Business

Ally Financial to expand board with new independent director

March 22, 2016

(The Charlotte Observer)

Ally Financial will consult with shareholder Lion Point Capital to select a new independent director, expanding its board to 12 members. The hedge fund tangled with Ally in December when Lion Point pressed the company to form a committee to study strategic alternatives, which Ally said was an attempt to force a sale of the company. Detroit-based Ally's CEO Jeffrey Brown is based in Charlotte, where the company employs about 800 people.

Low inventory leads to tight Triangle housing market

March 22, 2016

(The News & Observer, Raleigh)

The number of homes on the market in the Triangle fell 14% in February compared with the same period a year ago, while sales increased 11%. Inventory in the market, which includes Durham, Johnston, Orange and Wake counties, has fallen for 18 consecutive months.

Charlotte approves mixed-use project across from SouthPark mall

March 22, 2016

(The Charlotte Observer)

Childress Klein will develop the property, which will include up to 490 apartments, a 175-room hotel, offices, shops and a 750-seat building that will be the new home of Sharon United Methodist Church. The existing church will be demolished to make way for the mixed-use project.

Asheville's Parsec Financial expands with purchase of Millard & Co.

March 22, 2016

(Asheville Citizen-Times)

Asheville wealth management firm Parsec Financial will expand in southwestern North Carolina and upstate South Carolina with the acquisition of Tryon-based Millard & Co. Founder Andy Millard is stepping aside to focus on his campaign for North Carolina's 10th Congressional District.

Valeant seeks new CEO

March 22, 2016

(WRAL TechWire)

Embattled Valeant Pharmaceuticals is looking for a new chief executive officer, Chairman Bob Ingram said in a statement Monday. Ingram, a partner at Durham-based Hatteras Ventures, is one of several Tar Heels on the Canadian drugmaker's board; former UNC System President Tom Ross and PPD founder Fred Eshelman joined earlier this month. Valeant shares have lost nearly 90% of their value as the company has come under fire for accounting discrepancies.

Developer Halpern buys land near Greensboro's Friendly Center

March 22, 2016

(News & Record, Greensboro)

Atlanta developer Halpern Tyrone LLC paid $5.15 million for 6.4 acres at Friendly Avenue and Hobbs Road in Greensboro. Plans call for 42,000 square feet of retail space, including a grocery store, and up to 22 residential units.

Townend named associate vice chancellor at UNCW

March 22, 2016

(StarNews, Wilmington)

UNC Wilmington named Paul Townend associate vice chancellor and dean of undergraduate studies. Townend is an associate professor and chair of the history department. He replaces Martin Posey, who became director of the school's Center for Marine Science in January.

Burlington's LabCorp completes acquisition of Pathology

March 22, 2016

(The Times-News, Burlington)

LabCorp has completed its purchase of assets of Pathology Inc., a Torrance, Calif.-based lab that offers medical testing and services for women. Terms of the deal were not disclosed.

PayPal bringing 400 jobs to Charlotte

March 21, 2016

(The Charlotte Observer)

PayPal will open a new operations center in the University City area of Charlotte, creating 400 jobs with an average annual salary of nearly $50,929. The San Jose, Calif.-based payment processor could receive up to $3.7 million in state incentives.

ITG Brands begins layoffs in Greensboro

March 21, 2016

(Winston-Salem Journal)

The third-largest U.S. tobacco company has cut 20 salaried jobs in Greensboro. ITG Brands warned employees last month that job cuts were coming but didn't provide a timeline. ITG has about 1,700 workers in Greensboro, including 1,100 production workers.