Xerox Corp. Chairman and CEO Ursula Burns will serve as chairman of the document technology company, but not its CEO, following the completion of the separation of Xerox into two independently public companies, the Xerox board of directors announced last Friday.
Burns will continue in her current role at Xerox until the split.
“Ursula’s deep industry experience and relationships, along with her proven leadership skills, will be valuable assets for the document technology company and will help ensure a smooth transition to a new management team,” said Ann Reese, Xerox’s lead independent director, in a statement.
“The company will be well-positioned to leverage its global industry leadership, strategic focus and ability to innovate post-separation, and we are very pleased that Ursula will continue to play a critical role in making that happen.”
In January, Xerox announced it would separate into two stand-alone companies—a document technology company comprised of its document technology and document outsourcing businesses and a business process outsourcing company.
The separation is on track to be completed by the end of this year.
—Andrea Deckert 5.20.16
Dinolfo addresses I-Square controversy
Monroe County Executive Cheryl Dinolfo apologized to the community, members of the County of Monroe Industrial Development Agency and the developers of I-Square in Irondequoit at a press conference Tuesday morning.
She also said safeguards would be put in place to help keep issues like this from happening again.
The press conference centered on a matter earlier this year that involved COMIDA and the I-Square project.
The I-Square project had first come under fire from Monroe County Republican Chairman William Reilich, who had said the project was in default on its tax agreement with COMIDA.
He claimed the issue was due to a lack of leadership from Adam Bello, Irondequoit town supervisor, who had been picked by Gov. Andrew Cuomo to serve as Monroe County clerk.
Also questioned was how Reilich obtained the information related to the project.
Michael and Wendy Nolan, the I-Square developers, have blasted COMIDA and the county for releasing information they said was not true. It was later determined they were not in default with I-Square.
—Andrea Deckert 5.24.16
Optics firm names Hileman president
Rochester Precision Optics LLC has named Dane Hileman as president, effective June 13.
Hileman has more than 25 years of engineering and management experience in the optics industry. He replaces William Hurley, who has retired.
Most recently, Hileman was president of Vectronix Inc., where he was responsible for the day-to-day operations of facilities in New Hampshire, California and Virginia, and was on the board of its wholly owned subsidiary, Optics 1.
Prior to that, he was chairman, president and co-owner of Optics 1 Inc.
—Andrea Deckert 5.24.16
Monro Muffler’s fourth-quarter earnings, sales miss estimates
Monro Muffler Brake Inc. last Thursday reported fourth-quarter results that missed Street estimates.
Sales for the quarter ended March 26 increased nearly 5 percent to $229 million, compared with $219.1 million in the fourth quarter last year. The increase primarily was a result of sales increases from new stores.
Net income for the quarter was $13.9 million, or 42 cents a diluted share, up from $12.6 million, or 38 cents a share, a year ago.
The analysts surveyed by Zacks Investment Research called for 43 cents a share on revenue of $235.4 million.
Comparable store sales increased 0.5 percent for the quarter.
“Our top-line results for the fourth quarter came in lower than initially anticipated due to the impact of a weak consumer and continued unseasonably warm weather in our northern markets,” Monro president and CEO John Van Heel said in a statement.
For the full year, net sales increased nearly 6 percent to $943.7 million from $894.5 million in fiscal 2015. Comparable store sales were flat for the year.
—Velvet Spicer 5.19.16
FROM THE ONLINE ARCHIVE
Fifteen years ago
Unity Health System’s decision not to pursue a plan to use the Genesee Hospital for outpatient services put ViaHealth and its directors one step closer to being sued by the hospital’s lender.
Genesee Hospital mortgage holder Patriarch Partners LLC intended to recoup as much of the $22 million owed it, and it was ready to go to court, said an attorney for the lender.
In any such action, there was “no question” Patriarch would go after ViaHealth and it would strongly consider pursuing third parties, said James Lytle of Kalkines, Arky, Zall & Bernstein LLP.
Five years ago
The Highland Park Diner changed hands but remained under the same management.
Brothers Michael and Christopher Calabrese acquired the landmark Rochester railcar diner as the sole bidders in a foreclosure auction. They previously had bought the mortgage and a lien on the diner’s fixtures from the mortgage holder, Robert Malley.
A onetime owner of the restaurant at South Clinton Avenue and South Goodman Street, Malley started foreclosure proceedings in 2009 against Evangelos Zissis, the man to whom he had sold the diner in 2006.
Lawmakers support $485 million SolarCity request
Legislative leaders and Gov. Andrew M. Cuomo have agreed to move ahead with $485 million in funding to complete the SolarCity project at Buffalo’s RiverBend site.
Kraft Heinz expansion plans OK’d
Expansion plans at the Kraft Heinz plant continue to expand. The Lewis County Planning Board on Tuesday voted 4-0 to approve an amended site plan that now includes 103,353 square feet of additions to the Utica Boulevard cream cheese manufacturing plant; that’s up from 75,848 square feet in a previously approved plan.
—Watertown Daily News
Public pans airport search law
A proposal to make it a crime to refuse security screening at Albany International Airport faced withering criticism Tuesday from members of the public who said it would further open the door to racial profiling without making travelers safer.
—Albany Times Union
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