Los Angeles Business Journal

Wednesday’s L.A. News Roundup

By Deborah Crowe Wednesday, August 22, 2012

PROMOTION: Preferred Bank on Wednesday said that Chief Operating Officer Wellington Chen has been promoted to president and chief operating officer. The downtown Los Angeles bank said that Chen has been COO since June of last year. Before that he was executive vice president and director of corporate banking at Pasadena’s East-West Bank, where he oversaw a significant portion of the loan and deposit production activities.

EXPANSION: Staar Surgical Co. on Wednesday said that it signed an eight-year lease on a 26,000-square-foot building adjacent to its current 44,000-square-foot facility in Monrovia. The maker of implantable lenses for eyes said the new building will allow the company to complete its previously announced manufacturing consolidation in Monrovia, as well as provide space for growth.

PAGEANT: The Miss California USA organization plans to move both that pageant and the Miss California Teen program from Palm Springs to Pasadena, starting next year. Miss California USA, a stepping stone to the Miss USA and Miss Universe pageants, is part of a pageant system acquired by billionaire entrepreneur Donald Trump in 1996. The California pageant, which is directed by K2 Productions Inc. of Los Angeles, attracted more than 400 contestants last year. Pasadena Mayor Bill Bogaard has scheduled a Thursday afternoon press conference to announce the move.