Central Pacific names Ngo CEO

Catherine Ngo, who was recruited to Hawaii five years ago to help turn around the once-struggling Central Pacific Bank, is poised to become only the second woman in the state to head a publicly traded company.

Ngo, 54, will take over as the bank’s chief executive officer on July 1 and could become the top female executive in Hawaii as early as year’s end if Florida-based NextEra Energy Inc. completes its acquisition of Hawaiian Electric Industries Inc., the state’s largest utility that is headed by Connie Lau.

“For me, it’s important to encourage women in leadership, and being a woman CEO I have an obligation to support other women,” Ngo said Wednesday ahead of Central Pacific’s official announcement Thursday. “It’s something I’ve already been doing in this organization in mentoring some of our younger women and encouraging them to take on leadership roles.”

Ngo (pronounced “no”) will replace John Dean, 67, whom she has worked with in various roles for most of the past 22 years. Dean, the current chairman and CEO, will remain with the company in the new role of executive chair of the bank and its holding company, Central Pacific Financial Corp.

“Catherine has a great set of values I admire and I look for whenever I put a team together,” Dean said. “I think it’s really core values that define an organization and that is why I believe she will do an excellent job here as our next CEO.”

He added, “If you want to provide women equal opportunities, you’ll see women do very well not just in banking but in all professions.”

Ngo, a second-generation Chinese American, spent most of her summers in the Philippines during school years visiting her grandparents. Her father was born in Shanghai and her mother was born in Manila, but both were raised in the Philippines before moving to Virgina, where Ngo was born. Ngo went on to graduate from the University of Virginia School of Law.

“Partly due to being raised in a Chinese family and spending so much time in the Philippines, the culture (in Hawaii) is something I’m very comfortable with and something I appreciate very much,” Ngo said. “It’s been easy to acclimate to the culture here.”

Ngo’s parents still live in Virginia.

“They are so proud,” she said. “I owe great credit for my achievements to my parents — one, for providing a great education; and two, for the encouragement and confidence they’ve given me over the years.”

Ngo said she had no previous ties to Hawaii — other than vacationing here — before she moved to Oahu in 2010 with husband Bob Hines, who has retired after working on renewable energy projects for the state Department of Business, Economic Development & Tourism.

“When I first moved here, one of the (then) directors, Rick Blangiardi, said one day I’d understand why people come to Hawaii for the beauty but stay for the people,” Ngo said. “Very quickly after moving to Hawaii I got what Rick was saying and I am here to stay.”

She quickly adopted a new avocation: stand-up paddling.

“It’s something I do every weekend with a bunch of friends,” Ngo said. “I love being in the water and I find it very peaceful and also being with a group of friends. It’s a great way to spend a Saturday morning.”

Dean said remaining as executive chair is part of the bank’s leadership transition.

“I will be here most days, but I won’t be involved in the day-to-day decisions,” he said.

Dean already has laid the groundwork.

When he took over in March 2010, the bank had $496 million in nonperforming assets — loans 90 days or more delinquent — and was two-thirds of the way toward incurring $703.1 million in losses over a three-year period. But the bank recapitalized in February 2011 with $325 million from private investors and an additional $20 million from shareholders, and has posted 17 consecutive quarterly profits, restored its once-canceled dividend and slashed its nonperforming assets to $40.8 million.

Ngo said she wants to continue that momentum as she sets the bank’s future course.

“In some regard, it’s continuing on the path that we are on,” she said. “So that’s continuing to serve our customers in the market and, importantly, creating a healthy culture here in the organization that is a fun and caring environment for our (900) employees.”

Ngo, who joined Central Pacific in 2010 as executive vice president and chief administrative officer, was promoted to co-president and chief operating officer on June 1, 2014. Prior to joining the bank, she was a founding general partner, along with Dean, of Startup Capital Ventures LP, which was established in 2005 with investments in Hawaii, Silicon Valley and China.

From 1993 to 2005, Ngo was with Silicon Valley Bank as executive vice president and general counsel, as part of the executive team responsible for Silicon Valley Bank’s turnaround under the leadership of Dean as chairman and CEO.

While at that company, Ngo also served as chief operating officer of Alliant Partners, Silicon Valley Bank’s investment banking subsidiary.

“Over the years, I’ve had the good fortune to have a number of mentors, including a number of successful women,” she said. “So I do feel some responsibility to provide opportunities for women here and to encourage women to step forward and take a chance. I will encourage women, as I will men, in the organization to take the opportunities that are presented to them.”