Business

Red Hat CEO: $5B in revenue in 5 years

April 8, 2016

(WRAL TechWire)

Open-source software company Red Hat last year reached $2 billion in annual revenue for the first time, and CEO Jim Whitehurst says he'd like the company to reach $5 billion in five years, a goal that would mean doubling its workforce. Red Hat employs about 1,400 people at its Raleigh headquarters.

HGTV house in Asheville is on the market

April 8, 2016

(Asheville Citizen-Times)

The HGTV Urban Oasis house in West Asheville is for sale. The price tag for the 1,300-square-foot, two-bedroom home: $490,000. That's more than double the sales price for a similar size home in the area, but realtor Mike Figura says the price is higher because the home is fully furnished, and because it's a "TV star." Washington resident Crystal Harriman won the home in a sweepstakes last year but decided not to keep it.

Levine donates $25M to cancer center in Charlotte

April 7, 2016

(The Charlotte Observer)

The Leon Levine Foundation has committed $25 million to help Carolinas HealthCare System expand its Levine Cancer Center, the largest gift in the health system's history. The foundation, named for the founder of Family Dollar Stores, gave $20 million to establish the center in 2010. CHS announced the $150 million expansion last month.

Foundation pushing forward with megasite plans

April 7, 2016

(News & Record, Greensboro)

Duke Energy will begin engineering studies to bring power to the Greensboro-Randolph Megasite, and Charlotte-based preconstruction firm Zapata-LJB will conduct an environment impact study of the interchange design. The North Carolina Railroad Co. plans to close this week on 800 acres it is buying to complete the 1,400-acre site, which area officials hope will lure an automaker.

3 former NewBridge execs to open Southern Bank office in Wilmington

April 7, 2016

(Greater Wilmington Business Journal)

Paul McCombie, Leon Pruzan and Lenny Smith leased space for a loan production office in Wilmington. All three worked for Greensboro-based NewBridge Bank in the Wilmington market. Southern Bank is based in Mount Olive and has more than 60 office and about $2.6 billion in assets. In February, Southern acquired Heritage Bankshares of Norfolk, Va.

Buncombe commissioners point fingers after loss of Deschutes brewery

April 7, 2016

(Asheville Citizen-Times)

Buncombe County commissioners bickered over the loss Deschutes Brewery, which picked Roanoke, Va., over Asheville for its East Coast brewery, in a seven-hour meeting Tuesday. Commissioners who supported purchasing a $6.8 million parcel to attract the Oregon-based company blamed Republican Commissioner Miranda DeBruhl. DeBruhl opposed the land purchase, publicly called the deal a "fairy tale" and, according to Chairman David Gantt, pressured the company to make a decision at a critical point of negotiations.

Big renovation planned for Concord Mills

April 7, 2016

(The Charlotte Observer)

A redesigned dining area, four new lounge areas, enhanced Wi-Fi and valet parking are planned as part of a major renovation at Concord Mills, the state's largest outlet mall. Most of the work will be done at night and is scheduled for completion in early 2017. Owner Simon Malls didn't immediately disclose the cost of the project.

Cree shares fall 15% after revenue misses target

April 7, 2016

(The News & Observer, Raleigh)

Shares of Cree, the Durham-based LED lighting company, fell 15% Wednesday when the company said revenue for the third quarter would be about $367 million, less than the $400 million to $430 million that was anticipated. The company cited a conversion to a new software system, delayed product introductions and lower demand as reasons for the weak sales.

PayPal cancels Charlotte project, Red Ventures could be next

April 6, 2016

(The Charlotte Observer)

PayPal announced Tuesday it was scrapping plans for an operations center in Charlotte that would have created 400 jobs. CEO Dan Schulman said that the state's new law limiting protections for LGBT people "really goes against the values of our company." Also, Red Ventures CEO Ric Elias said he is reconsidering a plan to bring 500 jobs to Charlotte. State Republican leaders blamed Charlotte Mayor Jennifer Roberts and the "far-left Political Correctness Mob she's unleashed" for the economic fallout of HB2.

Blue Cross COO resigns as company still works to fix enrollment problems

April 6, 2016

(WRAL.com)

Alan Hughes has resigned as chief operating officer of Blue Cross and Blue Shield of North Carolina, as the state's largest health insurer is still working to resolve enrollment and technical problems that affected about 25,000 customers. Chief Financial Officer Gerald Petkau will replace him as COO.