Business Briefs
Reported by Star-Bulletin staff & wire

Thursday, August 23, 2001

Chamber's Hong resigns as president and CEO

Stanley Hong is leaving his position as president and chief executive of the Chamber of Commerce of Hawaii.

Hong, who joined the chamber in 1996, did not say why he is stepping down. He recently was named a trustee of the King William Charles Lunalilo Trust and will continue to sit on the boards of several other Hawaii organizations.

James Tollefson, who retired earlier this year from Bank of Hawaii and previously served as the chamber's chairman, has agreed to become acting president and chief executive of the chamber, starting Monday.

Hong served during a tumultuous time of cutbacks at the 150-year-old business organization. In June 1997, the chamber fired four of its 12 full-time staff members, including a vice president. In the early 1990s, it had as many as 35 workers.

Cendant starts offering for Cheap Tickets stock

New York-based travel conglomerate Cendant Corp. said it has started its $425 million tender offer for the shares of Cheap Tickets Inc.

Cendant announced earlier this month it would pay $16.50 a share for Cheap Tickets, which was founded in Honolulu in 1986 by Michael J. Hartley and his spouse Sandra. The actual cost to Cendant is closer to $280 million, because Cheap Tickets has $145 million in cash and cash equivalents. The tender offer is scheduled to expire Sept. 21. Cheap Tickets' shares, traded on the Nasdaq stock market, rose 5 cents today to $16.39 . Cendant shares gained 39 cents to $20.77 on the New York stock exchange.

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