June McCormack, the top-ranking executive at Sallie Mae's Fishers operation, is leaving the student loan giant, according to a filing with the Securities and Exchange Commission. The company and McCormack are negotiating a severance agreement, the company's Dec. 12 SEC filing said, but her departure date was not disclosed. McCormack has led the 2,300-employee Fishers […]
The Piano Merchant is closing after almost 22 years in business at the corner of 54th Street and College Avenue, IBJ’s Property Lines blog reports. One of the three partners is ill and another is ready to retire, said Doug Lawson, the store’s general manager and the third partner. The group closed its Carmel store […]
West Lafayette-based Bioanalytical Systems Inc. had its first profitable year in four years, posting a gain of $926,000 for the 12 months ended Sept. 30. Revenue in the fiscal year increased 5 percent to $45.2 million. The company has been struggling after losing a large customer in Baltimore. Over the past year, it laid off […]
City officials have agreed to pay $48.5 million of the $300 million cost of building a 1,000-room JW Marriott hotel in downtown Indianapolis, but a profit-sharing agreement that is part of the deal isn’t likely to yield payments for the city, a hotel industry expert said. Developers of the convention hotel signed a final deal […]
The former Colgate-Palmolive Co. plant in Clarksville could house a new casino if efforts to transfer one of the state’s 11 gaming licenses are successful, reports the hometown News and Tribune. Sen. Bob Meeks, of LaGrange, has authored a bill that could move an unnamed casino from Gary to the one-time state prison in southern […]
Merrillville-based NiSource Inc. plans to spin off one of its natural gas pipelines into a new company. NiSource hopes to raise $235 million in an initial public offering of 12.5 million shares of NiSource Energy Partners LP. The new firm will own the 3,400-mile Columbia Gulf Transmission pipeline that extends from the Gulf of Mexico […]
Elkhart-based Forest River Inc., which makes recreational vehicles, boats and buses, has cut 40-50 jobs, reports the South Bend Tribune. The affected workers were among those who make diesel motor homes. The company, one of Elkhart County’s largest employers, had 4,700 employees at the start of the year. Production had been falling off since an […]
Aqua Indiana Inc., a unit of Pennsylvania-based Aqua America Inc., has bought Western Hancock Utilities LLC for about $5 million. Western Hancock Utilities, which provides wastewater services in western Hancock County, serves about 50 businesses and 2,500 residents in the Mount Comfort area. It will be managed out of Aqua Indiana’s office on the northeast […]
Sidney Taurel, who is retiring at the end of March after nearly a decade as CEO of Indianapolis-based Eli Lilly and Co., will see his salary cut in half while he remains chairman through the end of 2008. His base salary will be $864,250, with a $1.2 million non-stock bonus. The bonus figure is a […]
Gregg Bechtold, who has been president and CEO of Johnson Memorial Hospital since 1992, will leave the post Dec. 31 after arriving at an agreement with hospital directors Dec. 19. “He and the board reached agreement to end his employment here,” said hospital spokesman Bill Oakes. Oakes offered no details on the separation. In a […]
Exceptions carved into the energy bill signed yesterday by President Bush probably spared the recreational vehicle industry from a sales slide. The effort to improve fuel economy does not apply to chassis that carry RVs or vehicles that tow RVs. The exceptions have the industry breathing a sigh of relief, according to The Truth in […]
A 600,000-square-foot warehouse and distribution facility could go up in Shelbyville if a request to annex and rezone about 124 acres near the city southeast of Indianapolis is approved, according to The Shelbyville News. Hoosier Property Holdings LLC of Cincinnati brought the proposal before the Shelbyville Common Council on Dec. 17. The site is near […]
Martin University has named Algeania Freeman to replace its founding president, Boniface Hardin, who is retiring. The school, the state’s only predominately African-American institution, made the announcement this morning. Freeman, 58, founded The Freeman Group Inc., a contractual consulting company. She also served as president of Livingstone College in Salisbury, N.C., from 2001 to 2004. […]
WellPoint Inc. will appoint John Langenus as senior vice president and president and CEO of its Anthem National Accounts division on Feb. 25, the company announced today. The division serves nearly 11 million customers. Langenus comes to WellPoint from Bethesda, Md.-based Coventry Healthcare, where he served as president of group health care for more than […]
The novel Arts Industry Business Incubator opened Dec. 12 in the Brown County seat of Nashville after years of discussion. The incubator, which is intended to help launch and grow arts-oriented businesses, can share space, clerical support and other needs of small businesses, according to the Brown County Democrat. It is supported by the Brown […]
Intelliplex, the state-certified technology park in Shelbyville that has drawn fire locally and caution from the state, has received a commitment from Shelby County commissioners for $125,000 in funding per year for 25 years. The action was taken Monday night as part of a series of decisions on how to spend economic development income taxes, […]
Medco Health Solutions Inc. said this morning that it will build its $140-million pharmacy distribution center at AllPoints at Anson in Boone County. The Franklin Lakes, N.J.-based company announced Nov. 12 that it would locate the center in the Indianapolis area, but that it still hadn’t chosen among Boone, Johnson or Hendricks counties. AllPoints at […]
State Sen. Luke Kenley, the Noblesville Republican who this summer chaired a legislative committee to study the property tax issue, wants tighter controls on tax increment financing districts and property tax abatements, reports The Times in Munster. For years, the incentives have been offered to entice businesses to relocate to or expand in Indiana. Critics […]
Sidney Taurel, Eli Lilly and Co.’s retiring CEO, oversaw the company during a challenging stretch when it lost patent protection for Prozac and faced intense litigation against its blockbuster Zyprexa. Since Taurel became CEO in July 1998, Lilly’s stock price has fallen 17 percent. By comparison, the overall market, as measured by the S&P 500, […]
Sidney Taurel will retire as CEO of Eli Lilly and Co. at the end of March, the company said this morning. He will remain chairman of the Indianapolis-based drug maker’s board until December 2008. John Lechleiter, 54, Lilly’s president and chief operating officer since October 2005, will take over as CEO April 1. Taurel, 58, […]
