Pall names Johri as new CFO
Pall Corp., a maker of filtration devices and one of Long Island's biggest public companies by revenue, announced Monday that Akhil Johri is its new chief financial officer. Johri, currently chief financial officer at a division of United Technologies Corp., will join the Port Washington-based Pall on May 1. He will take over from Pall chief executive Larry Kingsley, who has been serving as interim CFO since March. Pall had been searching for a CFO since December, when former CFO Lisa McDermott said she would be leaving the company in March. Johri, a graduate of the Indian Institute of Management, comes to Pall after a 26-year career with United Technologies.-- Lisa Du
Penney tests 'mini-mall' concept
J.C. Penney is honing in on its home department as part of a bigger plan to turn its stores into mini-malls of sorts. The struggling department-store chain is unveiling revamped home areas within its stores that feature 20 boutiques highlighting 50 new brands. The areas will include an eclectic mix of items, from $60 Michael Graves stainless steel teakettles to $1,850 Jonathan Adler Happy Chic sofas. The home areas, which Penney will begin to roll out Friday at 500 of its 1,100 stores, will test CEO Ron Johnson's plan to open separate shops-within-stores for popular designers. The format, which gives department stores more of a mini-mall feel, have been popular at higher-end rivals such as Macy's for years.
Probe into 2006-08 Sonatas
U.S. safety regulators are investigating complaints that the rear suspension frames can rust and fail on Hyundai Sonata midsize cars. The probe affects about 393,000 cars from the 2006 through 2008 model years. The National Highway Traffic Safety Administration says it has received six complaints of suspension failures, with three happening at highway speeds. The agency says rust in the frame can cause control arm failures. A car's wheel hubs are attached to the control arms. No crashes or injuries were reported. Hyundai did not respond to a message seeking comment.
Tesla shares up on sales data
Shares of electric-car maker Tesla Motors Inc. jumped almost 16 percent Monday after Tesla said sales are ahead of schedule and it will post a first-quarter net profit. The Palo Alto, Calif., company said first-quarter sales have exceeded 4,750 Model S sedans, above prior guidance of 4,500. Shares were up $6.04 to $43.93. Tesla, the brainchild of Elon Musk, founder of PayPal and SpaceX, was selling two all-electric models last year, the $109,000 Roadster and the Model S, which starts at $49,900 after a federal tax credit. The Environmental Protection Agency estimates the Model S can travel 265 miles on a charge. Tesla is banking on the cheaper Model S to expand its market.
India's Supreme Court on Monday rejected drugmaker Novartis AG's attempt to patent an updated version of a cancer drug in a landmark decision that health activists say ensures poor patients around the world will get continued access to cheap versions of lifesaving medicines. Novartis had argued that it needed a patent to protect its investment in the cancer drug Glivec, while activists said the drug did not merit intellectual property protection in India because it was not a new medicine. In response to the ruling, Novartis said it would not invest in drug research in India. The court's decision has global significance since India's $26-billion generic drug industry, which supplies much of the cheap medicine used in the developing world, could be stunted if Indian law allowed global drug companies to extend the life span of patents by making minor changes to medicines. -- AP