Matson Vice Chairman
Mulholland retiring
Brad Mulholland, who steered ocean shipper Matson Navigation Co. in the 1990s after joining the company in 1965, retires today, the company said.
Mulholland previously ascended to vice chairman of Matson, Alexander & Baldwin Inc.'s largest subsidiary, in July 2002. Mulholland has been succeeded by James Andrasick, a former C. Brewer & Co. executive who joined A&B in 2000 and took over Mulholland's duties in July 2002.
Mulholland became president and chief operating officer of Matson in 1990, shortly after the company began facing competition from Horizon Lines LLC, which entered the West Coast-Hawaii ocean freight market in 1987 under the name Sea-Land. Mulholland soon became chief executive.
Also an executive vice president of A&B, Mulholland received a $523,000 salary in 2002 and a $138,212 bonus, according to the company's proxy statement.
Matson generated a $60.4 million operating profit from ocean shipping in the first nine months of 2003, up 82 percent from a $33.2 million operating profit in the same period in 2002. Its 2003 ocean-shipping revenues of $577 million in the first nine months represented nearly 64 percent of A&B's overall $904.8 million revenue.
"The transition of executive responsibility at Matson has been seamless," Andrasick said. "This was due in large part to Brad Mulholland's extensive knowledge of our industry, and his ability and willingness to share that knowledge. Despite a difficult Hawaii economy during his decade at Matson's helm, Brad laid the groundwork for a more diversified company and took initiatives that will endure well into our future."
Mulholland started as an assistant booking clerk in Southern California, served as district sales manager, vice president sales, vice president of Matson Agencies, senior vice president in freight operations and president of Matson Terminals Inc.
Matson, based in San Francisco since 1882, is moving headquarters to nearby Oakland, Calif., coinciding with Mulholland's departure. The company recently launched a new $110 million container ship, the MV Manukai, the first vessel to enter the Matson fleet since 1992. A second $110 million ship is being built.
Matson has invested $1 billion in ships and support equipment for the Hawaii trade, Andrasick has said.
Initially chief financial officer and treasurer of A&B, Andrasick became Matson's permanent president and chief executive in August.