Kanda retiring as head of CPFC
The president of Central Pacific before its acquisition is returning
Central Pacific Financial Corp. announced yesterday that Neal Kanda, president and chief operating officer, will retire at the end of March and that his COO position will be phased out.
He also will resign as a director of Central Pacific Bank at the same time.
Chief Executive Clint Arnoldus, the chairman and president of Central Pacific prior to its acquisition of City Bank's parent in September 2004, will assume the role of president again.
"Neal is a friend to many here and he has certainly been a great champion for this company and community," Arnoldus said. "We wish him well in his retirement."
Kanda, 57, who has been with the company for 16 years, was elevated to his current position from executive vice president and chief financial officer as part of Central Pacific's merger with CB Bancshares Inc. That merger, which initially started out in early 2003 as a hostile takeover, was consummated after Central Pacific increased its offer price several times and agreed to put some of City Bank's executives into key positions with the combined entity.
"I am proud to have contributed to the successes of Central Pacific," Kanda said. "... The company is in the best position ever with record earnings and a solid management team and board. ... I'm really looking forward to spending time with my wife and family."
Arnoldus, the architect of the merger, relinquished his chairman and president titles to push through the deal.
Ron Migita, the CEO of City Bank, became the nonexecutive chairman of Central Pacific and Kanda was moved up to president and chief operating officer. Dean Hirata, chief financial officer at City Bank, replaced Kanda in that capacity at Central Pacific.
Kanda is the most notable official to be leaving Central Pacific since the departure of former City Bank President Richard Lim, who stepped down in early May. Lim had been in charge of Central Pacific's residential mortgage operations after the merger.
As part of the merger agreement, Kanda received a two-year contract with an annual base salary of $285,000 with a minimum target bonus of 40 percent of salary, according to the March 2005 proxy that Central Pacific filed with the Securities and Exchange Commission. The agreement also calls for Kanda to receive a lump-sum payment equal to salary and target bonus through the two-year severance period that ends this September.
Kanda, who joined Central Pacific in 1989, served as vice president and controller during a 16-year career at First Interstate Bank of Hawaii and controller for M&E Pacific, a consulting engineering firm in Honolulu.
In December, Hirata, who also is executive vice president, and Blenn Fujimoto, executive vice president and chief financial services officer, were given the additional roles of vice chairmen of the bank's board; Kanda was not.
Hirata will assume some of the current responsibilities of chief operating officer, a position that was created in conjunction with the merger.The president of Central Pacific before its acquisition is returning
By Dave Segal
dsegal@starbulletin.com
Central Pacific Financial Corp. announced yesterday that Neal Kanda, president and chief operating officer, will retire at the end of March and that his COO position will be phased out.
He also will resign as a director of Central Pacific Bank at the same time.
Chief Executive Clint Arnoldus, the chairman and president of Central Pacific prior to its acquisition of City Bank's parent in September 2004, will assume the role of president again.
"Neal is a friend to many here and he has certainly been a great champion for this company and community," Arnoldus said. "We wish him well in his retirement."
Kanda, 57, who has been with the company for 16 years, was elevated to his current position from executive vice president and chief financial officer as part of Central Pacific's merger with CB Bancshares Inc. That merger, which initially started out in early 2003 as a hostile takeover, was consummated after Central Pacific increased its offer price several times and agreed to put some of City Bank's executives into key positions with the combined entity.
"I am proud to have contributed to the successes of Central Pacific," Kanda said. "... The company is in the best position ever with record earnings and a solid management team and board. ... I'm really looking forward to spending time with my wife and family."
Arnoldus, the architect of the merger, relinquished his chairman and president titles to push through the deal.
Ron Migita, the CEO of City Bank, became the nonexecutive chairman of Central Pacific and Kanda was moved up to president and chief operating officer. Dean Hirata, chief financial officer at City Bank, replaced Kanda in that capacity at Central Pacific.
Kanda is the most notable official to be leaving Central Pacific since the departure of former City Bank President Richard Lim, who stepped down in early May. Lim had been in charge of Central Pacific's residential mortgage operations after the merger.
As part of the merger agreement, Kanda received a two-year contract with an annual base salary of $285,000 with a minimum target bonus of 40 percent of salary, according to the March 2005 proxy that Central Pacific filed with the Securities and Exchange Commission. The agreement also calls for Kanda to receive a lump-sum payment equal to salary and target bonus through the two-year severance period that ends this September.
Kanda, who joined Central Pacific in 1989, served as vice president and controller during a 16-year career at First Interstate Bank of Hawaii and controller for M&E Pacific, a consulting engineering firm in Honolulu.
In December, Hirata, who also is executive vice president, and Blenn Fujimoto, executive vice president and chief financial services officer, were given the additional roles of vice chairmen of the bank's board; Kanda was not.
Hirata will assume some of the current responsibilities of chief operating officer, a position that was created in conjunction with the merger.
