Charlotte

BofA shareholders won't get a vote on chairman decision

March 27, 2015

(The Charlotte Observer)

Despite pressure from several large investors, Bank of America will not let shareholders vote at its annual meeting on a bylaw change that will allow CEO Brian Moynihan to become chairman.
Related: Bank of America's CEO out-earned by lieutenant once again

Duke execs earn less due to coal-ash spill

March 27, 2015

(The Charlotte Observer)

Duke Energy cut short-term incentives for its top five officers by about 35% in 2014, reducing CEO Lynn Good's incentives payout by about $600,000. Good's total compensation was $8.3 million in 2014, her first full year as chief executive at the nation's largest utility.

Mecklenburg County reaches 1 million

March 26, 2015

(The Charlotte Observer)

Mecklenburg County's population hit the 1 million mark sometime between July 2013 and July 2014, according to census data released Thursday. The county's population grew 10.1% from 919,628 in 2010 to 1.01 million in 2014. Wake County, which eventually is expected to overtake Mecklenburg, had a population of 998,691. Half of the state's counties experienced growth between 2010 and 2014.

Kannapolis looks at building downtown baseball stadium

March 26, 2015

(Independent Tribune, Concord)

Kannapolis City Council approved spending $20,000 for a study on the economic impact of building a downtown baseball stadium for the city's minor-league team. City leaders are trying to decide whether to renovate the existing 20-year-old stadium or build a new one that could also host concerts and other events.

Wells Fargo cutting 1,142 mortgage workers; impact minimal in Charlotte

March 26, 2015

(The Charlotte Observer)

Wells Fargo will lay off 20 mortgage workers in the Charlotte region as part of nationwide job cuts that will affect 1,142 workers. It's a small percentage of the San Francisco-based bank's Charlotte workforce, which totals about 23,000.

Duke Energy to contest $25 million DENR fine

March 25, 2015

(The Charlotte Observer)

Duke Energy will appeal a $25.1 million fine levied by the N.C. Department of Environment and Natural Resources for groundwater contamination at its coal-fired power plant in Wilmington. The agency has said it expects to impose more fines for contamination at other plants.

Truliant adds 10 branches in Charlotte

March 25, 2015

(The Charlotte Observer)

Winston-Salem-based Truliant Federal Credit Union announced an $11 million expansion in Charlotte that will create 120 jobs. The expansion includes four recently opened branches and six additional branches that will open by the end of 2016.

Ally promotes 2nd Charlotte-based executive

March 25, 2015

(The Charlotte Observer)

Charlotte-based Diane Morais will become CEO and president of Ally Bank, a subsidiary of Detroit-based Ally Financial. Morais led the bank's deposits business and has held senior positions at Bank of America. Ally Financial, which employs about 800 people in Charlotte, last month promoted Charlotte-based Jeffrey Brown to CEO.

Movement Mortgage breaks ground on South Carolina HQ

March 24, 2015

(The Charlotte Observer)

Movement Mortgage broke ground Monday on its new headquarters in Indian Land, S.C. South Carolina awarded the mortgage company started by former Carolina Panther Casey Crawford $53 million in incentives to bring 650 jobs there. The company will move 200 jobs from its Charlotte office. Related: "Catching a Break," July 2014.

Charlotte's SPX appoints IBM executive to board

March 24, 2015

(The Charlotte Observer)

Charlotte-based SPX named IBM's Anne Altman to its board of directors. Altman is general manager of U.S. Federal and Government Industries at the Armonk, N.Y.-based tech company. SPX makes engineered products for the food and beverage industry, oil and gas processing, and other industries.

Family Dollar CEO donates $45M to foundation

March 23, 2015

(The Charlotte Observer)

Howard Levine, CEO of Matthews-based Family Dollar Stores, will give $45 million he raised from selling 60,000 shares of company stock to his namesake foundation. Created in 2010, the Howard R. Levine Foundation now has $65 million in assets. Levine plans to give most of the money to social-services needs, including food and housing.

Snyder's-Lance expands healthy-snack options

March 23, 2015

(The Charlotte Observer)

Snyder's-Lance plans to introduce a gluten-free sandwich cracker this spring, the latest move by the Charlotte-based snack-maker to expand its healthier offerings. The company last year bought organic-chip company Late July Snacks and Baptista's Bakery, which makes baked snacks.

Hornets ink deal with Crown Royal

March 20, 2015

(The Charlotte Observer)

The Charlotte Hornets signed a multiyear deal with London-based liquor company Diageo, marking Time Warner Cable Arena's first partnership with an alcoholic-beverage company. The NBA team's logo will appear on Crown Royal bags as part of the deal. Financial terms were not disclosed.

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.

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.

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.

Charlotte City Council considers proposal for Golf Links property

March 17, 2015

(The Charlotte Observer)

Lincoln Harris appears to face little opposition to its plans to develop a 194-acre site that was home to the Charlotte Golf Links in south Charlotte. Plans for the development, which sits across Providence Road from Childress Klein's Waverly development that is under construction, include up to 1,000 housing units, up to 700,000 square feet of office space and possibly a K-8 public school.
Related: Major mixed-use development planned at I-485 and Brookshire Boulevard

Concord's Alevo seeks to hire veterans

March 16, 2015

(The Independent Tribune, Concord)

Alevo Group wants to hire veterans for advanced engineering positions at its manufacturing headquarters in Concord, where it will make battery-cell storage containers. The company took over the 3.5 million-square-foot former Philip Morris plant and announced last year it plans to hire 2,500 people within three years (Statewide, December).

Charlotte seeks to prevent 'digital divide' when rolling out Google Fiber

March 13, 2015

(The Charlotte Observer)

Charlotte is looking to Kansas City for advice on how to get residents in poorer neighborhoods to sign up for Google Fiber, the technology company's high-speed Internet service that is expected to be available in Charlotte and the Triangle in about two years. Google only offers the service in neighborhoods where a minimum number of residents sign up for it.

Union County sees first decrease in property values

March 13, 2015

(The Charlotte Observer)

About 69% of Union County homeowners saw a decrease in property values in the latest countywide revaluation. The first-ever decrease in property values could lead to a higher tax rate. Homes worth $1 million or more were impacted the most, according to Tax Administrator John Petoskey.