From Bloomberg | A group of brokers is claiming that Wall Street’s largest banks are using CME Group and other companies that operate derivatives clearinghouses to block smaller firms and protect the money they make from trading swaps.
Get the full story: bloomberg.com.
Filed under: Chicago executives
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Group says banks block OTC clearing in ‘proxy war’
Chicago Corp. makes Jack Wing chairman emeritus
From Crain’s Chicago Business | Recently-revived investment banking firm Chicago Corp. has named finance veteran John “Jack” Wing chairman emeritus. Wing was chairman and CEO of Chicago Corp. from 1981 to 1997.
Get the full story: chicagobusiness.com.
Oil executives try to explain differences from BP
From The New York Times | The heads of the world’s largest oil companies are facing a Congressional panel on Tuesday, and they will try to cast the BP spill as a rare event that their companies are not likely to repeat. In prepared remarks, the executives said that continued offshore drilling is essential to American oil and gas supplies.
Get the full story: nytimes.com.
CF Industries elects AptarGroup exec to board
Associated Press | CF Industries Holdings, Inc. said Monday that it has elected the chief operating officer of AptarGroup Inc., as an independent member of its board of directors.
New strategy exec at Motorola’s mobile devices unit
By Wailin Wong |
Motorola Inc. has hired a former financial analyst and telecom executive to lead strategy for its mobile devices and home business, which is scheduled to be split off from the rest of the company early next year.
The Schaumburg-based company said John Bucher will be corporate vice president of strategy for the division and report to co-Chief Executive Sanjay Jha. In a statement, Jha said Bucher’s technical and management experience “will be instrumental to our strategic planning process as we chart our future course as an independent company.”
Sara Lee CEO, chairman recovering from stroke
Sara Lee CEO Brenda Barnes speaks at the Chicago Network luncheon in April 2007. (Tribune file photo)
By Michael Oneal | Sara Lee Corp. Chairman Brenda Barnes broke the silence about her
medical condition Monday morning, issuing a statement that she is
recovering from a stroke.
“I know there has been a lot of speculation on my condition, so I want
to take the opportunity to provide some details,” Barnes, 56, said in a
statement. “I suffered a stroke a few weeks ago, and I am now in the
process of recuperating.”
Jon Harris, a Sara Lee spokesman, said Barnes and the company would
provide no further details on her condition or the severity of the
stroke. He said the company plans to provide an update on Barnes’ health
and her future plans by or before its end-of-year earnings call on Aug.
12. Whether she returns and assumes her full scope of duties with the
company has not been determined, he added.
Bidding at $1.5 million for Buffett lunch
Reuters | A bidder is offering to pay more than $1.5 million for
a steak lunch with billionaire investor Warren Buffett, driving the
top bid more than $500,000 higher in seven minutes as the annual charity
auction on eBay’s Web site heads into the homestretch.
The top bidder, whose identity is being kept anonymous, appears to be a
proxy bidder. Such bidders tell eBay in advance how much they are
willing to bid and are awarded the top bid if someone else bids less.
PrivateBank names new head of private wealth
Dow Jones Newswires | Chicago-based PrivateBancorp Inc. has put its
private-banking chief, Kristine Garrett, in charge of all of its
wealth-management and private banking operations.
She takes over supervision of the Privatebank’s Private Wealth Group from Gary Collins, who left PrivateBancorp late last year.
Aon chair closes on $3.2M Gold Coast condo
ELITE STREET | By Bob Goldsborough | Aon Corp. Chairman Lester B. Knight has paid $3.2 million for a unit in a new luxury high-rise on the Gold Coast.
A former Baxter executive who founded RoundTable Healthcare Partners, Knight is one of the highest-profile buyers in the 60-story building, where units have closed for as much as $8 million. Another big-name buyer is former Chicago Mercantile Exchange CEO James McNulty, who recently paid $6.9 million to buy the entire 37th floor.
Knight declined to comment on his purchase, which closed May 7.
Edward Liddy back on Boeing’s board
Associated Press | Former Boeing Co. director Edward Liddy has
rejoined the aerospace company’s board after serving as interim chairman
and chief executive of troubled insurance giant American International
Group Inc. at the request of the U.S. government.
Chicago-based Boeing announced Liddy’s return to the board Thursday.
Suze Orman recovering in Chicago after surgery
Associated Press | Personal finance adviser Suze Orman is
resting at a Chicago hotel after having an emergency appendectomy over
the weekend. Spokeswoman Kristin Bouton says the surgery was performed
on Orman on Saturday night at Northwestern Memorial Hospital.
Walgreens: We can make up for lost CVS business
From Bloomberg | Greg Wasson, the CEO of Walgreen Co., says his company can make up for the loss of business with CVS Caremark Corp. by expanding corporate health-care clinics and adjusting costs in some markets.
Get the full story: businessweek.com.
Motorola’s Jha says Droid’s sales are strong
Reuters | Motorola Inc. is seeing strong demand for its Droid phone at Verizon Wireless, despite the popularity of rival HTC Corp.’s Droid Incredible, co-Chief Executive Sanjay Jha said Wednesday.
AAR Corp. exec receives 7% pay raise
From Crain’s Chicago Business | David Storch, the CEO of aircraft maintenance and defense company AAR Corp., has received a four-year contract extension with a 7% pay raise.
Get the full story: chicagobusiness.com.
June 8, 2010 at 4:31 p.m.
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Filed under: Chicago executives, Jobs/employment, Layoffs, Manufacturing Solo Cup to close 3 plants, move jobs around
Associated Press | Lake Forest-based Solo Cup Co., which makes single-serving food and beverage containers,
said Tuesday that it will close three factories, eliminating 1,240 jobs,
because of growing capacity at its 10 other North American plants.
The company plans to shutter factories in North Andover, Mass., and
Springfield, Mo., in mid- to late 2011, and a plant in Owings Mills,
Md., in mid-2012.
