Regulators OK Central Pacific exec

John Dean

John Dean, appointed acting executive chairman in March at financially troubled Central Pacific Financial Corp., has received regulatory approval to formally take over that role at the holding company and subsidiary Central Pacific Bank. Dean also received approval from the Federal Deposit Insurance Corp., Federal Reserve Board and Hawaii Division of Financial Institutions to become a member of the company’s board of directors.

Dennis Hirota, president of Sam O. Hirota Inc., resigned his board posts at both the holding company and bank so that Dean could become a director. Hirota, who will reach the maximum age of 70 for directors this year, previously said he was willing to step down a few months early.

Separately, Central Pacific said it has hired three executives to head credit risk management, loan review and underwriting operations.

Bill Wilson was named executive vice president, special credits; Irene Dlugopolsky was appointed senior vice president, director of credit risk management; and Michael Rose was hired as vice president, special assets senior manager.

"Their addition to our credit management team further strengthens our efforts to improve our credit risk profile," Dean said.

Central Pacific has been streamlining operations to comply with a December order from the FDIC and state regulators that calls for the bank to improve its capital position, asset quality, liquidity and management oversight.

Wilson will oversee Central Pacific’s special credits locally and on the mainland, while Dlugopolsky is responsible for the bank’s overall loan portfolio. Rose heads a special credits group that will focus on managing real estate and disposing assets and notes.

Building contracts up, value down

Contractors lined up more construction jobs in Hawaii last month compared with a year earlier, though the value of job contracts for the first five months of the year is still down from a year ago, according to an industry report.

McGraw-Hill Construction said May contracts for future construction in the state totaled $221 million compared with $135 million in the same month last year. The 65 percent gain was mostly from a near $100 million rise in residential construction. Commercial construction was up slightly, while other types of construction such as roads, bridges, airports and harbors was down. Through May this year, total construction contract values are down 33 percent to $730 million from nearly $1.1 billion in the same period last year, the New York-based company reported.

On Oahu alone, May contracts totaled $118 million compared with $58 million a year earlier. For the year through May, Oahu contracts totaled $348 million compared with $596 million in the same period last year, McGraw-Hill said.

Nike profit up but outlook is unsure

PORTLAND, Ore. » Nike Inc., the world’s largest athletic shoe and clothing maker, said yesterday its fourth-quarter profit just met expectations, but that fluctuating currency exchange rates, rising costs and shaky consumers could hinder its performance this year. Net income rose 53 percent to $522 million, or $1.06 a share, from $341.4 million, or 70 cents a share, a year ago. Revenue rose 8 percent to $5.1 billion.

ON THE MOVE

John Dailey

HTH Corp. has promoted John Dailey to director of sales for Pacific Beach Hotel and the Pagoda Hotel. He was director of sales as well as property sales manager for the Pagoda Hotel.

Aqua Hotels & Resorts has appointed Angela Byun to reservations manager. She was front office manager and director of housekeeping at Four Seasons Resort Lanai at Manele Bay.

Sanford Nojima

Sanford Nojima was appointed to human resources director. He has 30 years of experience in the hospitality industry and was a regional director of human resources for Asia/Pacific at Hilton Grand Vacations Company in Waikiki.

The Historic Hawai’i Foundation has elected Michael J. O’Malley president. Also elected to the board of trustees were Norbert Buelsing, Greg Dickhens, Cindy Evans, Amerjit Ghag, Ann Becker Gommers, Wendie McAllaster, Ronald Sato, Kimo Todd and Tom Young. The executive committee members are O’Malley; Robert K. Iopa, first vice president; Frank Haas, second vice president; Eric G. Crispin, secretary; Robert Nobriga, treasurer; McAllaster; and Curt Nakamura, at-large officers; and Ray Soon, past president.

SPARE PARTS

Kailua dealer gets award

Mike McKenna

A 2009 President’s Award has been presented to Mike McKenna’s Windward Ford in Kailua from Ford Motor Co.

The dealership was among 380 across the nation honored for excellence in automotive retailing and providing exceptional customer service and satisfaction.

"The President’s Award signifies our gratitude for those dealers who reach beyond daily tasks and make a difference to their customers," says Frederiek Toney, vice president of Ford Customer Service Division.

Clay teams with JN Auto

Honolulu-based JN Automotive Group, which sells cars and trucks ranging from Ferrari to Chevrolet, has become the newest corporate partner of Gold Medal Olympic decathlete champion Bryan Clay.

The dealership and Clay will collaborate on a marketing campaign that will highlight both JN’s best-in-class performance and Clay brands under the tagline, "A World Class Car for a World Class Athlete."

GM gearing up for stock sale

General Motors Co. is preparing for an initial public offering that might sell 20 percent of the Treasury’s stake in the automaker and cut the U.S. to a minority owner, sources said.

The aim is to sell a fifth of the government’s 304 million shares. That would cut the Treasury’s stake to less than 50 percent from 61 percent.