— Deirdre Newman
FINANCE
Pacific Premier Bancorp Inc. signed a multiyear partnership with the National Football League’s Los Angeles Chargers. It will provide the team with business banking products and services. The Chargers have temporary administrative offices and practice fields in Costa Mesa. Irvine-based Pacific Premier has also been the official business bank of the National Hockey League’s Anaheim Ducks since the 2014-15 season.
— Peter Brennan
HOSPITALITY
Hyatt Hotels Corp. named David Nadelman general manager of Hyatt Regency Orange County in Garden Grove and vice president over six other high-end hotels with 4,500 rooms in Southern California. His most recent role was area vice president in Hawaii and general manager at Hyatt Regency Waikiki. He replaces Hyatt Regency OC General Manager Stephen D’Agostino, who’s headed to Hyatt Regency Indian Wells.
— Paul Hughes
LAW
Sedgwick LLP will shutter at the end of December, according to two legal news sites. Its Irvine office ranks No. 83 on the Business Journal’s list of the largest law firms in Orange County, with 10 lawyers. A message left for Irvine office Managing Partner Ralph Guirgis wasn’t immediately returned. Sedgwick was formed in 1933 in San Francisco, and has been rocked by defections and office closures, according to abovethelaw.com, part of Breaking Media Inc.
— Peter J. Brennan
REAL ESTATE
Five Point Holdings LLC found bond buyers so eager for its high-yield debt that it increased the offering to $450 million. The Aliso Viejo-based company priced its senior notes due 2025 at 7.875%. It said on Nov. 14 that it intended to raise $400 million. Moody’s Investors Service assigned a B3 rating this month, or six ratings below investment grade, also known as junk bonds, and issued a stable outlook. Five Point said it plans to use the proceeds for general corporate purposes, possibly including funding development activities at its communities. The issuance of the notes is scheduled to close around Nov. 22.
— Peter J. Brennan
RESTAURANTS
The Crab Cooker restaurant in Newport Beach will close for a year or more as its building is torn down and rebuilt due to construction issues resulting from a next-door condominium project, according to news reports. The seafood restaurant has been in business for nearly 70 years and was patronized by President Richard Nixon.
— Hannah Mitchell
Melissa Lora will retire next summer from the president’s position at Irvine-based Taco Bell Corp.’s international division. Chief Financial Officer Liz Williams will move into the role, and Rahul Shinde, currently for KFC general manager in India, will become Taco Bell Division chief financial officer. Lora has worked for Taco Bell since 1987, primarily in finance roles; she was CFO and chief development officer for 12 years. Taco Bell has said it wants to expand overseas.
— Paul Hughes
Lazy Dog Restaurant & Bar in Huntington Beach named John Williams chief marketing officer and Mariah Machnikowski chief people officer, both new roles. Williams joined the casual-dining chain in October from Disneyland Resort, where he was director of marketing strategy. Machnikowski had been vice president of human resources at Tilly’s Inc. in Irvine. Lazy Dog had 21 locations and $117 million in sales at the end of last year.
— Paul Hughes
RETAIL
The co-founder of what’s now Stan Miller Yachts died on Nov. 17 at age 91, the brokerage announced on its website. Its namesake founded Stan Miller Sailboats in Seal Beach in 1955 with his brother, Jim, to build sailboats. It later branched into yacht sales and changed its name accordingly. Brothers John and Brad Buettner now own the company, which maintains a Newport Beach office.
— Hannah Mitchell
