The chief executive of Matson Inc. is taking over as the company’s board chairman today, replacing longtime board member Walter Dods who was forced to retire because of Matson’s age limit for directors.
Matson announced the appointment of Matt Cox, 55, to lead its board along with company management as CEO.
Dods, a former CEO of First Hawaiian Bank who is 75 and was on Matson’s board since 1989, praised Cox and said the ocean cargo transportation firm is doing well in its efforts to grow, earn profits and generate value for shareholders.
“In my nearly 30 years associated with Matson, I’ve never felt stronger about its leadership and long-term prospects,” he said in a news release.
Added Cox: “I am honored by this appointment and will devote myself to fulfilling the board’s vision for Matson as a leading carrier of the Pacific. Walt has set us on a strong course and positioned the board well to guide Matson’s continued growth and development for years to come.”
As a result of the retirement of Dods from the board, retired local attorney Jeffrey Watanabe, 74, will serve as the lead independent director for the company.
Matson also announced promotions of two senior executives.
Ronald Forest, senior vice president of operations was promoted to company president. And John Lauer, senior vice president of ocean services was promoted to chief commercial officer.