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Biz News: Pimco chief economist steps down

Newport Beach-based Pacific Investment Management Co. said Paul McCulley is stepping down as chief economist and managing director, effective Saturday.

He had assumed the role in May at the request of Bill Gross, who at the time was the firm’s chief investment officer. Gross left Pimco in September to join Janus Capital Group.

McCulley’s move, announced Feb. 20, came 10 days after Pimco hired former Morgan Stanley chief economist Joachim Fels as its global economic advisor.

In a statement, Daniel Ivascyn, Pimco’s group chief investment officer, said: “We understand and respect Paul’s decision to step down. He is a great friend of our firm and our people, and we wish him great happiness going forward.”

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Newport interior designer wins award

Anne Michaelsen Yahn of Anne Michaelsen Design of Newport Beach received the Best of Houzz 2015 award for design from Houzz, a website for home remodeling and design.

“We’re delighted to recognize Anne Michaelsen Yahn among our ‘best of’ professionals as judged by our community of homeowners and design enthusiasts who are actively remodeling and decorating their homes,” said Liza Hausman, vice president of industry marketing for Houzz.

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Newport office buildings sold

International real estate firm Hines has acquired 4000 MacArthur, two 10-story office buildings in Newport Beach totaling 375,000 square feet. Terms were not disclosed.

4000 MacArthur is at the intersection of MacArthur Boulevard and Jamboree Road in Koll Center Newport. Twelve tenants are under contract there, including Hyundai Capital and Lifescript, according to a news release.

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Experian executive to chair O.C. Business Council

Laura DeSoto, senior vice president of business information services for Experian, a global data services company whose North American headquarters is in Costa Mesa, was installed as 2015 chairwoman of the Orange County Business Council. The installation ceremony was held last week at Hotel Irvine.

DeSoto has lived in Orange County for more than 25 years and is an 18-year veteran of Experian, according to the company.

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Local pest-control company gets Angie’s List award

Termite Terry Pest Control in Costa Mesa received a 2014 Super Service Award from Angie’s List, a website that grades service companies on an “A” through “F” scale in categories including price, professionalism and punctuality.

This is the fourth consecutive year that Termite Terry has received the award.

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Banking leaders to be panelists at Newport event

The Orange County chapter of the Risk Management Association will present a panel discussion with four banking executives from 11:30 a.m. to 1:30 p.m. March 19 at the Pacific Club, 4110 MacArthur Blvd., Newport Beach.

The panelists are Chris Myers, chief executive of Citizens Business Bank; Steve Buster, CEO of Pacific Mercantile Bank; David DePillo, executive vice president of Umpqua Bank; and Doug Bystry, CEO of Clearinghouse CDFI. The presentation will be moderated by Steve Casselberry, chairman of the banking and financial services department for Michelman & Robinson LLP.

The executives will discuss challenges and opportunities in the banking industry this year.

Admission is $65 before March 13 and $75 afterward. To register, visit https://www.rmaoc.org or call Vicki Phillipy at (714) 267-5281.


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