Monday, November 30, 2015

Archive: June, 2009

POSTED: Friday, June 19, 2009, 10:59 AM

After losing its board seat last week, Terence W. Edwards has stepped down as president and CEO of PHH Corp.

The Mount Laurel residential mortgage originator said today that George J. Kilroy has been named acting CEO and president and James O. Egan the new chairman. All changes took effect on June 17.

Kilroy, 61, had been president and CEO of PHH Arval, the company's fleet management services business.

POSTED: Friday, June 19, 2009, 2:30 AM

In 2008, Pfizer Inc. was hunting for a big acquisition and targeted Wyeth.

But after meeting with Pfizer’s CEO one year ago today, Wyeth’s Bernard Poussot did not exactly embrace the idea of combining with the world’s biggest drug company.

How do I know? Those details and more are contained in a document filed with the Securities and Exchange Commission yesterday about Pfizer’s $68 billion acquisition of Wyeth, which employs 4,700 in our area.

POSTED: Thursday, June 18, 2009, 2:30 AM
Filed Under: Manufacturing | Real Estate

The United States is in the fourth year of its housing slump, and the commercial building sector is down as well.

So why does DuPont Co. think now is the right time to open its first design studios, including one in Philadelphia, to showcase its Corian solid surfaces?

It’s hoping to create buzz - and new business - for a 42-year-old product primarily known for its use in countertops. To that end, the Wilmington chemical giant has opened studios in Milan, New York and now Philadelphia to show designers and architects how Corian can be used as a design material.

POSTED: Wednesday, June 17, 2009, 2:30 AM

The region’s economy has reacted to the recession more like it’s had a tank of bad gasoline rather than it needs a new transmission.

That’s my interpretation of a new quarterly barometer of the health of the 100 largest U.S. metropolitan areas by the Brookings Institution.

San Antonio, Texas, was the strongest metro area, while Detroit was the weakest, according to Brookings’ MetroMonitor report. Philadelphia was the 37th strongest, which won’t cause anyone to adopt it as the new economic development slogan.

POSTED: Tuesday, June 16, 2009, 9:01 AM

Forget staycations. Campus Philly wants to turn more newly minted college grads into working Philadelphia residents.

That’s a tall order during a recession that has mowed down 6 million jobs nationwide.

A National Association of Colleges & Employers survey indicates less than 20 percent of 2009 grads who have applied for a job have one in hand. Two years ago, more than half had one by graduation.

POSTED: Tuesday, June 16, 2009, 2:30 AM
Filed Under: Pharma, Biotech

Often, what is billed as a $300 million strategic partnership between Big Pharma and a small drug developer winds up in an amicable split years down the road with substantially less cash having changed hands.

While large drug companies continue to cast their nets to scoop up promising compounds in the hope of replacing sales lost to generic competition, it’s far from a frenzy. And they’re quick to cut off support to emerging pharmaceutical or biotechnology firms whose therapies fail in the clinical or regulatory process.

That’s what makes yesterday’s announcement by Fort Washington’s Vitae Pharmaceuticals Inc. and Germany’s Boehringer Ingelheim so interesting. The two agreed to team up on new treatments for Alzheimer’s disease.

POSTED: Monday, June 15, 2009, 2:30 AM

The battle for control of the maker of Cold-Eeze lozenges is over.

A federal judge in Philadelphia lifted a temporary restraining order on Friday that was the last thing keeping Quigley Corp.’s chairman, president and CEO in charge.

Guy J. Quigley, who founded the Doylestown company 20 years ago, resigned on Friday more than three weeks after losing a proxy contest led by a New York investor, Ted Karkus.

POSTED: Friday, June 12, 2009, 6:48 PM

Guy J. Quigley, chairman, president and CEO of Quigley Corp., who founded the maker of the Cold-Eeze line of cold remedies 20 years ago, resigned Friday afternoon.

The Doylestown company was the subject of a proxy battle this spring led by New York investor Ted Karkus. His dissident slate of seven directors won a majority of the votes cast at the May 20 annual meeting.

Quigley’s chief operating officer, Charles A. Phillips, and accounting operations manager, Wendy D. Quigley, also resigned.

About this blog
Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980. Reach Mike at

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