Michael Gass, who has served as the president and chief executive of United Launch Alliance since its founding in 2006, is being replaced by Tory Bruno, a longtime aerospace executive, the company announced Tuesday.
The move comes as ULA, a joint venture of Lockheed Martin and Boeing, has been targeted by Elon Musk’s start-up, SpaceX, which is suing the government for the right to compete against ULA under a contract to launch defense payloads into space. Musk has said the contract, which was awarded to ULA on a sole-source basis, should be canceled and rebid.
Gass recently helped spearhead an effort to push back against the attacks, highlighting ULA’s years of successful launches over SpaceX’s relative inexperience.
“Mike’s track record speaks for itself: 86 successful launches in a row, including many of our nation’s most complex and critical space missions,” said Rick Ambrose, executive vice president of Lockheed Martin Space Systems and a ULA board member.
Bruno joins the company from Lockheed Martin, where he was vice president and general manager of strategic and missile defense systems.
It’s not unexpected news: Revel, the $2.4 billion casino and resort that opened on Atlantic City’s boardwalk two years ago, will shut its doors next month.
The company had said it would close if it could not find a buyer for the ailing facility. In a statement Tuesday, Revel’s parent company announced that it would close by Sept. 10.
“We regret the impact this decision has on our Revel employees who have worked so hard to maximize the potential of the property,” the company said in a statement.
Revel had more than 3,100 employees as of last month, according to the New Jersey Division of Gaming Enforcement.
The closure comes amid news that Trump Plaza is expected to close around mid-September. All told, four Atlantic City casinos could be closing this year, costing more than 6,000 people their jobs.
● Federal regulators are scrutinizing a type of mutual fund that’s potentially riskier than conventional funds and is growing in popularity. The Securities and Exchange Commission disclosed that it’s conducting a “national sweep exam” of so-called alternative mutual funds, focusing in a first phase on 15 to 20 groups of funds. The SEC official who heads the agency’s investment fund division said the review is looking at the funds’ ready assets and oversight of them by fund boards.
● Fannie Mae and Freddie Mac’s overseer is proposing that the government-backed mortgage giants eventually issue home-loan bonds that look the same. The Federal Housing Finance Agency, in a bid to boost liquidity in the market, is recommending that the new securities employ the structure of Fannie Mae’s bonds, such as payments to investors 55 days after borrowers’ bills are due, rather than the 45-day timeline at Freddie Mac, according to a proposal from the regulator. Bondholder disclosures would be based on those currently used by Freddie Mac.
● U.S. employers in June advertised the most monthly job openings in more than 13 years. Employers posted 4.67 million jobs in June, up 2.1 percent from May’s total of 4.58 million, the Labor Department reported in its Job Openings and Labor Turnover Survey, or JOLTS. The number of advertised openings was the highest since February 2001.
● Ocwen Financial said investors shouldn’t rely on its financial statements for 2013 and the first quarter of this year as the firm’s auditor reviews accounting controls. The largest non-bank mortgage servicer said it plans to restate results and delayed its quarterly filing for the three months ended June 30. There may be “material weakness” in the company’s accounting for how it booked a sale of mortgage-servicing rights to Home Loan Servicing Solutions, Atlanta-based Ocwen said in a regulatory filing. Pretax income for 2013 probably increased by $17 million and declined by the same amount in this year’s first quarter, according to the filing.
● Record-setting rainfall in the Detroit area has slowed vehicle production and caused the closing of some facilities, automakers said. General Motors closed its Tech Center in the Detroit suburb of Warren on Tuesday because of flood damage. Four Chrysler plants, including one in Detroit, were flooded Monday. Ford slowed production Monday at four suburban Detroit plants.
● 8:30 a.m.: Retail sales for July.
● Earnings: Deere, Macy’s.