Reported by Star-Bulletin staff & wire
Thursday, October 22, 1998
A&B picks Doane to lead company
The board of directors of Alexander & Baldwin Inc. today named W. Allen Doane president and chief executive officer of the company and appointed him to the boards of both A&B and its biggest subsidiary, Matson Navigation Co.Doane will remain president and CEO of A&B-Hawaii Inc., the company's property and food products subsidiary. Doane joined the company in 1991 as executive vice president and chief operation officer of A&B-Hawaii and was named executive vice president of the parent company earlier this year. Prior to that he had worked with a nationally known Hawaii-based property management business, the Shidler Group.
Doane replaces R.J. Pfeiffer, who remains A&B's board chairman. Pfeiffer had been filling the CEO and chairman positions after John C. Couch announced on July 27 that he was stepping aside to undergo treatment for liver cancer.
Aiea contractor files Chapter 11 bankruptcy
Aiea contractor Hygrade Electric Co. has filed for Chapter 11 reorganization bankruptcy."It's about not getting paid," said company president Melvyn Kanai, who filed a petition last week in U.S. Bankruptcy Court.
Hygrade, which had nearly 300 employees in 1991, is down to a staff of four. Increased competition for fewer jobs contributed to the company's woes, Kanai said.
In its initial filing, Hygrade lists $2,228,395 in liabilities and less than $1 million in assets. The biggest creditor, Central Pacific Bank, is owed $1,300,798. Also listed as creditors are the Internal Revenue Service, owed $654,671 in back taxes, and the state Department of Taxation, owed $272,926.
United Air's Reeder picked HVCB chairman
Norm Reeder, Hawaii managing director for United Airlines, has been elected chairman of the board of directors of the Hawaii Visitors & Convention Bureau. He replaces Roy Tokujo, president and chief executive officer of Cove Marketing Inc.Tokujo stepped down because of a potential conflict of interest when he was appointed to the board of the new Hawaii Tourism Authority, which has to decide whether to keep the HVCB as the state's tourism marketing arm.
HVCB directors elected Chris Resich, president and chief operating officer of tourism-related clothing manufacturer Pomare Ltd., as chairman-elect.
State dedicates upgrade at Honolulu Harbor pier
The state Department of Transportation tomorrow will dedicate improvements to Pier 40 at Honolulu Harbor and landside work for the Young Brothers Ltd. maintenance facilities.The $12.6 million pier project completed by Hawaiian Dredging & Construction Co. included the construction of a 390-foot-long by 120-foot-wide cargo building and a container yard for cargo-handling equipment. It also involved 300 feet of pier reconstruction.
The Young Brothers' improvements included renovation of two buildings with a total of 13,800 square feet to house the administration staff of Young Brothers and Hawaiian Tug & Barge Corp. The $4.6 million project by Hawaiian Dredging also involved construction of a 275-foot-long by 90-foot-wide building and work area.
Thirty-year mortgages fall to 6.73 percent
WASHINGTON -- The average rate on a 30-year, fixed-rate U.S. mortgage fell to 6.73 percent this week from last week's 6.90 percent, according to Freddie Mac's weekly survey. The report also showed the average rate on an adjustable mortgage rose to 5.37 percent from 5.35 percent last week; and the 15-year mortgage rate fell to 6.34 percent from 6.58 percent.
See expanded coverage in today's Honolulu Star-Bulletin.
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