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Business briefs

For Tuesday, May 24, 2011

By Star-Advertiser Staff and News Services

POSTED:


Chrysler to repay loans

MACOMB TOWNSHIP, Mich. >> Chrysler CEO Sergio Marchionne said Monday that his company will save $300 million in interest a year when it repays $7.5 billion in U.S. and Canadian government loans today. Marchionne has said that Chrysler is eager to pay back its loans in part because of the governments’ high interest rates of around 12 percent, which cost the company $1.2 billion last year.

CEO leaves museum for HMSA

Bishop Museum President and CEO Tim Johns will leave the museum to join the Hawaii Medical Service Association, effective June 1.

Johns joined Bishop Museum in 2007 and is credited with leading the nonprofit through reorganization and refocusing necessitated by the economic downturn.

He most recently initiated a new strategic planning process that will allow the museum to address changes in the marketplace, according to board chairman Dr. Charman Akina.

Johns' leadership "was instrumental in ensuring the continued success of the Bishop Museum," Akina said.

Johns will be succeeded as president and CEO by Blair Collis, most recently the museum's senior vice president and chief operating officer.

Collis "has been instrumental in helping guide the institution through challenging times" and in improving the museum's ability to meet the needs of the community, Akina said.

2 Maui credit unions to merge

The Kulia Ohana Federal Credit Union and the Valley Isle Community Federal Credit Union will merge after approval from a majority of Kulia's members, the last step required in the process.

The merger will give Kulia Ohana members access to more products and services, said Alan Arai, president and CEO of the Valley Isle Community FCU.

The merger also will give Valley Isle, the second-largest FCU in Maui County, more than $100 million in assets and a membership base of about 12,500.

July 1 is projected as the official closing date of the merger.

Ratepayers to vote on hydro plan

Kauai Island Utility Cooperative has scheduled a June 4 special meeting at which ratepayers can vote on plans by the utility to pursue hydroelectric projects on the island.

The announcement followed a successful effort by ratepayers to get enough signatures on a petition to call for the vote.

The KIUC board of directors in March approved agreements with Free Flow Power Corp. to pursue the joint development of six hydroelectric proj­ects on Kauai.

"KIUC welcomes this opportunity to meet with members of the cooperative to discuss the potential development of small hydropower projects on Kauai," David Bissell, KIUC chief executive officer, said in a news release.

"It is important for our members to understand the ramifications of the petition process, which requires a vote on whether or not KIUC can continue to engage Free Flow Power to provide expertise in our review of hydropower opportunities on Kauai," he said.

"We are asking the people of Kauai to support the recommendation of KIUC's board of directors to continue the investigation of hydropower with the goal of developing new small hydropower projects which will be owned by the people of Kauai, and should be our lowest-cost source of renewable generation.

Ballots passed out at the meeting must be returned by noon July 8. KIUC needs a vote of more than 50 percent to proceed with the projects.

On the Move

Coldwell Banker Pacific Properties has announced the following new members of the firm:

>> Amy Belcher, administrative manager. She has more than 15 years of operations management experience, including as operations special projects manager at QA3 Financial Corp. in Ewa Beach and brokerage manager at QA3 Financial Corp. in Omaha, Neb.

>> Grace Riodil, REO office assistant. She was previously a realtor associate at Century 21 Homefinders, became Freddie Mac Credit Smart certified in 2010 and earned her real estate license in 2009.

>> Evelyn Lasquite, accounts payable coordinator. She was previously a pre-audit and payroll sections supervisor at the state of Hawaii Department of Human Services, Fiscal Management Office, where she has 16 years of fiscal management experience.

***

The University of Hawaii Board of Regents has approved the appointment of Noreen Yamane as chancellor of Hawaii Community College as of July 1. She has been interim chancellor at HCC since July. Yamane also previously served as interim vice chancellor for academic affairs, dean of instruction/assistant to the vice chancellor for academic affairs, liberal arts unit chairwoman, division chairwoman for mathematics and natural sciences, and equal employment opportunity/affirmative action officer.






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