BUSINESS BRIEFS
Maui Pine executive Watts resigns
Advertiser Staff and News Services
Maui Land & Pineapple Co. said Gerard "Gerry" Watts, vice president and general manager of its agricultural subsidiary is leaving the company to become divisional president of a multinational food company based in Southern California.
Watts' resignation from Maui Pineapple Co. is effective May 9.
"We are deeply grateful to Gerry Watts for his outstanding work at Maui Pineapple Company," said David Cole, chairman, president and CEO of MLP.
Cole said the company is accelerating initiatives Gerry had undertaken to consolidate fresh pineapple operations at its Honolua plantation to take advantage of better growing conditions, shorter growing cycles and lower operating costs.
BANKOH PRESIDENT'S PAY: $625,000
Bank of Hawaii Corp. said it will pay its new president Peter Ho a base salary of $625,000 a year.
The bank also awarded Ho a one-time bonus of $75,000, according to a filing with the Securities and Exchange Commission.
Ho, 43, who was named president of the bank last week, oversees retail banking, commercial banking and investment services.
Ho, the son of local business leader Stuart Ho and grandson of legendary deal maker Chinn Ho, assumed the title previously held by Allan Landon, who remains the company's chairman and chief executive officer.
Bank of Hawaii also said it will pay board member Kent Lucien, who was recently appointed as vice chairman and interim chief financial officer, a base salary of $340,000 a year. Lucien also will receive a restricted stock grant award of 2,555 shares of Bank of Hawaii common stock. Lucien replaced former CFO Dan Stevens, who is returning to the Mainland.
NORDSTROM SAYS ISLE SALES STRONG
General Growth Properties Inc., the owner of Ala Moana Center and Ward Centers, says Hawai'i remains a bright spot for the company with the new Nordstrom store doing well here.
The Chicago-based company told analysts and investors on a conference call that Hawai'i has remained good, with "very, very strong" sales. General Growth is the second-largest U.S. owner of shopping malls and on Tuesday reported first-quarter net income fell to $8.6 million.
"We really didn't elaborate much on the expansion of Ala Moana, but the Nordstrom store is doing terrifically well and the new shops that have opened in conjunction with Nordstrom are performing at a very high level," said General Growth Chief Executive Officer John Bucksbaum on the call today.
The 210,000-square-foot Nordstrom store opened in March.
HAWAI'I BOND ISSUE RATED 'AA'
Fitch Ratings has assigned an "AA" rating to an upcoming state of Hawai'i bond issue, citing the state's sound financial operations and conservative budgetary procedures.
The rating applies to about $375 million of general obligation bonds that are expected to be sold in early May. Fitch also affirmed its AA rating on Hawai'i's $4.3 billion of outstanding general obligation bonds and said the ratings outlook is stable.
Fitch noted Hawai'i's well-developed tourism industry has been healthy and that the large military presence and recent employment growth in professional and medical services has added some diversification to the economy.
However, it noted rising fuel costs and weakening consumer spending could weigh negatively on the visitor industry.
