BRIEFLY IN BUSINESS

Surf company gets new chief executive officer

Kelly Gibson, former O’Neill Clothing executive, is set to take the helm at Costa Mesa-based Rip Curl USA Nov. 6, replacing the company’s current chief executive officer.

Gibson is replacing David Lawn, who has led U.S. operations for the company for two years. Lawn also served as Rip Curl’s group chief executive officer. According to a news release, Lawn will return to his native Australia to pursue another career. He will not resume his position as the group’s executive.

Rip Curl’s group director Francois Payot will take over as the group’s chief executive officer in Torquay, Australia. Payot has been with the company since 1982 and set up the French operation.

Rip Curl USA moved from Carlsbad last year to a 70,000-square-foot facility in Costa Mesa. The company manufactures wetsuits, clothing and other surf-related gear.

Irvine-based O’Neill announced Toby Bost as its new chief executive.

Valeant reviews mistakes

Costa Mesa-based Valeant Pharmaceuticals International announced last week it will restate financial results for certain periods where it found errors in its stock options accounting.

The company reported that financial statements from 1997 to the present could contain errors. A special committee is reviewing all its stock option grants for that time period. According to Valeant, most of the mistakes appear to have been made prior to 2002 when it went through a board and management change.

Because of the ongoing review, Valeant will delay the announcement of its preliminary third quarter results, which will be announced Nov. 2.

New stores open at South Coast Plaza

South Coast Plaza announced the opening of its newest stores Friday.

Fresh — a skincare, body care and home store — opened Friday as an Orange County exclusive. Fresh also opened a store in Santa Monica last week. It’s near the carousel.

Paper Source opened Saturday in the Crate & Barrel/Macy’s Home Store Wing. The store sells a variety of stationery and paper from all over the world.

Software company acquires business

Newport Beach-based healthcare technology company TriZetto Group Inc. announced Friday its acquisition of New York-based Plan Data Management Inc.

The company expects the deal to close by the year’s end.

TriZetto sells healthcare billing and other software. Plan Data Management makes software for companies that offer Medicare and Medicaid coverage.

Last month the healthcare technology company acquired Quality Care Solutions Inc., a deal also expected to close during this year’s fourth quarter for $133 million in cash and assumed $1.2 million in debt.

Mentors wanted at Newport Harbor High

Newport Harbor High School is calling for real estate and property management professionals to mentor high school juniors who have an interest in the industry.

The mentorship is designed to give the students insights into career opportunities and get questions answered so they’re better prepared for the working world.

Mentors meet with students from noon to 12:45 p.m. The school provides questions and topics to go over with students. For more information call Ellie Gruenebaum, the high school’s mentor coordinator, at (714) 842-4012.

Conexant announces acquisition

Newport Beach-based Conexant Systems Inc. announced last week its financial results for this fiscal year. The reports came on the same day the company announced its acquisition of Zarlink Semiconductor for $5 million.

For the fourth quarter, which ended the fiscal year Sept. 29, the company announced revenues of $245.9 million, which is slightly less than what was reported for the third quarter. For the full fiscal year, Conexant reported revenues of over $970 million, which represents a 34% increase from last year.

Conexant makes semiconductors for broadband and digital products. Zarlink Semiconductor makes packet-switching products, including for fast Ethernet connections, which Conexant reported would be complementary to its DSL offerings.

Local law firm funding university research

Costa Mesa-based law firm Rutan & Tucker LLP announced last week its $75,000 donation to the Chapman University School of Law to help fund its Legal Research and Writing Program.

Several Rutan & Tucker attorneys graduated from Chapman University and its law school.