Industry Briefs - 5-13-24

Industry Briefs are provided as a free service to our readers. Company news information may be sent to brice.w@thecityjournals.com. The submission deadline is one week before publication.

ASSOCIATIONS

• The Murray Chamber of Commerce has moved to a new address inside Indie Square at 141 E. 5600 S., Suite 300, Murray. The chamber will have an open house to showcase the new space and share its vision for the future on May 31, 10 a.m.-2 p.m.

DIVIDENDS

• The board of directors of Medallion Bank, a Salt Lake City-based industrial, has declared a quarterly cash dividend of 50 cents per share on the bank’s fixed-to-floating rate non-cumulative perpetual preferred stock, Series F. The dividend is payable July 1 to holders of record June 15. Medallion Bank specializes in providing consumer loans for the purchase of recreational vehicles, boats and home improvements, along with loan origination services to fintech strategic partners.
• The board of directors of Clarus Corp., based in Salt Lake City, has confirmed the company’s regular quarterly cash dividend of 2.5 cents per share. The dividend will be paid May 20 to stockholders of record May 10. Clarus designs, develops, manufactures and distributes outdoor equipment and lifestyle products.

ECONOMIC INDICATORS

• Three Utah metro areas are in the top 10 of a list of most affordable metro areas for renters, compiled by Creditnews Research. The study measures rental affordability by factoring in the average rent relative to household income in each of the top 100 metro areas. Ogden-Clearfield is No. 8, with an income figure of $7,717 and average rent of $1,696. Salt Lake City is No. 9, with an income figure of $7,658 and rent of $1,693. Provo-Orem is No. 10, with an income figure of $7,974 and rent of $1,769. Nationally, the study indicated that the average household can afford rent in 73 of the top 100 metro areas. The most affordable metro area for renters is Des Moines/West Des Moines, Iowa. The least-affordable on the list is the Miami, Fort Lauderdale and Pompano Beach area of Florida. Details are at https://creditnews.com/research/the-most-and-least-affordable-metro-areas-for-renters-in-2024/.
• Salt Lake City is ranked No. 41 on the “2024 City Clean Energy Scorecard,” a report from the American Council for an Energy-Efficient Economy. It ranks 75 of the largest U.S. cities on energy efficiency and reducing greenhouse gas emissions and identifies the best-performing cities, the most improved, and those with substantial room for improvement, with recommendations for making progress. Salt Lake City fell seven positions from the most recent previous report and is No. 40 out of 57 cities in a group of large metro areas. Salt Lake City performed best in the community energy infrastructure category and has the most room to improve in the community-wide initiatives category. The top-ranked city overall is San Francisco. The No. 75 city is Akron, Ohio. Details are at https://www.aceee.org/city-clean-energy-scorecard.
• Park City, Cedar City and Bountiful are on a list of 150 “Ultimate White Picket Fence Lifestyles” locations for single people considering matrimony, compiled by DatingNews.com. Park City is No. 13, Cedar City is No. 86 and Bountiful is No. 112. The top-ranked location is Greenville, South Carolina. Details are at https://www.datingnews.com/industry-trends/white-picket-wishes-survey/.
• Utah is ranked No. 2 on a list of states where people are least prepared for coping with catastrophic weather conditions, compiled by ServiceMaster Restoration by Zaba. It commissioned a survey of 3,000 respondents nationwide to gauge the level of preparedness among households for coping with catastrophic weather conditions. Utah’s 47 percent is second-lowest in the nation, behind only Washington’s 44 percent. The national figure is 69 percent. The highest figure is in Idaho, at 80 percent. Details are at https://www.servicemasterbyzaba.com/blog/disaster-preparedness-survey/.

GOVERNMENT

• The Utah Department of Commerce has appointed Dr. Zachary Boyd as the director of the newly established Office of Artificial Intelligence Policy. Boyd has a background in artificial intelligence and machine learning. He is a faculty member at Brigham Young University’s mathematics department, where he teaches applied and computational mathematics. Boyd’s research lab focuses on artificial intelligence, machine learning and mathematical modeling in social science applications such as psychology, economics and social networks. Before working at BYU, Boyd was a postdoctoral research associate at the University of North Carolina at Chapel Hill, an NDSEG Fellow at UCLA, a research associate at Los Alamos National Laboratory, and a Presidential Scholar at BYU. The Office of Artificial Intelligence Policy will consult with businesses, academic institutions and other stakeholders to facilitate dialogue on potential regulatory proposals. The goal is to develop a regulatory landscape that fosters innovation and safeguards public safety.
• Gov. Spencer Cox has named Dan Bokovoy to the Board of Pardons and Parole. The position resulted from the retirement of former BOPP Chair Carrie Cochran. Bokovoy is an assistant attorney general in the Utah Attorney General’s Office, serving as general counsel for the Department of Corrections, a position he’s held since 2018. Prior to that, he was an assistant district attorney for the Salt Lake County District Attorney’s Office, deputy county attorney at the Uintah County Attorney’s Office, and a law clerk/bailiff at the Utah County Sheriff’s Office. His education includes a master’s degree from the University of Utah and a J.D. from the S.J. Quinney College of Law at the University of Utah.
• An updated online tool called the Utah Healthy Places Index allows Utahns to research the overall health of their communities based on factors such as education, housing, or clean air. The Utah Department of Health and Human Services launched the 2.0 version of the index in April. The updated tool breaks down data on factors that impact a person’s health by neighborhood and helps community leaders understand how different neighborhoods experience these conditions. It also includes evidence-based resources that leaders can use to find ways to make their communities healthier. The new version includes updated data using 2020 census geographies, more than 30 new information layers, and a tool to compare different time periods. The Utah Healthy Places Index tool was developed by the DHHS Office of Health Promotion and Prevention in partnership with the Public Health Alliance of Southern California, creators of the California Healthy Places Index. Nearly 100 partners from industries across Utah provided input on what data and policies were important to include to customize the tool for Utah communities. The tool is available at https://dhhs.utah.gov/utahhpi/.
• ISI VidMobile, a Willard-based company offering mobile security solutions, has signed a five-year contract to supply solar-powered mobile security units to the state of Utah. Established in 1997, the company offers a surveillance system for government and business operates entirely on solar power, without the need for external power or Wi-Fi connectivity.

HEALTHCARE

• Dr. Howard McLeod has been named to the Clinical Advisory Board of DoseMe, an Australian company that uses smart technology to individualize medical doses. McLeod is an expert in precision medicine, having made novel contributions at the discovery, translation, implementation and policy levels. He is the director and professor at the Utah Tech University Center for Precision Medicine and Functional Genomics and a precision medicine advisor at the Geriatric Oncology Consortium.
• Altitude Lab, an incubator focused on early-stage life science and healthcare companies, and the U.S. Small Business Administration have announced Horizon, a commercialization program to connect startups to distributors, biopharma partners and strategic investors in major biotech hubs nationwide, by providing education on deal structures while driving awareness of Altitude Lab’s resident startups. The program is funded by a stage-one Growth Fund Accelerator Grant, which the SBA awarded to Altitude Lab and 60 other incubator and accelerator programs across the country. To help connect and drive Horizon forward, Altitude has formed initial partnerships with industry leaders, including Wilson Sonsini Goodrich and the Utah Innovation Fund to support its launch this fall.

INTERNATIONAL

• Applications are being accepted until July 1 for businesses interested in participating in a governor-led trade mission to Seoul, South Korea, and Tokyo, Japan, taking place Sept. 24-Oct. 5. The Governor’s Office of Economic Opportunity and World Trade Center Utah are organizing the trade mission. The Utah delegation will be organized around two industry tracks. Utah companies and organizations in the manufacturing, aerospace and defense industries, as well as the life sciences and innovation sectors, are being encouraged to apply to join the delegation. The trade mission will consist of meetings with key government officials and business organizations, networking receptions, business-to-business matchmaking opportunities through the U.S. Commercial Service’s Gold Key service, and a few cultural activities. The $4,000 participation fee per person includes local transportation, networking receptions and most meals. Participants will separately cover their own airfare and lodging. Details are at https://www.wtcutah.com/tradeevents/japan-south-korea-trade-mission-2024.

INVESTMENTS

• Blackrock Neurotech, a Salt Lake City-based company focused on precision electrode technology that allows users to see, hear, feel and move again, has received a $200 million investment from Tether, a cryptocurrency company, through its newly formed venture division Tether Evo. With the investment, Tether is now the majority stakeholder in Blackrock Neurotech. The $200 million investment will primarily fund the commercialization and roll-out of Blackrock Neurotech’s medical solutions and further boost Blackrock Neurotech’s research and development efforts. Through Blackrock Neurotech’s brain interface technology, patients have operated robotic arms, maneuvered wheelchairs, sent messages, surfed the web and even driven a car, all with just the power of their thoughts.

NONPROFITS

• Bicycle Collective, a nonprofit that refurbishes bikes for those in need, has opened a new Salt Lake City headquarters at 325 W. 900 S., in the Granary District of Salt Lake City. The 19,000-square-foot facility features a retail space, a repair shop, and areas for community workshops.

OUTDOOR RECREATION

• Black Desert Resort Golf Course, St. George, has named Colby Cowan as the general manager. Cowan will oversee club operations, including golf, agronomy, golf-related food and beverage, and marketing. He will also play a key role in planning and executing the upcoming Black Desert Championship this fall and an LPGA Tour tournament in 2025. Cowan has more than 30 years of experience in the Utah golf industry, most of it in Southern Utah. He most recently served as director of golf operations for St. George City, a position he has held since 2012. Prior to that, he served as the head golf professional at Sand Hollow Golf Course in Hurricane, as the director of golf at The Ledges Golf Club in St. George, as head golf professional at Coral Canyon in Washington, and as an assistant professional at Bloomington Country Club and Cedar Ridge. Cowan earned a Bachelor of Arts degree in business administration from Southern Utah University.

PHILANTHROPY

• The Good and the Beautiful, a Lehi-based company creating educational resources and materials that uplift and inspire, has kicked off its free Summer Reading Program, a nationwide initiative promoting a love for wholesome literature among children, by distributing 100,000 free books to young readers across the country.
• SadieB, a personal care brand dedicated to inspiring girls while supporting mental hygiene, kicked off Mental Health Awareness Month by teaming up with Huntsman Mental Health Foundation to provide support to young girls who are facing mental health challenges in their daily lives. Through the partnership, SadieB pledged to donate 1 percent of its annual revenue to the foundation to benefit the West High School Clinic, a school-based health center in Salt Lake City. The clinic addresses the physical, mental, and behavioral health needs of students aged 12-19 and is staffed by University of Utah employees. SadieB will also provide its products to the clinic alongside future Huntsman Mental Health Foundation events and programs. Beginning May 1, online shoppers can round up their purchases on SadieB.co to support the foundation. As part of the program, the foundation and SadieB have also launched a “Text to Give” campaign in which people can text "SadieB" to 50155 to support SadieB’s campaign to bring awareness to mental health and support in expanding high school mental health clinics.

REAL ESTATE

• VanTrust Real Estate, a Kansas City-based real estate development company, has completed its purchase of the Salt Lake Lumber Building, which will be converted to contemporary office space. Located at 205 N. 400 W., the three-story, 26,997-square-foot brick building was built in 1909. It was built as the Morrison-Merrill Lumber Co. office. Demolition and interior renovation are expected to start this summer, with project competition early next year.

RECOGNITIONS

• The Utah Chapter of CCIM has named Nathan Ricks, co-founder of Stack Real Estate, as this year’s Excellence Awards Hall of Fame award recipient. The honor recognizes an institution or individual that has had a dramatic and valuable influence on the Utah commercial real estate market. Ricks began his career in network marketing in 1989 with Nu Skin. In 2000, he and partner Steve Peterson started development on Millrock Park, a project in Holladay. In 2006, he began developing with his son-in-law, Andrew Bybee. Along with their partners, they pioneered Class A office at Thanksgiving Park and Thanksgiving Station. In 2015, Ricks and Bybee founded Stack Real Estate to build, own and operate these and future projects in the heart of Silicon Slopes and along the Wasatch Front. Some of those projects include Sandy Towers, SoJo Station in South Jordan, North Slope at Traverse Mountain, Younique Headquarters, Saprea Headquarters, North Farmington Station, Clearfield Station and the Rose Garden in Bluffdale.
• David W. Wetter has been awarded the Society of Behavioral Medicine Senior Investigator Award for Outstanding Contributions to Cancer Prevention and Control. Wetter is senior director for cancer health equity science at Huntsman Cancer Institute, director of the Center for Health Outcomes and Population Equity, and a Jon M. and Karen Huntsman Presidential Professor in the department of population health sciences at the University of Utah. This award recognizes individuals in the field of cancer who have made remarkable achievements in cancer prevention and control. Wetter’s work has focused on groundbreaking strategies aimed at erasing gaps in cancer healthcare. Some of his many accomplishments include contributions in evaluating nicotine replacement therapy, studying the impact of smoking on sleep disorders, implementing healthcare system changes for treating tobacco use, and innovating mobile health approaches for addressing cancer risk behaviors among disadvantaged populations. Through the Center for HOPE, Wetter has also established vital connections between researchers and community entities.

RESTAURANTS

• The Cheesecake Factory will open at University Place in Orem on July 2. It plans to hire nearly 300 staff members. The company owns and operates 336 restaurants throughout the United States and Canada under brands including the Cheesecake Factory, North Italia and a collection within its Fox Restaurant Concepts business.

RETAIL

• Beyond Inc., a Midvale-based owner of online retail companies Bed Bath & Beyond, Overstock and Zulily, has made several executive changes. They include hiring Guncha Mehta as chief digital and information officer, Stacey Shively as chief merchandising officer at Bed Bath & Beyond, and Angela Minor as chief marketing officer at Bed Bath & Beyond, and appointing Deb Bollom as chief merchandising officer at Overstock. Mehta held various senior leadership roles at Madison Square Garden, Avis Budget Group and The Children’s Place before joining Party City Holdings as senior vice president/chief information officer in 2021. Shively joins the company from The Container Store, where she was chief merchandising officer. Prior to that, she was at Bed Bath & Beyond and held merchant leadership roles at JCPenney, Fingerhut/Bluestem Brands and Dollar Tree, and began her career at Target. Minor’s strategy and retail marketing experience includes holding leadership positions at Michael’s, Pier 1, Sears, Kmart and most recently as chief marketing officer for specialty retailer Conn’s HomePlus. She started her career in consulting with McKinsey & Co. Bollom has been promoted from her previous role as chief merchandising officer for Bed Bath & Beyond. She also has more than 25 years of prior merchandising experience at Target.
• Sportsman’s Warehouse Holdings Inc., a West Jordan-based specialty outdoor retailer, has announced that its board of directors will be reduced from nine to six members. The move follows the resignations of board members Erica Fortune, Gregory P. Hickey and Philip C. Williamson prior to the company’s annual meeting of stockholders, taking place May 30. The company said the board reduction is “in-line with our stated focus on managing our expense structure and rightsizing all elements of the organization.”

SERVICES

• Diversify Advisor Network, a Sandy-based privately held, full-service independent wealth management firm, has launched a new Retirement Plan Advisory Services program. This program is available to advisors across the network and leverages the expertise of Todd Nuttall and David Gardner, who merged their firm, Caliber Wealth Management, into Diversify earlier this year. Through the new program, Diversify’s advisors can take advantage of Diversify’s retirement plan advisory approach to provide services to their business-owner clients who are responsible for 401(k) and other qualified plans. They can also help plan participants with more than just their retirement plan assets.

TECHNOLOGY

• LVT (LiveView Techologies Inc.), an American Fork-based company focused on customizable mobile surveillance solutions, has appointed Mark Cranney as chief revenue officer. Cranney will oversee the expansion of the company’s go-to-market strategy and operations. Cranney comes to LVT and Utah after 20 years in Silicon Valley. His experience includes serving as current board member at Teal Communications, chief operating officer at Skydio, chief operating officer at SignalFx (acquired by Splunk), operating partner at Andreessen Horowitz, leading worldwide field operations for Aster Data Systems (acquired by Teradata), leading worldwide field operations for Opsware (acquired by Hewlett-Packard), and vice president of Americas at PTC.
• Awardco, a Lehi-based software company focused on employee recognition and rewards, has appointed Chantale Callinghamas vice president of client success. Callingham has more than 12 years of leadership experience in roles at several global HR technology organizations, most recently serving five years at O.C. Tanner, culminating as director of client success.