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COURTESY CENTRAL PACIFIC BANK
Denis Isono, right, is replacing the positions previously held by Lance Mizumoto, left, on an interim basis.
Lance Mizumoto, who at one time was in the running to become CEO of Central Pacific Bank, has resigned his positions of vice chairman and chief operating officer.
The company, which disclosed today in a regulatory filing that his exit was effective Nov. 30, said separately that it is company policy not to provide details of departing employees. Mizumoto left both the bank and its holding company, Central Pacific Financial Corp., as well as his positions on the board of directors for both entities. The bank called Mizumoto’s departure “a personal decision.”
“We greatly appreciate Lance’s contributions since joining the company in 2005, and we wish him the best in his future endeavors,” said Central Pacific President and CEO Catherine Ngo, who was co-president with Mizumoto from May 2014 until July 1, 2015, when she was chosen as CEO. Mizumoto subsequently was named vice chairman and COO.
Mizumoto, 58, had his annual base pay increased to $335,000 from $300,000 in July 2015, according to the proxy filed by the company in March. He had a total wage package last year of $854,694. Mizumoto, who has 35 years of banking experience, also serves as chairman of the state Board of Education, and is a director of the Chamber of Commerce of Hawaii and a regent at Chaminade University.
Denis Isono, 65, executive vice president of corporate services for both the bank and the holding company, will take over Mizumoto’s positions on an interim basis. Isono previously served in various executive capacities with the company, including chief operations officer and chief financial officer. Isono has more than 40 years of experience in the financial services industry, including the past 14 years at Central Pacific. Isono’s base salary will continue to be $215,000 annually. He received a total pay package of $461,573 last year.
Our society places far too much $$$ on executives.
basically a 10% raise unfortunately is the norm for our over-paid executives, while the every day Joe might get a 2-3% or even 5% if your lucky.
Are the executives really worth it?
It’s always a “personal decision”.
“Something is rotten in Denmark.”
Yes, there must be a juicy story behind all this. Unless your are a billionaire or many multi-millionaire, who in their right mind walks away from a $854,694 per year job??
Forget SA maybe civilbeat can investigate and find out what is going on. If there was anything illegal, the public has a right to know. If it turns out to be a Gerard Jervis kind of thing it is debatable if the public should know.
Poor leadership. Managed out! Sad very sad.
Personal decision. Its always a vague answer. To him is always about CEO or bust. He won’t play second fiddle to anyone.
Hey, Hey we just wen chop da salary in half and saved da bank half a mill. But bumbye we going foreclose Tutuma’s house anyway.