WEEK IN REVIEW
Monday Team CEO ousted
Sugar Land-based Team Industrial Services is removing its CEO after an activist investor called for his ouster from the financially struggling company. Ted Owen, who has served as CEO for the past three years, agreed to step down, allowing Team to install board member and retired Chevron Corp. executive Gary Yesavage as its interim CEO while a search is conducted. Learning from Harvey
Seema Verma, administrator of the federal Centers for Medicare and Medicaid Services, came to Houston to contemplate any hard lessons learned from Hurricane Harvey. “I wanted to come and say thank you,” she told employees and officials at a dialysis center near Brays Bayou. She then added she was sent by the Trump administration to ask, “How can we do better?” Refunds for borrowers
One of the nation’s largest holders of private student loan debt, the National Collegiate Student Loan Trusts, must refund millions of dollars to borrowers it sued illegally and temporarily stop many of its collection activities, under a settlement with federal regulators. Space business expands
Northrop Grumman agreed to buy Orbital ATK for $7.8 billion, bolstering the missile and space businesses of one of the nation’s largest defense contractors. Tuesday Common ground?
Despite the bickering over health care in the U.S., a new Texas Medical Center Health Policy Institute survey showed people are in overwhelming agreement on many points. The results also showed that such uniformity of opinion about the importance of health insurance crosses political boundaries.
Kohl’s Corp. said it was continuing its partnership with Amazon.com by offering to process returns on Amazon products starting in October. More than 80 stores in Chicago and Los Angeles will pack and ship eligible Amazon returns for free. Walgreens grows with deal
After years of trying, Walgreens Boots Alliance received clearance from the Federal Trade Commission to expand its business through the purchase of 1,932 Rite Aid stores for $4.4 billion. Wednesday Real estate firm sold
Houston-based real estate firm Lionstone Investments said it was being acquired by a subsidiary of financial giant Ameriprise Financial and would be allowed to stay in its hometown and retain control of its investment activities. Spike in jobless claims The Texas Workforce Commission has received a huge number of claims for unemployment insurance since Hurricane Harvey struck — more than during the peak of the last national recession. To this point, the state commission had received 136,000 claims and paid out $9.4 million in assistance. The spirits moved him
A rogue distillery worker at the center of a bourbon-heist scheme that spirited away tens of thousands of dollars’ worth of liquor pleaded guilty in a case that has secured a place in Kentucky lore. Gilbert “Toby” Curtsinger was accused as the ringleader of the operation that stole hard-to- get and pricey brands such as Pappy Van Winkle bourbon. Thursday Allstate’s estimate
Allstate said it expected insurance losses of $593 million in August after Hurricane Harvey left a path of destruction along the Gulf Coast. The initial accounting followed warnings from other insurers tallying the damages from the hurricane season so far. Net worth climbs in U.S.
The Federal Reserve said Americans’ net worth rose 1.8 percent to $96.2 trillion in the April-June quarter. Stock portfolios and mutual funds jumped $1.1 trillion. Home values climbed $600 billion. The trend likely adds to the nation’s inequality. Smaller bonus after rant
KB Home said in a regulatory filing that while CEO Jeffrey Mezger has been “a great leader,” his vulgar rant against comedian Kathy Griffin was unacceptable and that he would be fired for any similar incidents in the future. It also cut his annual bonus by 25 percent. Friday Higher solar panel prices?
Low-cost solar panels imported from China and elsewhere have caused serious injury to American manufacturers, a U.S. trade commission ruled, raising the possibility of tariffs that could double the price of the panels. I’m not home — come on in
Walmart announced that it was testing a delivery program that would let customers use smart-home technology to open the door for delivery workers and watch a livestream of the delivery by linking their phones with home security cameras.
From staff and wire reports