Business briefs
Gateway Health names insurance executive as CEO
Insurance executive Cain Hayes has been named president and CEO of Gateway Health. Mr. Hayes, who will begin the job Nov. 26, is currently COO/Health Business at Blue Cross Blue Shield of Minnesota. He has also held executive positions at Aetna. He replaces Patti Darnley, who was Gateway president and CEO for four years before leaving in August. Gateway Health’s managed care plans serve more than 500,000 Medicaid and Medicare Advantage members in six states.
Another Kmart store in the Pittsburgh area will close
Sears Holdings said 11 Kmart locations and 29 Sears stores will close their doors in February 2019 — adding to the nearly 200 locations the company already has said will shut down. The new list includes four stores in Pennsylvania, including one on Lincoln Highway in North Versailles. The closures are part of Sears Holdings’ efforts to find a viable way forward as it moves through bankruptcy proceedings.
Keystone XL environmental review ordered by judge
A federal judge has blocked a permit for construction of the Keystone XL oil pipeline from Canada and ordered officials to complete an environmental review. Environmentalists and tribal groups cheered the ruling by a U.S. district judge in Montana. President Donald Trump called it “a political decision” and “a disgrace.” The 1,184mile pipeline would begin in Alberta and shuttle as much as 830,000 barrels of crude per day through a half dozen states to terminals on the Gulf Coast.
VW considers investing in Ford-backed vehicle
Volkswagen and Ford are nearing a framework agreement to join forces on electric and self-driving vehicles. VW may invest in Ford’s self-driving partner Argo AI, according to people familiar with the discussions. VW also is poised to share electric-vehicle technology, with Ford piggybacking onto the tens of billions of dollars that the German giant has committed to battery-powered autos.
E-cigarettes to face sales limits from FDA, official says
E-cigarettes will face strict new limits imposed by the Food and Drug Administration, according to a senior FDA official, restricting sales of many popular fruit flavors amid what the agency has called an epidemic of youth use. Sales of popular e-cigarette flavors will be limited
to adult-only establishments, such as vaping stores. The restrictions will apply only to cartridge-style devices, such as a popular product from startup Juul Labs Inc., the official said.
Fortune sold to Thai businessman for $150M
Meredith Corp. will sell Fortune magazine to a Thai businessman for $150 million as it offloads some brands it acquired with its purchase of Time Inc. last year. The deal comes almost two months after Meredith said it would sell Time magazine to billionaire Marc Benioff for about $190 million. Chatchaval Jiaravanon, a board member of Charoen Pokphand, a Thai conglomerate, will own Fortune as a personal investment, according to a statement from Meredith.
Walmart to offload 570 workers to other firm
Walmart Inc. is transferring 570 finance and accounting employees at its Arkansas headquarters to an outside company that will help manage part of the retailer’s financial operations. New York-based Genpact will hire all the workers who wish to make the move. Walmart Vice President Clay Johnson says the move will allow the retailer’s global-business services division to move its operations more into digital technology.