Bank Of America Chooses New CEO, Electrolux HQ Moves Here
December 17th, 2009 Categories: About Charlotte
It was a big news day in Charlotte, NC. Early in the day, the big news was
Electrolux, USA is relocating to Charlotte.
Governor Bev Perdue announced Electrolux would be moving its North American headquarters in the first quarter of 2010,and more than 700 jobs (over several years) to Charlotte from Augusta, Georgia. The Swedish home appliance firm is consolidating their North American operations at the former First Charter facility in the University City area, and will be home to more than 700 employees, most of whom will be relocated from around the US to Charlotte. Governor Perdue cited North Carolina’s well trained work force and pro-business climate. We in Charlotte real estate like the sound of 700 families moving here!
Charlotte had two big advantages, Charlotte’s airport has given Charlotte an advantage among international companies seeking to locate in the south for a decade. Then last August, another Swedish firm Husquavarna, a former Electorlux division, now independent, relocated here… That and over $10 Million in incentives from city, county and state resources didn’t hurt either.
Still, the incentive package was small by most regional comparisons- they wanted to be here. All good. Then late in the day, it was announced that
Bank of America had named Brian Moynihan as the bank’s new CEO replacing the retiring Ken Lewis.
Moynihan was quick to point out he will be based in Charlotte and that the bank’s headquarters would remain in Charlotte. This settles a few months of uncertainty since Ken Lewis made his announcement. Combined with the early re-payment of the TARP money, this offers Bank of America a new start in a nee decade and can begin the work of rebuilding its reputation.
A number of Bank of America’s Board sought a business relocation to NYC, making many around here, lets say, uncomfortable. Fifth 3rd Bank announced as part of the Electrolux deal they’ll move their headquarters uptown, GMAC has expanded their operations and are moving uptown, US Bank established their Southeast office here in July, all seeking to capitalize on the talent let go by the old Wachovia.
Kudos to our excellent Chamber and city government for putting together the package that made this work.
