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After a 46-year career, Frank Clark, the man who rose from mailroom clerk to become Commonwealth Edison’s first African-American CEO and then chairman, will put in his last day Friday at the company that powers 3.4 million homes in Northern Illinois. The high school underachiever credits his mother for his success, his wife for pushing him and his service in the Vietnam War for changing his life’s ambitions and drive for an education.
Comcast will launch four minority-owned networks on its cable-TV systems in the next two years, including channels spearheaded by music mogul Sean “P. Diddy” Combs and NBA great Magic Johnson. Two of the networks are majority black-owned while two are majority American-Hispanic-owned, with all of them programming in English, the Philadelphia-based Comcast said.
LOS ANGELES — Grubb & Ellis Co. says it has filed for bankruptcy protection in a bid to stave off creditors amid mounting debt. The Santa Ana, Calif.-based company also said Tuesday it has arranged to sell most of its assets to the parent of rival commercial real estate services company Newmark Knight Frank. The proposed sale to BGC Partners Inc. will require court approval as part of Grubb & Ellis’ Chapter 11 bankruptcy process. The company filed for bankruptcy protection Monday in the Southern District of New York. In the filing, Grubb & Ellis listed $150 million in assets …
An international phone scam in which callers in India posed as debt collectors bilked millions of dollars out of more than 10,000 U.S. residents by using threats of arrest or even the loss of their jobs, U.S. authorities said Tuesday.
Starbucks has conquered new territory in its quest to caffeinate every corner of the world, with its first ski-through coffee shop.
TRENTON, New Jersey (AP) — Johnson & Johnson’s longtime CEO, Bill Weldon, is retiring this April, following an embarrassing string of product recalls over more than 2 years that has cost the health care giant hundreds of millions of dollars and consumer trust. The maker of Band-Aids and biotech drugs said Tuesday that Weldon will remain chairman of the board for the time being, while ceding the chief executive post to Alex Gorsky, head of the medical device and diagnostics business. The official transfer will be on April 26, the day of the company’s next annual shareholders meeting. Weldon, 63, …
The Dow Jones industrial average crossed 13,000 for the first time since May 2008, before the financial crisis nearly unraveled the U.S. economy. But the marker didn’t last long.
WASHINGTON — The Supreme Court will once again confront the issue of race in university admissions in a case brought by a white student denied a spot at the flagship campus of the University of Texas. The court said Tuesday it will return to the issue of affirmative action in higher education for the first time since its 2003 decision endorsing the use of race as a factor in admissions. This time around, a more conservative court is being asked to outlaw the use of Texas’ affirmative action plan and possibly to jettison the earlier ruling entirely. A broad ruling …
Cable TV giant Comcast is launching a new subscription video service, Xfinity Streampix, this week that will enable its customers to instantly view movies and TV shows both in and out of the home.
Macy’s Inc. says its fiscal fourth-quarter net income climbed 12 percent thanks to strong holiday spending and surging online sales. The department store chain has also been reaping the benefits of tailoring merchandise to local markets.
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