SAN FERNANDO VALLEY Van Nuys Steven Borick will retire as chief executive of aluminum wheel manufacturer Superior Industries International Inc. on March 31. Borick, 61, will remain chairman of the Van Nuys company founded by his late father, Louis Borick, in 1957. He said he is stepping down to give more time to personal interests, including philanthropic activities. Borick took over as chief executive from his father in 2005 and became chairman in 2007. His tenure was marked by a recession that severely reduced automobile production at its Big Three customers in Detroit, causing Superior to consolidate operations by closing factories, including one in Van Nuys. La Cañada-Flintridge The son of Sport Chalet Inc. founders Norbert and Irene Olberz has stepped down as a director amid a review by the premium sporting goods chain of its strategic options. Eric Olberz, who remains a significant shareholder, resigned after 20 years on the board. He is being replaced by Miki Berardelli, chief marketing officer of New York women’s clothing designer and retailer Tory Burch LLC. Olberz’s resignation comes as the company has reported declining sales and mounting losses. Sport Chalet has 52 locations in California, Nevada, Arizona and Utah. Glendale AwesomenessTV and Hearst Corp. have formed a joint venture for a YouTube channel aimed at the readers of Seventeen magazine. Terms of the deal between AwesomenessTV, a teen network owned by DreamWorks Animation SKG Inc., in Glendale, and the New York magazine publisher were not disclosed. It’s the first deal completed by DreamWorks since it acquired AwesomenessTV in May as a means to expand its digital distribution. The “Seventeen” YouTube channel will feature original content, videos and tutorials on fashion, beauty, entertainment and relationships. Teen girl viewers will also have a platform to produce and share their own channels. Valley Village The Intellectual Property Rights Distribution Fund has purchased the Laurel Park Office Plaza, a 38,000-square-foot building at 4705 Laurel Canyon Blvd., for $9.68 million. It will become headquarters of the group, which collects royalties for members of SAG-AFTRA and the American Federation of Musicians. CONEJO VALLEY Westlake Village Independent advisory firm Institutional Shareholder Services (ISS) has given its stamp of approval to the offer by Dole Food Co. Chairman and Chief Executive David Murdock to take the company private for $13.50 a share. The firm, owned by New York investment firm MSCI Inc., issued a report recommending that Dole shareholders support the merger because of the “meaningful premium” Murdock offered to pay for the Westlake Village produce company. The $13.50 offer represented a 32 percent premium over the closing price in June when the initial offer was made. The offer values the company at roughly $1.6 billion, including debt. Murdock already controls 40 percent of the stock. Stockholders are scheduled to meet on Oct. 31 to decide on the offer. SANTA CLARITA VALLEY Valencia MannKind Corp. has submitted a revised application to the U.S. Food & Drug Administration for its Afrezza inhaled diabetes drug system, which includes a proprietary insulin formulation and inhaler. Two years ago the FDA rejected the biotech’s initial application, saying it needed to include studies on a revamped smaller inhaler, which was not part of the original 2009 submission. The application includes results from two additional clinical trials required by regulators. Around the Valleys To be considered for publication, submissions should be emailed to: [email protected]. Please put ATV in the subject line. For more information, call (818) 316-3123.
Around the Valleys
