Maui Land & Pineapple Co. has replaced its chief financial officer again, according to a filing with the U.S. Securities Exchange Commission.

The company appointed Tim T. Esaki as the CFO, the third in two years. John Durkin tendered his resignation Wednesday. The company gave no reason for the change.

Durkin was chief financial officer from April 15 last year, replacing Robert Webber, who joined MLP in May 2006.

Esaki will take over the position on May 10. He had been deputy director of the Department of Public Works on the Big Island since 2009. Before that, he was senior vice president of finance and accounting for Kona developer 1250 Oceanside Partners.

Esaki is a certified public accountant and also worked with Ernst & Young LLP for 13 years, specializing in hotel and resort operations.

Durkin's departure is the latest in a string of high-level changes at the company, dating back to 2003 when then-President and Chief Executive Officer Garry Gifford retired, and Chairman Richard Cameron gave up his title but remained on the board.

In January 2009, David Cole left as chairman, president and CEO after five years with the company. He was replaced by Warren Haruki as chairman and by Webber as president and CEO. Webber resigned as CEO in May 2009 and was replaced as interim CEO by Haruki. Ryan Churchill was named president and chief operating officer in February of this year.

The company yesterday also refiled a registration statement it originally filed in December, based on a filing technicality.

The company wants to sell up to $25 million of subscription rights to shareholders.

The rights offering is to “;raise capital to reduce our indebtedness and for general corporate purposes,”; according to yesterday's SEC filing.

A subscription price per share has not yet been determined, and is expected to be amended at a later date.

Maui Land & Pineapple has about $97 million of debt, including capital leases, a secured revolving line of credit and $40 million of senior secured convertible notes issued in July 2008.

The company is trying to restructure its payments and sell real estate to pay down its debt. Its cash outlook for the year is “;highly dependent on raising sufficient capital and selling real estate assets in a difficult market, according to the filing.

In November, the company discontinued its 97-year-old pineapple operation, cutting 45 percent of its work force.

During 2009, what Durkin called a “;transition year,”; the company lost $123.3 million, or $15.33 a share.