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September 30, 2011
Central Pacific Financial Corp. (NYSE: CPF) (the “Company”), parent company of Central Pacific Bank (“CPB”) (the “Bank”), today announced the appointment of Denis K. Isono as Executive Vice President and Chief Financial Officer (CFO), to be effective October 1, 2011. Isono replaces Larry D. Rodriguez, who will remain with the Company until November 30, 2011 and will be retained by the Bank as a consultant thereafter.
Isono has 39 years of experience in banking and financial management and has been with the Company since 2002, currently as Executive Vice President and Chief Operations Officer. He previously served as Controller and later as Operations Group Manager of Bank of Hawaii Corporation and its bank subsidiary and held prior financial management positions at Ernst & Young and City Bank. In addition, Isono is a Certified Public Accountant, Certified Management Accountant, Certified Bank Auditor, and Certified Internal Auditor. He is active in the community, serving on the executive committees of the Sheraton Hawaii Bowl and the Hawaiian Airlines Diamond Head Classic, as well as a trustee for Mid-Pacific Institute and a member of the Hawaii Business Roundtable.
“In addition to his depth of experience in financial management and banking, we will continue to benefit from Denis’ vast operational and institutional knowledge of our Company,” said John C. Dean, President and Chief Executive Officer of CPF and CPB. “We look forward to his continued contributions as we move ahead with plans to strengthen our organization’s financial performance.”
Rodriguez joined the Company as a consultant in January 2010, after retiring as Managing Partner of Ernst & Young, LLP’s Hawaii office, and was appointed Executive Vice President and CFO in August 2010 to help lead the Company’s efforts to raise capital.
“Larry was instrumental in the efforts that led to the Company’s successful capital raise and return to profitability by providing high levels of leadership, expertise, and industry knowledge at a critical time for us,” said John C. Dean. “We are grateful for his willingness to come out of retirement for this significant undertaking, and now, are very fortunate to be able to retain Larry on our team as a consultant to help move our Company forward.”
"It has been an honor to work closely with John and the CPF team,” Rodriguez commented. “With this leadership team at the helm, the company is well-positioned to continue its success in the market.”
The Company reported profitable quarters in the first and second quarters of 2011 and will announce its third quarter earnings in late October, 2011. In February, 2011, the Company was recapitalized with $325 million acquired through a private placement in exchange for common shares, and subsequently raised an additional $20 million through a fully subscribed rights offering in May, 2011.