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Maui Land & Pineapple names new CEO, chairman

Dave Segal
COURTESY PHOTO
                                <strong>Race Randle: </strong>
                                <em>The incoming CEO is a former senior vice president of Howard Hughes Corp. and was instrumental in redeveloping Ward Village in Honolulu </em>
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COURTESY PHOTO

Race Randle:

The incoming CEO is a former senior vice president of Howard Hughes Corp. and was instrumental in redeveloping Ward Village in Honolulu

COURTESY PHOTO
                                <strong>Warren Haruki: </strong>
                                <em>He has led Maui Land & Pineapple for the past 14 years and will continue to serve as a senior adviser </em>
2/2
Swipe or click to see more

COURTESY PHOTO

Warren Haruki:

He has led Maui Land & Pineapple for the past 14 years and will continue to serve as a senior adviser

COURTESY PHOTO
                                <strong>Race Randle: </strong>
                                <em>The incoming CEO is a former senior vice president of Howard Hughes Corp. and was instrumental in redeveloping Ward Village in Honolulu </em>
COURTESY PHOTO
                                <strong>Warren Haruki: </strong>
                                <em>He has led Maui Land & Pineapple for the past 14 years and will continue to serve as a senior adviser </em>

Maui Land &Pineapple Co. has appointed Hawaii native and real estate veteran Race Randle to be its new CEO and Scot Sellers to be chairman, effective April 1.

They will replace Warren Haruki, who currently holds both positions and has led the company for the past 14 years. Haruki will continue to serve as a senior adviser, assisting Randle and Sellers as they assume their new roles.

MLP develops, manages and sells real estate on Maui, where the company oversees 22,000 acres, including the Kapalua Resort.

Randle, 41, recently served as executive vice president at Lendlease, leading a partnership with Google on a $15 billion undertaking to transform Google’s landholdings in the Northern California cities of San Jose, Sunnyvale and Mountain View into innovative mixed-use communities.

At MLP, Randle will receive an annual base salary of $500,000, a signing bonus of $150,000 and a relocation allowance of up to $100,000.

Previously, Randle was senior vice president of The Howard Hughes Corp., where he played a pivotal role in redeveloping Ward Village in Honolulu.

“I am honored to return home to Hawai‘i and lead one of Maui’s most storied companies,” said Randle, who is moving his family to Maui, where he spent much of his youth and surfed with his family at Honolua Bay. “I look forward to bringing my experiences developing thriving, sustainable communities to MLP, which is uniquely positioned to improve the quality of life on Maui for current and future generations.”

Randle has deep community ties and serves on the Hawaii advisory board of the Trust for Public Land.

Sellers, 66, brings to the MLP board experience from a 40-year career developing homes and communities across the country. He served as chairman and CEO of Archstone, one of the world’s largest multifamily housing companies, where he oversaw the development, acquisition and operation of housing in over 50 cities.

He will receive an annual base salary of $250,000, 75% of which will be paid in stock and 25% of which will be paid in cash. In addition, he has been awarded an option to purchase 400,000 shares of common stock, which will vest in three equal installments on June 1, 2024; June 1, 2025; and June 1, 2026.

MLP’s stock closed down 11 cents at $9.09 Monday and is off 3.5% since the start of the year.

Sellers also has served on the international board of Habitat for Humanity and serves as a director for several real estate companies, including The Howard Hughes Corp., Inspirato, Milhaus and The Irvine Co.

“I worked with Race for many years in Hawai‘i, on the award-winning Ward Village development as it has transformed into a walkable community of market and workforce homes and believe he’s the ideal CEO to lead MLP into its next chapter,” Sellers said in a statement.

Haruki said MLP has made great progress in returning to profitability.

“I’m proud of what we’ve accomplished, grateful for the team at MLP and the community support that made it possible, and excited about MLP’s future,” Haruki said.

Under Haruki’s separation agreement, the company will pay him his monthly base salary for 24 months following his resignation date. All unvested stock grants previously made to Haruki, which total 66,338 shares, will fully vest March 31.

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