Acapulco Restaurants, which is being merged with...
Acapulco Restaurants, which is being merged with a New York restaurant-chain operator, announced that James C. Doherty, president and chief executive, will resign June 1.
Max Pine, chairman of Pasadena-based Acapulco and president of its parent, Restaurant Associates Industries Inc., will be elected chief executive at Acapulco’s board meeting June 14, a company statement said.
Restaurant Associates, which has held 39% of Acapulco’s stock since 1983, agreed last month to purchase the remaining stock in a deal worth about $7.7 million. It is expected to be concluded this summer, Doherty said.
“I feel it’s an appropriate time for them (Restaurant Associates) to institute their own management style and people,” he said. “Acapulco is in excellent shape both in terms of its balance sheet and the quality of its staff . . . and on that basis I want to pursue my own interests.”
Doherty, 46, said he would remain as a director through the consummation of the merger.
Restaurant Associates, which operates 70 restaurants on the East Coast, will be acquiring 31 Mexican restaurants in California and Oregon from Acapulco. The Pasadena company had revenue of $38.6 million and net income of $508,000 for the year ended Oct. 28, 1984.
Lawrence A. LaCotti was appointed president of Lear Siegler’s Astronics division, succeeding Barry Rodgers, who was named a corporate vice president. The company is based in Santa Monica.
Atlantic Richfield Co., Los Angeles, named William E. Wade vice president-corporate planning.
Robert Shmaeff has been named chairman of Western United National Bank, Los Angeles, succeeding Harold L. Miller, who retired.
Media Home Entertainment Inc., Culver City, named Barbara Javitz a director. She is also vice president-programming and acquisitions for the company.
Garrett Corp. appointed Rene St. Germain vice president-quality assurance. The aerospace firm is based in Los Angeles.
Bullock’s Department Stores, Los Angeles, a unit of Federated Department Stores, named Terry Lundgren vice president-general merchandise manager/home store.
First Interstate Bancorp, Los Angeles, named Kenneth Cunningham senior vice president of the capital markets group-U.S.A., part of the Los Angeles bank holding company’s newly formed wholesale bank, First Interstate Bank Ltd. Also promoted were John E. Dannelley, vice president-international operations; M. Philip Gates, vice president-global funds transfer; Denis R. Hart, vice president-corporate trust, and Michael H. Smith, vice president-capital markets group.
First Professional Bank, Beverly Hills, named Michael MacDonald vice president of its lending division.
Roy C. King was named a principal in Theodore Barry & Associates, a Los Angeles-based management consulting firm.
John E. Dillon was named vice president-marketing for HBS Equipment Corp., Los Angeles.
Linda Rosseau was named vice president-operations for Mid City Bank, Los Angeles.
Cardinal Entertainment Corp., Los Angeles, named Santa Barbara fruit grower and cattle rancher Stewart Abercrombie a director.
CALIFORNIA
E. G. Cunningham, founder of San Diego-based First National Corp., resigned Thursday as chairman, president and a director of the San Diego-based bank holding company. In a statement, Cunningham said he anticipates joining another bank, which was not identified, within the next month.
First National Bank was the primary banker for J. David & Co., the La Jolla investment firm that collapsed in February, 1984. However, officials said Cunningham’s resignation was not connected to the collapse of the firm.
First National Chairman Malin Burnham will become First National’s president while the bank looks for Cunningham’s replacement.
The bank was a defendant in a lawsuit brought by former J. David & Co. investors, who charged that they were defrauded. That suit was settled two weeks ago, but terms are confidential. To date, bankruptcy trustees have recouped less than $20 million of the $200 million that J. David & Co. received from 1,500 investors.
Homestake Mining Co., San Francisco, named Treasurer Maurice C. Stokes to the additional post of corporate secretary.
NATION
Daniel Searle, chairman of G. D. Searle & Co. since 1977, will step down but remain a director of the Skokie, Ill., pharmaceutical firm. The company did not elaborate on the change. He will be succeeded by President and Chief Executive Donald Rumsfeld. John E. Robson was named president and will remain chief operating officer.
