IN HAWAII
New American flight to Kauai begins
American Airlines launched its first West Coast-Kauai direct service Saturday, with daily direct flights between Los Angeles and Lihue. The service uses a 176-seat Boeing 757 aircraft that leaves Los Angeles at 5 p.m. and leaves Kauai on the return trip at 9:19 p.m..Sue Kanoho, executive director of the Kauai Visitors Bureau, said her organization hopes that the 1,232 additional seats each week will increase tourist arrivals for 2002.
Central Pacific Bank named to top 100
Central Pacific Bank parent CPB Inc. has been chosen among the top 100 financial institutions by the ABA Banking Journal, a publication by the American Bankers Association. The Honolulu-based bank was ranked 25th and was the only bank or thrift in the state to make the list.The study, which included domestic publicly held institutions with assets of more than $1 billion as of Dec. 31, was based on return on average equity. ROE, a key performance indicator often used to measure performance in the banking industry, is a measure of shareholder value and is derived by dividing net income by average equity.
CPB's return on average equity increased to 19.34 percent from 13.55 percent in 2001 and bucked the trend of the top 100 institutions, which saw the median return on average equity fall to 17.44 percent from 18.81 percent.
"The numbers clearly show that CPB Inc. is not only the best-performing bank in Hawaii but it is clearly a top performer in the nation," said Clint Arnoldus, chairman, president and chief executive of CPB.
ON THE MAINLAND
Chairman and CEO of Qwest forced out
Joseph P. Nacchio, the chairman and chief executive of Qwest Communications International, was forced to resign last night by the company's board, executives involved in the decision said.Nacchio is expected to be succeeded by Richard C. Notebaert, the former chairman of Ameritech Corp. and the president and chief executive of Tellabs, a telecommunications network provider, the executives said.
The executives said Nacchio also resigned from the board, although he will stay as a consultant during the transition.
Nacchio, who has been criticized for often being combative with the company's shareholders, is the latest chief executive of a large corporation to resign amid questions over accounting practices and corporate governance procedures.
General Growth tapped to manage 9 new malls
CHICAGO >> General Growth Properties Inc., owner of Ala Moana Center and Victoria Ward Ltd., was awarded contracts to manage nine malls in seven states, increasing its management business by 21 percent.Bloomberg News reported the nine malls contain about 7 million square feet, and are in Arizona, Massachusetts, Rhode Island, Illinois, Indiana, Michigan and Maine. General Growth's management business covers 40 million square feet in 49 malls.
Overall, General Growth, the second largest shopping mall owner in the United States, owns or manages 146 shopping malls in 40 states with 135 million square feet.
XO Communications files for bankruptcy
RESTON, Va. >> Telecommunications firm XO Communications said today it filed for Chapter 11 bankruptcy protection and offered two different potential reorganization plans.The company, which listed total liabilities of $8.5 billion and assets of $8.7 billion, has become the latest provider to fall victim to the telecom downturn. XO is grappling with a huge debt mountain, piled up as it aimed to gain market share in broadband Internet access and voice services.
BACK TO TOP
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[Hawaii Inc.]
NEW JOBS
>> Koolau Catering Partners has named Jeff Marcello general manger. He has more than 19 years of experience in the hospitality industry. Also at the company, Khamtan Tanchaleun was hired as executive chef. He has more than 20 years of experience in the field.>> Stryker Weiner & Yokota Public Relations Inc. has hired Maura L. Jordan as account supervisor for travel and promotions. Her accounts include Starwood Hotels & Resorts in Hawaii and the Oahu Visitors Bureau. Jordan was most recently director of marketing for Castle Resorts & Hotels and the Hawaii Attractions Association.
PROMOTIONS
>> Architects Hawaii has promoted William Brizee to senior associate, both Richard Sullivan and Jean-Louis Loveridge to associate, and Patricia Ramirez to marketing manager. Brizee is an award winning architect and has been with the firm since 1995. Sullivan is chief construction administrator for Architects Hawaii. Loveridge is a designer who oversees all areas of the architectural process. Ramirez has 30 years of experience in the construction industry.>> Aston Hotels & Resorts Hawaii recently promoted Donna Wheeler to director of marketing.
Wheeler has worked her way up through the ranks at ASTON for 16 years, having served many years as general manager and director of sales for Waikiki.
>> Barbi Flanders was promoted to director of front office at the Outrigger Waikoloa Beach Hotel on the Big Island. She started at the Outrigger Waikoloa in 1989 as a guest service attendant and became a front desk supervisor in 1996.
ON THE BOARD
>> The International Council of Shopping Centers has appointed Darryll Goodman, a Hawaiian Asset Management and Investment Corp. employee, as Hawaii operations chairman for 2002-03.Goodman is responsible for planning the content for operations meetings and other local programs in the state, promoting ICSC services to members and providing the ICSC staff with input and suggestions from members within the state.