The Boston Globe is keeping tabs on an odd story about Richard Garnick, a top Keane Inc. executive who believes he was fired for discussing possible job opportunities with The Carlyle Group. Garnick was viewed as a possible CEO candidate at Keane, but was terminated for allegedly violating Keane’s travel policy and having unauthorized communications. […]
Garnick was viewed as a possible CEO candidate at Keane, but was terminated for allegedly violating Keane’s travel policy and having unauthorized communications. At issue – according to Garnick – was the expensing of a one-day trip to Washington DC, in which Garnick both conducted company business and also discussed a possible job with Carlyle, […]
Most VC firms make partner-level changes before they close a fund, but Bay Partners is going in a different direction. The Cupertino, Calif.-based firm closed its $290 million eleventh fund last fall with five general partners: Neal Dempsey, Atul Kapadia, Chris Noble, Bob Williams and Dino Vendetti. Vendetti left soon after the fund close to […]
Today represents the end of Q3 2006, which means that it’s time for a quick look back on the quarter’s PE-backed IPO activity. Buyout-backed offerings bested VC-backed offerings in terms of both volume and total raised (see chart below), but LBO-backed companies were not so fortunate in the aftermarket. The average aftermarket performance for […]
Today represents the end of Q3 2006, which means that it’s time for a quick look back on the quarter’s PE-backed IPO activity. Buyout-backed offerings bested VC-backed offerings in terms of both volume and total raised (see chart below), but LBO-backed companies were not so fortunate in the aftermarket. The average aftermarket performance for VC-backed […]
Update-A-Palooza There will be no last-minute reconciliation between Pacific Corporate Group and the three managing directors who resigned last week over compensation concerns. The two sides spent much of the weekend in negotiations, but to no avail. I can’t say whether the salary demands of Monte Brem, Tara Blackburn and Steve Moseley were appropriate or […]
Ford today announced a giant restructuring, with the big news being voluntary buyouts of hourly workers. It also said that it would not sell off any brands until new CEO Alan Mulally had been given a chance to review potential offers. Well, I can tell you that San Francisco-based Citron Capital has made a formal […]
Private equity consultancy Pacific Corporate Group is volcanic. It and its leader Chris Bower erupt from time to time, with senior managers flowing away like hasty lava. Boom. Sources tell me that PCG this week has lost three top pros from its asset management group, which advises public pension systems on private equity fund commitments. They […]
A couple of quick New York City pension system updates. Two sources tell me that Horatio Sparkes – who recently resigned as deputy comptroller for pensions – will be taking an investor relations gig with Yucaipa Cos. He will be succeeded by Joseph Haslip, who had been his number two. Still no word on who […]
Just some notes as I combat jetjag, following a weekend wedding in Los Angeles… *** Draper Atlantic Ventures seems to have lost its Draper. The firm just began marketing for its $200 million-targeted third fund, under the name New Atlantic Ventures. It also has launched a new website that contains no mention of its original […]