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Business news briefs — Oct. 31

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LOCAL BUSINESS

Levin Mattress store opens

Levin Furniture of Pennsylvania has opened a Levin Mattress store at the site of a former Big Boy restaurant at 1063 Graham Road in Stow. The company built a new 4,500-square foot structure for the store, which is the third Levin Mattress store in Ohio. The others are in Mayfield Heights and Solon. The store features mattresses from Sealy, Stearns & Foster and the Grand Legacy collection made in Cleveland. Grand Legacy is a brand of the longtime White Dove Mattress Co. of Cleveland. The store also carries bedroom furniture.

Stow Mayor Sara Drew and Stow-Munroe Falls Chamber of Commerce Executive Director Doris Stewart are scheduled to help celebrate the opening of the store by cutting a ribbon at a 10 a.m. event Nov. 8. To mark the grand opening, Levin will register customers for a variety of prizes. The store is managed by Dustin Blakeman. Levin Furniture is headquartered outside Pittsburgh. The company has seven furniture stores in Ohio.

New Charter One exec

A local commercial banking veteran has been named the new president of Charter One.

RBS Citizens Financial Group Inc. on Thursday announced Joseph D. DiRocco will serve as president of Charter One and RBS Citizens in Ohio. He replaces Ken Marblestone, who is leaving the company to pursue other interests. DiRocco has been overseeing commercial and middle market banking for Huntington Bank’s Cleveland region. The graduate of the University of Akron previously served as a senior vice president of commercial global banking at Bank of America Merrill Lynch. Charter One, a division of RBS Citizens, has 128 branches in Ohio.

COMPENSATION

New shipping plan

Two New England companies — State Street Corp. and Putnam Investments LLC — were among 39 that pledged to report pay-equity data to the city of Boston as of way of assessing the earning gap between men and women. The voluntary compact requires the firms to assess pay equity and report those findings every two years.

OBITUARY

Computer pioneer dies

The former IBM executive credited with helping to bring personal computers to the masses has died in Illinois. William C. Lowe, 72, oversaw the birth of IBM’s first personal computer, which was introduced in retail stores in 1981. Other companies were making PCs as early as the 1970s, but IBM was behind the curve. The company’s website says Lowe was lab director at IBM’s Boca Raton, Fla., facilities when he convinced his bosses that he could assemble a team to build a personal computer in a year.

FOOD

Kraft changes ingredients

Kraft said it will remove artificial dyes from three macaroni and cheese varieties. The change doesn’t affect Kraft’s plain elbow-shaped macaroni and cheese with “original flavor.”

WALL STREET

Dow loses 73 points

The Dow Jones industrial average and the Standard & Poor’s 500 index edged lower as investors assessed some mixed corporate earnings reports. Visa fell the most in the Dow after reporting a 28 percent drop in income.

Avon said the Securities and Exchange Commission is proposing a much larger penalty than it expected to settle bribery allegations.

The Dow lost 73.01 points to close at 15,545.75. The Standard & Poor’s 500 index fell 6.77 points to 1,756.54. The Nasdaq composite dropped 10.91 points to 3,919.71.

Compiled from staff and wire reports


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