At the head: Lamar Advertising CEO Sean Reilly has been elected chair of the Outdoor Advertising Association of America. He succeeds former William Reagan, chair of Utah-based Reagan Outdoor, as chair of the national trade group. OAAA President and CEO Nancy Fletcher notes Reilly has more than 30 years of experience in the outdoor advertising industry, noting his efforts to successfully pilot his business through the changing media landscape in an age of technology and data. “OAAA is fortunate to have him serve in this leadership position, sharing his valuable expertise as we continue to serve advertisers, consumers, and communities,” she says in prepared statement.
Long-awaited ruling: More than 10 years after Hurricane Rita destroyed an oil and gas well about 75 miles off the Louisiana coast, a Texas jury has ruled that insurers must pay the the well’s owner roughly $42 million in damages. FuelFix.com reports Houston-based Prime Natural Resources owned a 50% stake in the well, which was destroyed when the hurricane roared through in 2005. At the time, Prime sought to recover $17 million in damages to rebuild the well and adjacent platform, but was rebuffed. The firm sued and the case wound its way through the courts for the past decade. The decision released Friday could benefit other drillers that carry similar insurance policies on their wells. An attorney representing the insurers says the verdict will be scrutinized for all appellate options. Read more.
Agents of change: Airbnb tops CNBC’s 2017 list of the 50 disruptor companies. In its fifth year, the annual list features private companies that have identified unexploited niches and whose innovations are changing the world. CNBC says the venture-backed companies have raised nearly $44 billion in capital at an implied Disruptor 50 list market valuation of about $239 billion. At least 31 of the companies on the list have already reached or passed the billion-dollar mark. Airbnb launched in 2008 and is valued at $31 billion. The company operates in 65,000 cities. Lyft, a ride sharing company that expanded operations to Baton Rouge in January, is No. 2 on the list. Rounding out the top five are: Wework, Grab and Uptake Technologies. See the full ranking.
