The president of a Honolulu-based oil, gas and real estate company will step into the shoes of his nonagenarian father at the end of this year to lead Barnwell Industries Inc. as CEO.
Barnwell announced Tuesday that Alexander Kinzler, the company’s president and chief operating officer, also will become CEO due to the resignation of his father, Morton Kinzler, effective Dec. 31.
The elder Kinzler, 91, founded the company in 1956 and had been CEO since 1971.
The younger Kinzler, 58, joined Barnwell in 1984, then became general counsel of the firm in 2001 and president and chief operating officer in 2002.
Morton Kinzler, who owns 25 percent of the company, will remain board chairman.
The company is involved in small-scale resort home development as well as water well and pumping services in Hawaii, along with oil and natural gas production in Canada.
Over the past two years, Barnwell has reduced spending and sold assets in response to low oil and gas prices. The spending reductions included cuts to executive pay.
In the company’s most recently available annual report for the fiscal year ended Sept. 30, 2015, Morton Kinzler’s total compensation was reduced to $616,672 from $890,546 the year before.
Alexander Kinzler’s compensation was lowered to $563,116 from $728,214 in the same period. The company said he will not receive any additional compensation for taking on the role of CEO.
