Sep. 13, 2010 at 4:47 p.m.
Filed under:
Airlines,
Economy,
Jobs/employment,
M&A
By Julie Johnsson
United and Continental Airlines agreed on Monday to maintain a hub in Cleveland for at least five more years, as Ohio Attorney General Richard Cordray ended his antitrust investigation of the mega-merger.
The announcement clears one of the last remaining roadblocks to the tie-up, which will create the world’s largest carrier. The Justice Department, which had been expected to provide the closest scrutiny of the deal, concluded its antitrust probe last month.
United and Continental shareholders will vote on Friday to formally approve the financial union of the two airlines. The deal is slated to close on Oct. 1, when Continental CEO Jeff Smisek will become chief executive of the new United. Get the full story »
Sep. 10, 2010 at 6:54 a.m.
Filed under:
Cell phones,
Telecommunications,
Wireless
By CNN
Nokia’s stock rallied Friday after the Finnish mobile phone maker said it was replacing its chief executive with an executive from Microsoft Corp.
Nokia’s board of directors said it hired Stephen Elop for the position of president and CEO. Currently the head of Microsoft’s business division, Elop is scheduled to begin his new job on Sept. 21. Get the full story »
Sep. 8, 2010 at 9:00 a.m.
Filed under:
Insurance,
M&A,
Manufacturing
By Becky Yerak
Two Chicago-based companies – a railroad freightcar maker and an insurance brokerage – announced acquisitions Wednesday morning. Get the full story »
Sep. 7, 2010 at 9:57 a.m.
Filed under:
Bankruptcy,
Retail,
Small business,
Sports
By Becky Yerak
Litchfield-based Schutt Sports Inc., a maker of football helmets, face guards and other protective sports gear, said today that it has filed for Chapter 11 bankruptcy protection.
“This process will allow us to continue operating our business as usual and to continue servicing our customers without disruption,” Schutt Chief Executive Robert Erb said. ” We have the support of our bank, a great brand and look forward to strengthening our balance sheet and serving our customers for years to come.” Get the full story »
Sep. 7, 2010 at 9:00 a.m.
Filed under:
Media,
TV
By Reuters
Google will launch its new service to bring the Web to TV screens in the United States this autumn and worldwide next year, its chief executive said, as it extends its reach from the desktop to the living room. Get the full story »
Sep. 3, 2010 at 12:19 p.m.
Filed under:
Earnings,
Retail
By Reuters
Shares of Bolingbrook-based Ulta Salon, Cosmetics & Fragrance Inc. soared 18 percent to a 12:30 price of $26.25 Friday as investors reacted to a sweet-smelling quarterly profit report and outlook.
The stock, which has been in relatively steady ascent during the past 18 months, is closing in on its 52-week high of $26.75. Get the full story »
Sep. 3, 2010 at 7:16 a.m.
Filed under:
Banking,
Chicago executives
By Becky Yerak
MB Financial, the Chicago-based middle-market bank whose earnings have come up short recently and which has expressed pessimism about the economy, is shaking up its leadership ranks, including in its commercial banking arm, the Tribune has learned. Get the full story »
Sep. 1, 2010 at 6:11 a.m.
Filed under:
Chicago executives,
Jobs/employment,
Layoffs
By Reuters
As U.S. companies shed millions of workers during the recession, the CEOs who laid off the most people brought home pay that was significantly higher than that of their peers, according to a Washington, D.C. think tank study.
The CEOs of the 50 U.S. companies that laid off the most workers between November 2008 and April 2010 were paid $12 million on average in 2009, or 42 percent more than the average across the Standard & Poor’s 500, the Institute for Policy Studies study said. Get the full story »
Aug. 27, 2010 at 6:05 p.m.
Filed under:
Airlines,
Airplanes,
Airports,
Labor,
Litigation,
M&A,
Transportation,
Travel,
Unions,
Updated
By Julie Johnsson
Passengers at the United and Continental kiosks at O'Hare International Airport, May 3, 2010. (AP Photo/Charles Rex Arbogast)
The Justice Department approved the proposed merger of United and Continental airlines Friday, closing an unexpectedly speedy four-month investigation that paves the way for the mega-deal to close by Oct. 1.
To win the blessing of federal antitrust regulators, United and Continental agreed to lease slots for 18 round-trip flights to Southwest Airlines at Newark Liberty International Airport, beginning in March 2011.
Justice officials said the slot transfer was struck in “response to the department’s principal concerns” regarding the merger, which critics have warned will speed consolidation and eventually leave the three largest U.S. carriers with a lion’s share of the market. Get the full story »
Aug. 27, 2010 at 4:54 p.m.
Filed under:
Banking
By Becky Yerak
Urban Partnership Bank, the newly formed group that last week bought failed Chicago-based ShoreBank, has named five-people to its board of directors.
It includes three former First Chicago executives who had joined ShoreBank in recent months during its last-ditch and ultimately unsuccessful effort to raise capital so state and federal regulators wouldn’t seize it.
Those are David Vitale, who, as previously reported, will serve as chairman; William Farrow, who, as reported, will be president and chief executive officer; and Eileen Kennedy, another former First Chicago executive who had joined ShoreBank in recent months. Get the full story »
Aug. 27, 2010 at 11:13 a.m.
Filed under:
Transportation
By Associated Press
FreightCar America Inc. said Friday that its chief financial officer left the company “to pursue new opportunities,” and named a replacement who will take over Sept. 13. Get the full story »
Aug. 26, 2010 at 8:32 a.m.
Filed under:
Earnings,
Pharmaceuticals
By Michael Oneal
Lake Bluff biotech company Neopharm Inc. said Thursday that it had narrowed its losses in both the second quarter and first half of this year and reported progress in clinical trials for its breast, pancreatic and prostate cancer drugs.
But Aquilur Rahman, president and chief executive officer, warned that with cash dwindling to $1.8 million as of June 30, the company needs new funding to continue. Get the full story »
Aug. 25, 2010 at 11:49 p.m.
Filed under:
International,
Pharmaceuticals
By Dow Jones Newswires-Wall Street Journal
India’s market leader in medicines will soon be based near Lake Michigan.
Abbott Laboratories will hold the biggest share of India’s pharmaceuticals market, about 7 percent, when the company closes as early as next month on a $3.7 billion takeover of the drugs business of Piramal Healthcare Ltd. After committing more than $10 billion since February on such deals, Abbott Chief Executive Miles White said he has assembled a business in fast-growing countries that the company will count on for a big part of its growth. Get the full story »
Aug. 24, 2010 at 11:30 a.m.
Filed under:
Advertising/Marketing,
Food,
Restaurants
By Emily Bryson York
McDonald’s has named Steve Easterbrook as its global chief brand officer. Easterbrook takes the newly-created position September 1, after serving as president and chief executive of McDonald’s United Kingdom and president of Europe’s Northern division.
Easterbrook will be taking over the responsibilities of Mary Dillon, who vacated the role of global chief marketing officer in May, to become CEO of U.S. Cellular. In his role, he will report to president and chief operating officer Don Thompson. Get the full story »
Aug. 20, 2010 at 2:39 p.m.
Filed under:
Health care,
Pharmaceuticals
By Bruce Japsen
Hospira CEO Chris Begley. (Hospira)
Hospira Inc. on Friday said Chief Executive Christopher Begley will retire after more than six years in the top job but remain active in the management and operation of the Lake Forest-based maker of generic drugs and hospital products.
Begley, 58, is the only CEO Hospira has had since it spun off from Abbott Laboratories in 2004 into its own publicly traded company. He will remain CEO until a successor is named and then take on the position of “executive chairman,” which Begley described in a conference call with analysts as a chairman who stays on as an employee “and plays a greater role in the company than a non-executive chair.” Get the full story »
