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AirTran Promotes President
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The parent of AirTran Airways, AirTran Holdings, said its president and chief financial officer will become chief executive. Robert L. Fornaro, 54, replaces Joe Leonard, effective immediately. Fornaro will continue to serve as president, while Leonard will continue as chairman.
Citigroup Executives Leave
Two Citigroup fixed-income executives departed after $6.5 billion in quarterly write-downs and losses from credit markets. Michael Raynes, who headed structured credit, and Nestor Dominguez, co-chief of collateralized debt obligations, left the company this week, said Danielle Romero-Apsilos, a Citigroup spokeswoman.
TECHNOLOGY
Sony to Cut Blu-ray Player Price
Sony will lower the price of its Blu-ray video-disc player from $500 to less than $400, the head of its consumer electronics division said. Blu-ray and HD DVD, backed by Toshiba, are competing to be the home-entertainment standard. HD DVD players usually sell for just under $300.
MySpace Partners With Google
MySpace joined a software partnership headed by Google that lets developers create applications for shared use across multiple sites. The agreement leaves Facebook as the largest social-networking site outside the Google OpenSocial network, which includes LinkedIn and Friendster.
EARNINGS
GMAC sad its loss widened in the third quarter to $1.59 billion from $173 million in the comparable period a year earlier. Revenue fell 44 percent, to $2.56 billion. GMAC, the lending company that General Motors sold to hedge fund firm Cerberus Capital Management, said results included a $2.3 billion loss at its Residential Capital mortgage unit.
KBR's third-quarter profit surged to $63 million from $7 million, in part from its military contracts in Iraq, but its energy and chemicals arm reported flat results. The military contractor and construction and engineering outfit, a former Halliburton subsidiary, said revenue fell 2 percent, to $2.18 billion.
Compiled from reports by Washington Post staff writers, the Associated Press and Bloomberg News.
