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OC business people to watch in 2009
Many of the people in the spotlight in Orange County in 2008 were embroiled in scandals. Going into 2009, a few people to keep an eye on for other reasons include:
•The founder of an Irvine-based auto design firm that plans to deliver the first of 15,000 luxury gas-electric vehicles.
•The man who will become the sole chief executive of the world’s largest bond trading firm, in Newport Beach.
•Allergan’s chief executive whose challenge will be to lead the Botox-maker through a time of heightened competition and lower demand.
Henrik Fisker
Founder and chief executive
Fisker Automotive
The Irvine-based auto designer plans to begin delivering the first of 15,000 luxury hybrid roadsters, dubbed the Karma. The gas-electric vehicles will be able to travel up to 50 miles on a single charge. They will sell for $80,000 and reach a top speed of 125 miles per hour.
“Out biggest statement is I personally believe it’s time an environmental or green car can look good and be exciting,” Fisker said after he unveiled the car at the North American International Auto Show in Detroit.
Mohamed El-Erian
Co-chief executive
Pimco
El-Erian takes over as sole CEO this year at the world’s largest bond manager based in Newport Beach as Bill Thompson retires. It’s certainly an intriguing time to be running an investment house – especially a high-profile one like Pimco. El-Erian will share the spotlight with Pimco’s long-time investment guru Bill Gross, who guided Pimco to a defensive mode well before the credit crunch mashed the returns of many stocks and bonds funds.
Pimco seems a bit more upbeat these days, with Gross and others suggesting an economic recovery starting perhaps as soon as late 2009.
El-Erian re-joined Pimco last year after two years heading Harvard University’s huge endowment. El-Erian, who first joined Pimco in 1999, has economics degrees from Oxford and Cambridge universities.
Mary Jane Cambria
President
Orange County Association of Realtors
The Huntington Beach sales agent has distinguished herself by earning a host of titles in her 20 years with Star Real Estate. Broker, Graduate Realtor Institute, Certified Residential Specialist, just to name a few.
In addition to serving on the OCAR board, she’s also a board member for the state and national Realtor associations and became one of the first real estate agents to volunteer as a counselor to homeowners facing foreclosure for the Fair Housing Council of Orange County.
“I think she’s going to bring some new insight to OCAR as the new president,” said Bill Arseneau, an OCAR board member and manager of Cambria’s office. “She’s very involved. … When she sinks her teeth into something, she accomplishes it.”
David Pyott
Chairman and chief executive
Allergan Inc., Irvine
Pyott’s challenge in 2009 will be to lead Botox-maker Allergan through a time of heightened competition and lower demand. Sales of cosmetic treatments such as Botox stalled this year as the economy soured, and Allergan’s monopoly on that wrinkle-fighting injection is likely to end in 2009 with FDA approval of two rivals, PurTox and Reloxin.
At the same time, competition from health-products giant Johnson & Johnson is heating up. J&J has just introduced the dermal filler, Evolence, aiming to steal customers from Allergan’s Juvederm. J&J also struck a deal this month to purchase Mentor Corp., which will allow it to challenge Allergan’s line of breast implants by putting its marketing clout behind Mentor’s competing versions.
Pyott’s strategy for Allergan has been to develop a broad range of products, and that lineup will grow in 2009 with FDA approval of the company’s new eyelash-lengthening drug called Latisse. Allergan says Latisse could generate more than $500 million a year in sales worldwide.
Joseph Otting
Senior Executive, Western Operations
U.S. Bank
Otting manages U.S. Bank’s operations in California, as well as several other states, and suddenly has a much bigger foothold in Orange County. His company in November grabbed the 175 branches, 1,400 employees and roughly $10 billion in deposits of failed Downey Savings and Loan, which was the county’s largest thrift.
Keep an eye out in 2009 for Downey branches to be rebranded U.S. Bank, a subsidiary of Minneapolis-based U.S. Bancorp. And there may be some lost jobs tied to Downey, although U.S. Bank spokesman Steve Dale said his company plans to keep all employees who interact with consumers.
As for Otting, he also heads U.S. Bank’s nationwide lending to businesses with between $5 million and $250 million in sales. He joined U.S. Bank in December 2001 as president of U.S. Bank of Oregon. Before that he worked for Union Bank of California for 16 years. He holds a bachelor of arts degree from the University of Northern Iowa.
Tad Lowrey
Chief executive and president
CapitalSource Bank
CapitalSource Bank in Los Angeles was formed from the ashes of Fremont Investment & Loan in Brea. Fremont’s parent company was ordered by the FDIC to sell its bank unit’s $5.2 billion in deposits and 22 retail branches, which it did in July to CapitalSource Inc.
Lowrey heads newly formed CapitalSource Bank, which employs 350, including 204 from Fremont. His company makes loans to businesses. It doesn’t do home loans like Fremont, which was once a top lender to homeowners and buyers with spotty credit.
Next year keep an eye on what Lowrey does with his new bank. He was cryptic in an interview, saying only, “I’ll have more to talk about in 2009 as a result of our impending charter change to a commercial bank.”
Register staff writers Mathew Padilla, John Gittelsohn, Jonathan Lansner, Colin Stewart, Jeff Collins and Marilyn Kalfus contributed to this report.
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