May 29, 2013 |
Exelon Corp. on Tuesday named a new chief executive of Exelon Generation, its Kennett Square subsidiary that manages 35,000 megawatts of power plants, including the nations' largest fleet of nuclear reactors. Kenneth W. Cornew, who was formerly president and chief executive of Exelon's Constellation business unit in Baltimore, will also assume the titles of senior executive vice president and chief commercial officer of the Exelon parent company. Exelon Generation previously was overseen by Christopher M. Crane, who became Exelon's president and CEO last year after Exelon merged with Constellation.
April 14, 2013 |
UniTek Global Services Inc., of Blue Bell, announced a shake-up in its management ranks after discovering what it called fraudulent activity occurring at a subsidiary. In a statement, the company said an ongoing internal investigation had determined its Pinnacle Wireless subsidiary had "engaged in fraudulent activities that resulted in improper revenue recognition. " After an internal review, UniTek's audit committee recommended the termination of Kevin McClelland, controller and chief accounting officer, and Michael Hayford, president of the company's Pinnacle Wireless division.
April 11, 2013 |
Independence Blue Cross has agreed to sell a 20 percent stake in its New Jersey health insurance subsidiary, AmeriHealth New Jersey, to Cooper University Health Care, of Camden, the organizations announced Wednesday. The deal, which requires regulatory approval, is part of a trend toward increased integration of hospitals and insurers in preparation for a shift to a system that pays providers lump sums for all care needed by an individual rather than for each discrete visit and treatment.
October 3, 2012 |
Subaru of America Inc. reported a 32 percent increase in September vehicle sales. The Cherry Hill-based marketer and distributor of the Outback and other vehicles said that it sold 27,683 units in September compared with 20,934 units in September 2011. Subaru, a subsidiary of Japan's Fuji Heavy Industries Ltd., said it is on track to sell more than 300,000 vehicles annually for the first time. In 2011, the company sold 266,989 units.
January 18, 2012
Sunoco Inc., distributed 56.7 million shares of SunCoke Energy Inc. to its shareholders, completing the spin-off of its metallurgical coke subsidiary. Sunoco no longer owns any shares of SunCoke. Sunoco shareholders received 0.53046456 share of SunCoke common stock; each fractional share was worth $6.82 at the market close on Wednesday. Sunoco shares closed Wednesday at $37.07. That means the value of a Sunoco shareholder's investment in the two companies increased about 3.7 percent in trading Wednesday on the New York Stock Exchange.
December 5, 2011 |
HARTFORD, Conn. - Hartford Financial Services Group Inc. is selling a subsidiary that provides insurance to wealthy customers for $117.5 million to Philadelphia Financial Group Inc. Philadelphia Financial Group said Monday it expects to close the deal next year, assuming responsibility for servicing about $35 billion in private placement insurance business. The subsidiary is Hartford Life Private Placement LLC, which is based in Florham Park, N.J. The division offers a variety of services for businesses and wealthy individuals.
September 9, 2011
Four executives from Lockwood Advisors Inc., a Malvern-based investment subsidiary of BNY Mellon, have left to form a competitor, Palladiem Partners L.P., in Radnor. Donald G. Robinson, a founder of Lockwood, which was bought by BNY in 2002, is chief executive and co-chief investment officer of the new company. He said the departure had nothing to do with BNY Mellon. "For me, it's sort of a redo to going back to being independent again," Robinson said. Palladiem's plan is to provide investment services to independent financial advisers, broker dealers, and institutions, not directly to individuals.
November 10, 2010 |
The U.S. Trustee overseeing Germantown Settlement's bankruptcy wants the social service agency's assets sold to settle its debts. The trustee's request, if approved by Chief Bankruptcy Court Judge Stephen Raslavich, would effectively close the financially troubled nonprofit, which has served Philadelphia's Germantown section for 126 years. It comes on the heals of Raslavich's decision last week to order the sale of assets of a key Settlement subsidiary, Greater Germantown Housing Development Corp.
November 3, 2010 |
The dissolution of Germantown Settlement accelerated Tuesday when a federal judge in Philadelphia ordered that a key subsidiary of the 126-year-old social-service agency be liquidated to settle more than $9.2 million in debts. At the same time, Chief Bankruptcy Judge Stephen Raslavich held the subsidiary, Greater Germantown Housing Development Corp. (GGHDC), in contempt of court for refusing to sign a loan agreement to keep it afloat while in bankruptcy. Raslavich warned that he would order the arrest of Emanuel V. Freeman, president of both Settlement and GGHDC, if he did not sign the agreement or appear in court next Tuesday.
October 28, 2010 |
A month after filing for bankruptcy in April, a subsidiary of Germantown Settlement improperly diverted funds meant for a key creditor to its own use, according to court documents. This week, the creditor, Parke Bank, filed a motion in federal court demanding that the subsidiary - Greater Germantown Housing Development Corp. (GGHDC) - be held in contempt of court for "illegally diverting" the money and that the bankruptcy case be dismissed. Should Parke prevail at a hearing Tuesday on the motion, Settlement faces the loss of its largest and most viable commercial property, the Burgess Center, at Wayne and Chelten Avenues in Germantown.