POSTED: 01:36 p.m. HST, Jul 23, 2013
Royal Hawaiian Orchards agreed to pay its former president and CEO, Dennis Simonis, $238,833 as part of a separation agreement, the company said in a filing today.
The board of the Hilo-based grower and processor of macadamia nuts replaced Simonis with John Kai on June 5.
Royal Hawaiian, formerly known as ML Macadamia Orchards, has been shifting its business from nut-in-shell bulk sales to retail branded sales.
Royal Hawaiian also agreed to pay Simonis’ attorney $28,967 and reimburse Simonis for health care premiums for Simonis and his wife until June 30, 2014, the company said in its filing with the Securities and Exchange Commission.