Maguire Properties fired its founder and namesake Robert Maguire III as CEO and chairman, the WSJ says. The office-building tycoon’s company has been a dog for years and he made a terribly timed, multibillion-dollar bet on the Orange County office market (heavy with mortgage lenders) late last winter, right as the bubble burst. The board’s moves came after pressure from hedge-fund investors.

Ryan Chittum is a former Wall Street Journal reporter, and deputy editor of The Audit, CJR's business section. If you see notable business journalism, give him a heads-up at