Wayne Madden, a former Auburn insurance agent, is scheduled to be installed as president of Lions Clubs International on June 26.
The non-profit organizations five-day convention will be in Busan, South Korea.
As The Journal Gazette first reported in July 2010, Madden was elected second vice president of the global service group two years ago, putting him on the path to take the presidency this year.
Madden has been a Lions Club member since 1984. He has said he would like to focus on youth during his term, including possibly buying books for libraries in impoverished areas. His wife, Linda, is a retired teacher.
Although Lions Clubs International is best known for its work with the blind and visually impaired, the organization is also involved in environmental projects, youth mentoring, HIV/AIDS education and disaster relief, among other causes.
J&J completes Synthes buyout
Johnson & Johnson said Thursday it has completed the acquisition of Swiss orthopedics maker Synthes Inc. for $19.7 billion in cash and stock. Synthes is the global leader in medical devices for trauma patients.
J&J will integrate Synthes with Warsaw-based DePuy Orthopaedics Inc. to establish the DePuy Synthes Cos. of Johnson & Johnson.
J&J CEO Alex Gorsky said the acquisition creates the worlds most innovative and comprehensive orthopedics business.
The European Unions competition regulator on April 19 approved the acquisition, a necessary step before the deal could close. EU approval was based on the condition that J&J sold DePuys existing worldwide trauma business to avoid monopolizing the market.
DePuy accepted Warsaw-based Biomet Inc.s $280 million offer for that book of business on May 24.
AIG bailout loans of $53 billion paid
Beleaguered insurance giant American International Group has repaid all of its bailout loans from the Federal Reserve Bank of New York.
The New York Fed said Thursday that AIG repaid loans totaling $53.12 billion, with interest.
The government stepped in with a $182.5 billion package to rescue New York-based AIG from collapse in the depths of the financial crisis in 2008. It was the largest bailout in history. The Treasury Department provided $68 billion under its financial bailout program, and the New York Fed gave AIG a $114 billion lifeline, part of it in loans.
The Treasury Department, meanwhile, still owns about 60 percent of AIGs common stock and has been selling its shares in chunks. Treasury has recovered $18 billion of the $68 billion it gave to AIG.
Foreclosure actions surge ahead in May
Lenders initiated foreclosure proceedings against more U.S. homeowners in May, setting the stage for increases in home repossessions and short sales.
Default or scheduled home auction notices were filed for the first time against 109,051 homes last month. Thats an increase of 12 percent from April and up 16 percent versus May last year, foreclosure listing firm RealtyTrac Inc. said Thursday.