---

BACK TO TOP
|

IN HAWAII

Kamehameha exec to leave for HEI

The Kamehameha Schools' chief financial officer and chief operating officer will leave the $6 billion trust to join Hawaiian Electric Industries Inc.

Eric Yeaman informed the estate yesterday that he has accepted an offer to serve as HEI's chief financial officer, treasurer and financial vice president, according to an e-mail to staffers from Kamehameha Schools' Chief Executive Officer Hamilton McCubbin.

McCubbin praised Yeaman's efforts during his 2 1/2 year tenure at the Kamehameha Schools, saying he made "numerous significant contributions."

"He took on an executive leadership role during a period of ambiguity and has been a central figure in KS' successes in bringing greater clarity and definition to its endowment resources, processes and procedures," McCubbin said in his e-mail.

Yeaman could not be reached for comment and HEI officials did not return calls yesterday.

Yeaman played a critical role in the financial and administrative reforms implemented at the estate in wake of the 1999 court-ordered ouster of the trust's former board of trustees.

He also was in charge of new campus construction and reorganized the estate's Human Resources Division.

Prior to joining the estate, Yeaman was employed by the local office of Arthur Andersen, where he oversaw a critical audit of the Kamehameha School's finances and administrative functions.

The Arthur Andersen audit played a major role in the 1999 removal of former Kamehameha Schools trustees Henry Peters, Richard "Dickie" Wong, Lokelani Lindsey, Gerard Jervis and Oswald Stender.

In his e-mail, McCubbin said that he plans to hire an outside consulting firm and appoint a search committee to name Yeaman's successor. In the meantime, McCubbin said that Yeaman will work with the estate's managers to ensure a smooth transition.

Unemployment stays at 4 percent

The statewide unemployment rate remained unchanged at 4 percent in November while the national unemployment rate increased by 0.4 percent to 5.7 percent for the month, according to figures released yesterday by the state Department of Labor and Industrial Relations.

In November 2001, Hawaii's unemployment rate stood at 5.6, while the national unemployment rate was 5.3 percent.

The difference of 1.7 percentage points between the state and federal unemployment figures reflects the largest spread between the two rates in eight months.

The state rate held steady largely due to the addition of 5,500 seasonal jobs, the department said.

Plaza Club signs 10-year lease

The Plaza Club, a 1,400-member private club made up mostly of Hawaii business leaders, will stay where it is for at least another 10 years. The club signed a new lease with MW Group, owner of the Pioneer Plaza building on Fort Street Mall in downtown Honolulu. MW Group said the lease, which also has two possible five-year extensions, covers the two top floors of Pioneer Plaza, a total of 18,864 square feet.

The value of the lease was not disclosed.

MAINLAND

Millionaires popular in November's elections

WASHINGTON >> Close to half the incoming members of Congress are millionaires and many will face votes that could affect their financial holdings.

For example, 11 of the 63 first-termers in the House and Senate have financial interests of at least $15,000 in banking or credit card companies, including bank directorships, according to an Associated Press review of financial disclosure forms filed during the campaign.

Among the issues the next Congress is expected to tackle is legislation that would make it harder for consumers to declare bankruptcy, a bill pushed by the banking industry.

Medical center sues recruiting company

MIAMI >> Mount Sinai Medical Center filed a fraud lawsuit against an executive recruiting firm, claiming the headhunters hid the tarnished track record of its former CEO, who ran up nearly $65 million in losses.

The 1,109-bed teaching hospital sued Heidrick & Struggles in Miami-Dade Circuit Court over the 1998 hiring of Bruce Perry, the subject of glowing reviews for his work at Children's Hospital in the District of Columbia and Community Hospitals of Central California in Fresno.

In reality, the lawsuit said Perry left both hospitals in bad shape and took a severance pay dispute with the hospital in Fresno to arbitration.

Suit alleges Caterpillar discriminated on age

PEORIA, Ill. >> A group of former and current workers are accusing Caterpillar Inc. of using a performance evaluation system introduced last year to force older employees from the company.

Twenty-nine current and former Caterpillar workers have filed a lawsuit claiming the process was "misused by supervisors to discriminate against and to hasten the departure of older employees" because of their age.

A Caterpillar spokeswoman said yesterday the evaluations were based solely on performance.

China Airlines orders 10 Boeing 747 jets

SEATTLE >> Taiwan's China Airlines Ltd. has placed the year's largest order for Boeing jumbo jets, agreeing to buy 10 747-400s worth a total of $2 billion at list prices, Boeing Commercial Airplanes confirmed yesterday.

China Airlines also placed orders with Europe's Airbus for 12 airplanes and took options for six more.

EUROPE

U.S. investor group buy Muppets stake

BERLIN >> German media company EM.TV said yesterday it has signed a letter of intent to sell a U.S. investor group a 49.9 percent stake in the Jim Henson Co., creator of Kermit the Frog and the Muppets.

EM.TV, which bought the Jim Henson Co. and rights to the Muppets in February 2000 for $680 million in cash and stock, expects to finalize the deal next month. The investment group is led by former UPN president Dean Valentine and investment company Europlay Capital Advisors.

EM.TV has not publicly named a price, and declined to comment yesterday on the value of the deal.

Vivendi sells stake in satellite operator

PARIS >> French media group Vivendi Universal said yesterday it has received about $3 billion in cash by selling stakes in its environmental arm and a North American satellite operator.

Vivendi previously had announced the sales as part of a program to trim its huge debts and pull back from near bankruptcy. The conglomerate hopes to raise $16.5 billion by the end of 2004.

Vivendi said it is collecting $1.91 billion for the sale of half of its 40.8 percent stake in Vivendi.