Daily Briefs

By Updated: May 01, 2019 5:18 PM CT | Published: April 30, 2019 6:12 PM CT
  • ServiceMaster appoints new board chairman
  • Breast Cancer Eradication Initiative to host 26th annual Pink Ribbon Open May 20
  • Memphis in May Olympic Triathlon to unveil annual poster May 6
  • Building permit filed for Cossitt Library renovation
  • Lender drops one suit in Clark Tower case

ServiceMaster appoints new board chairman

ServiceMaster Global Holdings Inc. has appointed Naren Gursahaney, the former president and CEO of security systems provider The ADT Corp., as its new board chairman.

Gursahaney succeeds Mark Tomkins, who had served as chairman since May 2016 and will remain on the board as chair of the audit committee.

ServiceMaster, which announced the appointment Wednesday, said Gursahaney’s experience leading ADT’s growth strategy following its spinoff from Tyco International Ltd. in 2012 “will be instrumental in helping ServiceMaster leadership pursue its growth strategy following the spin-off of frontdoor inc., the parent company of American Home Shield.”

The company also cited his experience as an independent director of NextEra Energy, saying it will be invaluable as ServiceMaster continues to accelerates growth.

Before ADT’s separation from Tyco, Gursahaney served as president of Tyco’s ADT North American Residential business segment and was president of Tyco Security Solutions, which provided electronic security to residential, commercial, industrial and governmental customers and was the largest operating segment of Tyco.

ServiceMaster – whose brand portfolio includes Terminix, ServiceMaster Clean, ServiceMaster Restore and Merry Maids, among others – said Tomkins’ tenure as chairman “left an indelible mark on the company.”

“His stewardship during the company’s executive leadership transition, the Terminix business transformation, and the restructuring of the company through the successful spinoff of the American Home Shield business has positioned the company for a strong future,” it wrote in a release.

ServiceMaster also reaffirmed its 2019 earnings outlook Wednesday, saying it expects full-year revenue between $2.02 billion and $2.05 billion and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) between $435 million and $445 million. The company also is expecting 2 percent to 3 percent organic revenue growth at Terminix for the year.

-Daily Memphian staff

Breast Cancer Eradication Initiative to host 26th annual Pink Ribbon Open May 20

The Breast Cancer Eradication Initiative will host its 26th LPGA tournament – The Pink Ribbon Open – Monday, May 20 at TPC Southwind.

Nearly 100% of all funds raised at the tournament will be returned as grants to healthcare organizations in the Greater Memphis Area, according to a release.

"My passion for this cause comes from seeing the difference we make in so many lives,” said Pink Ribbon Open founder, Joan Matthews. “When we began in 1994, there were very few resources for the uninsured or underinsured in our community facing the diagnosis of breast cancer. Now, with the funds generated from the PRO, we can provide grants for research, screenings, and treatment for those in need."

The tournament will feature professionals from across the world including Christina Kim, Tiffany Joh, Sarah Jane Smith, and Jane Park.

-Natalie Martin

Memphis in May Olympic Triathlon to unveil annual poster May 6

The Memphis in May Olympic Triathlon will celebrate its 37th year will the unveiling of its 2019 limited-edition art poster Monday, May 6, from 5 p.m. to 7 p.m. at The Peddler Bike Shop on 3548 Walker Ave.

The public is invited to attend the unveiling of the poster, designed by artist Richard Williams, and to celebrate Memphis’ bicentennial anniversary with refreshments including Flat Hat Ale, wine and snacks. 

-Natalie Martin

Building permit filed for Cossitt Library renovation

The city of Memphis has filed a building permit for the renovation of Cossitt Library on 33 S. Front St.

The renovation is valued at $3.5 million, and includes new bathrooms, new meeting rooms, new performance spaces, a break room and a new café. Tom Moisan of Memphis-based Pickering Firm is the designer of this project.

Other renovations to come to the library include a listening area for vinyl records on the second floor, an installation toward the river side of the ground floor commemorating the 1960 sit-in protests staged at the Cossitt and other locations, and updates to the library’s courtyard.

The library is closed for renovations, and is expected to re-open by the end of the year or early 2020.

-Natalie Martin

Lender drops one suit in Clark Tower case

The lender seeking to foreclose on 34-story Clark Tower has dropped a related lawsuit that asked the federal court in Memphis to appoint a receiver for the property.

The motion on Monday is the second legal development in the past week that has gone in favor of building owner Clark Tower LLC, which is affiliated with Florida-based In-Rel Properties.

Last week, a New York state court temporarily blocked the foreclosure sale that had been scheduled for Friday, April 26, on the steps of the Shelby County Courthouse.

A primary issue before the New York court is whether Clark Tower LLC followed the terms of an agreement that would have allowed it to refinance a $60 million loan. Loan special servicer C-III Asset Management claims Clark Tower broke the agreement, meaning the loan matured and was due to be repaid in September. Clark Tower claims it followed the terms and should be able to refinance.

A hearing on the lender’s suit asking the court to appoint a receiver was to have been held in U.S. District Court in Memphis on Wednesday, May 1.                   

- Tom Bailey


Daily Briefs

Comment On This Story

Section Emails

Sign up to get the latest articles from the Metro section.