Business

Former Salix executives to get $46M after Valeant sale

March 19, 2015

(The News & Observer, Raleigh)

The former top executives of Raleigh-based Salix Pharmaceuticals will receive $46 million after the company is sold to Canada-based Valeant Pharmeceuticals. Adam Derbyshire, who resigned as CFO in November, will get $13.3 million in stock and options while former CEO Carolyn Logan will walk away with $32.7 million in stock.

SEC denies Bank of America's bid to block shareholder proposal

March 19, 2015

(The Charlotte Observer)

Bank of America must include on its upcoming proxy a shareholder proposal that suggests the bank explore ways to split itself into two or more companies. The Securities and Exchange Commission ruling means shareholders will vote on the proposal at the Charlotte-based bank's annual meeting in April.

Councill Furniture closing Denton plants

March 19, 2015

(News & Record, Greensboro)

Councill Furniture will close its Davidson County plants, where the company employs about 125 people, at the end of June. The company was recently sold to RHF Investments, and the Denton factories were not included in the transaction.

 

Vertex Rail CEO talks future expansion

March 19, 2015

(Greater Wilmington Business Journal)

Vertex Rail CEO Don Croteau said it's possible the company eventually could double the size of its Wilmington plant. The rail-car manufacturer announced plans in November to create 1,300 jobs at the former Terex crane facility; an expansion could add another 1,000 workers.

Ritz Carlton issues second apology over CIAA surcharge

March 19, 2015

(The Charlotte Observer)

The Ritz-Carlton hotel in downtown Charlotte apologized again for adding a 15% surcharge to customer bills during the CIAA basketball tournament held last month. The hotel said Wednesday all of the gratuity was paid to the servers who worked during the event. N.C. Attorney General Roy Cooper's office is investigating whether the hotel violated fair trade practices.

Morrisville gem-maker names Beasley CEO

March 19, 2015

(The News & Observer, Raleigh)

Gemstone manufacturer Charles & Colvard named Marvin Beasley CEO. He replaces Randy McCullough, who announced his retirement this week. Beasley, 71, was CEO of Helzberg Diamonds from 2004 through 2009 and has been a director at Charles & Colvard for the last five years. The Morrisville-based company reported a net loss of $13.1 million for 2014.

NC unemployment rate stays at 5.4% in January

March 18, 2015

(The News & Observer, Raleigh)

The state unemployment rate held steady at 5.4% in January, according to data released Tuesday by the N.C. Department of Commerce. The national average was 5.7%. The state added jobs in leisure, manufacturing and construction while the number of jobs in trade, transportation and utilities fell. North Carolina's jobless rate was 6.6% a year ago.

Packaging company adding 100 jobs in High Point

March 18, 2015

(News & Record, Greensboro)

Packrite will invest $8.9 million to expand its High Point plant and will add 100 jobs to its 78. The locally based packaging company was ranked No. 205 on the Inc. magazine's list of the 500 fastest-growing companies in the United States. Packrite makes cardboard and paperboard packaging for a variety of products.

Wells Fargo CEO Stumpf earns $19.3M in 2014

March 18, 2015

(The Charlotte Observer)

Wells Fargo CEO John Stumpf's total compensation for 2014 remained unchanged at $19.3 million, according to the bank's annual proxy filing. Charlotte-based David Carroll, who leads about 35,000 employees in the bank's wealth, brokerage and retirement unit, earned $9.6 million. The San Francisco-based bank employs about 22,000 people in Charlotte, its East Coast headquarters.

Cary-based Pantry to lay off 250

March 18, 2015

(The News & Observer, Raleigh)

Cary-based convenience-store chain The Pantry announced it will lay off 250 workers in Cary and Sanford – about half of its workforce in the two Triangle cities – as a result of the company's merger with Canada-based Alimentation Couche-Tard, which was completed Monday.