APPAREL
Alfred Chang was promoted to president of Anaheim-based retailer Pacific Sunwear. He previously served as its chief brand officer and executive vice president of men’s merchandising. Chang, who joined PacSun in 2006, will oversee its design, merchandising, marketing, retail and e-commerce business.
— Subrina Hudson
AUTOMOTIVE
Kia and Hyundai’s Genesis brand topped Irvine-based J.D. Power’s annual survey of car brands with the fewest problems in the first months after purchase. Many American car buyers use the survey as a guide.
— Hannah Mitchell
The North American offices of South Korean automakers Hyundai Motor Co. and affiliate Kia Motor Corp. announced in separate statements that they’ll reorganize U.S. operations and those in Europe and India, to allow the regional headquarters more autonomy and control over adaptation to changing markets and consumer demand. The global reorganization is scheduled to be completed by next year. Hyundai and Kia said the changes will allow the regions to respond quicker and therefore boost sales. Hyundai Motor America in Fountain Valley will be Hyundai Motor North America, and Irvine-based Kia Motors America will be Kia Motors North America.
— Subrina Hudson
FINANCE
Wells Fargo & Co. will close two auto financing offices in the Irvine Spectrum resulting in 67 employees leaving the firm. It’s moving other workers from the offices, which employ hundreds, into its OC headquarters in Irvine and other U.S. offices, a spokeswoman said.
— Peter J. Brennan
HEALTHCARE
The David and Molly Pyott Foundation gave $1.7 million to Easterseals Southern California to support expansion of its adult day services at the nonprofit’s current Santa Ana headquarters. The donation from the Pyotts—Molly is the group’s board chairwoman, David a
philanthropist and former Allergan chief executive—will be used to pay off the location’s mortgage and renovate it to create a new adult day services location scheduled to open next year. The corporate office will move to Irvine.
— Sherry Hsieh
Evolus Inc. named Michael Jafar chief marketing officer. He comes from Allergan, where he most recently served as vice president of medical aesthetics. Irvine-based Evolus is focused on aesthetic medicine. Its first product, DWP-450, which has been submitted to the Food and Drug Administration for approval to treat moderate to severe frown lines, is designed to produce similar cosmetic effects to Botox.
— Sherry Hsieh
REAL ESTATE
Fieldstead and Co. in Irvine plans a daylong “What Would Howard Do?” discussion of home ownership at the University of Southern California on Aug. 1. The name refers to Howard F. Ahmanson Sr., the late founder of Home Savings & Loan. Howard Sr.’s son, Howard Jr., and his wife, Roberta, live in Corona del Mar and are noted for giving to arts and community charities. Fieldstead is their family office. Registration for the full day of talks is through EventBrite.
— Paul Hughes
TECHNOLOGY
San Jose-based Broadcom Inc., which maintains a sizeable operation in Irvine, has issued another round of deep job cuts following an acquisition. The company said in a regulatory filing that it cut 1,100 spots “across all business and functional areas” and said more could occur following its $6 billion takeover of networking gear maker Brocade Communications Systems Inc., also based in San Jose. The filing didn’t indicate whether any further cuts would affect the Irvine operation, which has been slashed by more than a third since Avago Technology Inc. acquired it in 2016 and moved its U.S. headquarters to San Jose.
— Chris Casacchia
Cylance Inc., one of the highest-valued private companies in Orange County, has raised $120 million in a venture round led by prior investor Blackstone Tactical Opportunities. The Irvine-based security software maker said it will use the proceeds to continue global expansion in Europe, the Middle East, and Asia Pacific, and to boost sales, marketing, product and business development. Cylance has raised $297 million since its 2012 founding.
— Chris Cassachia
