Charlotte

NTE Energy breaks ground on Kings Mountain power plant

July 29, 2015

(The Shelby Star)

Florida-based NTE Energy broke ground Tuesday on a new natural-gas power plant in Kings Mountain. The plant is expected to be operational by the first quarter of 2018. The city expects to save between $7 million and $8 million a year by 2019 by purchasing energy from NTE.

Charlotte employers prepare for possible changes to overtime pay

July 29, 2015

(The Charlotte Observer)

Some Charlotte businesses are already making changes to adapt to a White House proposal that would increase the number of workers eligible for overtime pay. The Labor Department proposal would make employees earning an annual salary of $50,440 or less eligible for overtime pay.

Federal judge dismisses whistleblower lawsuit against Wells Fargo

July 29, 2015

(The Charlotte Observer)

A U.S. District Court judge dismissed a lawsuit against Wells Fargo filed by two whistleblowers, including a former employee who lives in Union County. The lawsuit alleged the bank defrauded federal agencies that loaned it money during the financial crisis.

BofA joins major US companies in $140B environmental initiative

July 28, 2015

(The Charlotte Observer)

Charlotte-based Bank of America joined 12 other major U.S. corporations in committing to decrease their carbon footprints. Apple, Coca-Cola, Goldman Sachs Group and Wal-Mart Stores also pledged to reduce emissions, reduce water consumption and increase production of renewable energy.

Sonic Automotive promotes Scott Smith to CEO

July 28, 2015

(The Charlotte Observer)

Scott Smith, 47, will replace his father Bruton Smith as CEO of Sonic Automotive. Bruton Smith, 88, will become executive chairman of the Charlotte-based auto dealership. The younger Smith was named CEO of Speedway Motorsports earlier this year.

Bojangles' names new VP of IT and strategic planning

July 28, 2015

(The Charlotte Observer)

Bojangles' named Jayson Romeo vice president of IT and strategic planning. Romeo, who brings nearly three decades of quick-service restaurant experience, was hired in 2014 as senior director of strategic management.

Catawbas in talks with Hard Rock for NC casino

July 27, 2015

(The Charlotte Observer)

Catawba Indian Nation Chief Bill Harris says the tribe is negotiating with Hard Rock International for branding of its proposed $600 million casino near Kings Mountain. Gov. Pat McCrory and other state officials have said they oppose the casino and hotel project, which the South Carolina-based tribe says could employ up to 4,000 people.

Charlotte developer to build business park on 125 acres in Concord

July 27, 2015

(The Independent Tribune, Concord)

Charlotte-based Beacon Partners plans to build a commercial business park in Concord that could encompass about 1.5 million square feet.

Charlotte CEOs team up to tackle civic issues

July 24, 2015

(The Charlotte Observer)

A group of more than two dozen chief executives of Charlotte-based companies, universities and nonprofits are part of a new leadership council that will address civic issues such as education and transportation. Duke Energy CEO Lynn Good is chairwoman of the group, which also includes the CEOs of Piedmont Natural Gas, Carolinas HealthCare System, Belk and Bank of America.

Federal government opposes BofA appeal in Countrywide case

July 24, 2015

(The Charlotte Observer)

In a filing Wednesday, the U.S. government said an appeals court should not overturn a 2013 ruling requiring Bank of America to pay $1.27 billion in penalties for bad home loans sold through its Countrywide Financial unit.

BofA shuffles top executives

July 23, 2015

(The Charlotte Observer)

Paul Donofrio will succeed Bruce Thompson as CFO of Charlotte-based Bank of America. David Darnell, head of global wealth and investment management, also said he is stepping down.
Related: BofA financial chief's exit puts focus on bank's succession plan

Charlotte's SPX prepares to split into two companies

July 23, 2015

(The Charlotte Observer)

Charlotte-based manufacturer SPX will join a growing trend among corporations when it spins off its flow products division into a separate company, expected to be in the third quarter. SPX's stock hit a 52-week low Wednesday.

Wells Fargo is world's most valuable bank

July 23, 2015

(The Charlotte Observer)

With a market cap of $298.4 billion, Wells Fargo has overtaken Industrial & Commercial Bank of China to become the world's most valuable bank. The fourth-largest U.S. bank by assets, Wells Fargo has its largest employee base in Charlotte.
Related: Wells Fargo laying off 91 in Fort Mill mortgage unit

Extended Stay names new CEO

July 22, 2015

(The Charlotte Observer)

Extended Stay America named Gerry Lopez, chief executive of movie-theater chain AMC Entertainment, as its new CEO. Lopez will replace Jim Donald, the former Starbucks CEO who has led the Charlotte-based hotel chain since 2012 ("The suitcase CEO," August 2014).

Catawbas consider $350 million movie-studio project in SC

July 22, 2015

(The Charlotte Observer)

The Catawba Indians are considering spending $350 million on a development in York County, S.C., that would include movie studios, a cultural center, hotel and more. Tribal leaders are working with Studio South's Bert Hesse, who in 2013 proposed a $125 million film studio project at the site of the former Eastland Mall in Charlotte.

Synchrony Financial moving to bigger office in Charlotte

July 21, 2015

(The Charlotte Observer)

Synchrony Financial is moving to a larger office to accommodate future growth in Charlotte. The Stamford, Conn.-based credit card company employs about 400 in the Queen City and plans to add another 200 jobs by year-end.

Sonic Automotive reports Q2 results

July 21, 2015

(The Charlotte Observer)

Sonic Automotive reported revenue of $2.4 billion in the second quarter, a 3% increase over the same period a year ago. Net income fell 45% as expenses grew. The Charlotte-based auto dealer said it plans to expand its One Sonic One Experience sales model, which aims to streamline the car-buying experience, and add more EchoPark used-car dealerships over the next year.

With light rail on the way, Charlotte's NoDa attracts developers

July 20, 2015

(The Charlotte Observer)

Charlotte's NoDa neighborhood could see the biggest transformation when the 9.3-mile light-rail extension connecting downtown and UNC Charlotte is completed in 2017. Crescent Communities already plans to build 800 residential units at a proposed light-rail stop in NoDa.

Chiquita moving up to 200 jobs to Florida

July 17, 2015

(The Charlotte Observer)

Chiquita Brands International plans to move between 150 and 200 jobs from Charlotte to central Florida. The company, which was acquired by two Brazilian companies in January, said earlier this year it would relocate or eliminate 320 jobs by year-end.

Coke Consolidated refreshes investors

July 17, 2015

Charlotte-based Coca-Cola Bottling Co. Consolidated, though publicly held and the nation's largest independent Coke bottler, has long operated under the radar. Now its growth prospects are raising attention among investors, and its stock has soared over the last year after years of flat performance.