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Business Briefs

Reported by Star-Bulletin staff & wire

Monday, March 13, 2000

Chairman to retire at Aston's parent

ResortQuest International Inc., the Memphis, Tenn.-based parent of Aston Hotel & Resorts in Hawaii, said today that its board chairman, David C. Sullivan, will retire at the company's annual meeting May 11.

Sullivan was one of the founders when ResortQuest was formed in mid-1998 to acquire Aston and a dozen other companies managing vacation rental properties across North America.

The company said David L. Levine will assume the chairmanship in addition to his posts of president and chief executive officer.

ResortQuest has grown through acquisitions and now manages properties in more than 40 resort locations.

Island Insurance picks new leader

Island Insurance Co. has selected Linda Gilchrist, a 39-year veteran of the insurance industry, as its new president.

Gilchrist came to the job from the post of executive vice president and chief operations officer at AIG Hawaii Insurance Co.

She spent 10 years at AIG Hawaii after 20 years with California Casualty Management Co. in a variety of management positions, including vice president of underwriting and marketing services. Before that she worked at a family-owned insurance agency.

At Island Insurance, a Hawaii-owned business that was founded in 1939, she replaces Wayne Arakaki, who retired in December.

Cheap Tickets hires executive for Europe

Honolulu-based Cheap Tickets Inc. today announced the appointment of its first managing director for Europe.

He is Roy F. Burnham, who has had more than 35 years in the travel business, including European responsibilities for the Galileo International Inc. and Worldspan operations and 20 years in sales management at British Airways Plc.

Most recently, he has been program director for passenger solutions at Unisys Corp., working on technology for airlines. Cheap Tickets' chairman and founder, Michael Hartley, said European expansion is important to the company's future.

I2 to pay $9 billion for software maker

DALLAS -- I2 Technologies Inc., whose software links manufacturers and suppliers on line, agreed to buy Internet-commerce software maker Aspect Development Inc. for $9.3 billion in stock in the largest-ever software merger.

I2 will exchange 0.55 share for each share of Mountain View, Calif.-based Aspect, after the effect of today's 2-for-1 split of Aspect stock.

Based on Friday's close, the offer values Aspect at $114.40 a share, a 35 percent premium.

GM taking 20% stake in Italy's Fiat

TURIN, Italy -- General Motors Corp., the world's largest automaker, is taking a 20 percent stake in Italy's Fiat Auto SpA in exchange for $2.4 billion in stock -- equivalent to 5.1 percent of GM. The partnership announced today was expected to open up international markets for both automakers.

The deal covers Fiat's Alfa Romeo and Lancia brands. It does not include Fiat's other companies, Ferrari and Maserati.

The deal will include joint ventures in purchasing, engine development and auto financing. As part of the agreement, the Detroit-based GM has the first right to bid on the rest of Fiat Auto if Fiat decides to sell in the future.