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L'Oreal president has Sexy new job

CHATSWORTH - Sexy Hair Concepts got a new chief executive and a whole lot of money, the hairspray manufacturer announced Tuesday.

Jim Morrison, formerly president of L'Oreal, will take over from Michael O'Rourke, who will remain chairman. Morrison brings with him 23 years of industry experience and up to $30 million in investment money.

Antidepressant maker settles

PHILADELPHIA - The maker of the antidepressant Paxil agreed to pay $14 million to states to settle allegations that it blocked generic versions of the drug from being made, causing the states to pay higher prices.

A spokeswoman for Paxil's maker, London-based GlaxoSmithKline PLC, said the company denied any wrongdoing and was not admitting liability in making the settlement.

GM not be able to sell stake

NEW YORK - General Motors Acceptance Corp. said Tuesday it may be unable to sell a majority stake of its operations, in a regulatory filing that again highlighted the myriad financial woes at the world's largest automaker.

GMAC, the giant finance arm of General Motors Corp., said in its annual report that 1/2we are uncertain at this time if any transaction 5/8 will occur for GMAC or any of its subsidiaries, including residential mortgage arm Residential Capital Corp.

Automaker lays off hundreds

DETROIT - General Motors Corp. laid off several hundred white-collar workers Tuesday as part of a plan to bring its ailing North American operations back to profitability.

It was the first round of salaried cuts this year for the world's largest automaker, which is struggling with sluggish sales, shrinking U.S. market share and high health and pension costs that put it at a competitive disadvantage against Asian rivals.

GM didn't give an exact figure but said fewer than 500 jobs were cut Tuesday at 30 locations across the United States, including factories and engineering centers. A cut of just less than 500 jobs would represent about 1.3 percent of GM's U.S. salaried work force of 36,000.
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Title Annotation:Business
Publication:Daily News (Los Angeles, CA)
Date:Mar 29, 2006
Words:334
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