CPB Inc. today named a California banking executive as the new president of its Central Pacific Bank subsidiary. CPB names new leader
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He is Clinton L. Arnoldus, who will assume the additional positions of chairman, president and chief executive officer of both the bank and the parent company at CPB's annual sharholder's meeting in April.
Arnoldus most recently was chairman, president and CEO of Community Bank, a $1.3 billion commercial bank based in Pasadena, Calif. He was selected by CPB's board after a 18-month local and national search launched after outgoing Chairman Joichi Saito announced his intention to retire.
Arnoldus, who has had 28 years in senior banking positions, told a news conference no immediate changes are planned. Significant changes have already taken place, he noted, such as reducing the staff to about 500 from more than 600, as a result of a 1999 restructuring plan spearheaded by Saito. Due largely to that effort, the bank has reported nine consecutive quarters of year-over-year profit increases, Arnoldus said.