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May 13, 2014
HONOLULU, HI, May 13, 2014 – Central Pacific Financial Corp. (NYSE: CPF), parent company of Central Pacific Bank (CPB), today announced a realignment of its executive management team for both CPF and CPB, to be effective June 1, 2014. Lance A. Mizumoto, current Executive Vice President and Chief Banking Officer, will be appointed President and Chief Banking Officer, and A. Catherine Ngo, current Executive Vice President and Chief Administrative Officer, will be appointed President and Chief Operating Officer. John C. Dean, current President and Chief Executive Officer, will be appointed Chairman and Chief Executive Officer. Crystal K. Rose, current Chair of the Board of Directors, will become the lead independent director on both the CPF and CPB boards.
"Lance and Catherine have demonstrated exemplary leadership and expertise in their respective areas, and have set the standard for teamwork and integrity in our organization,” said John C. Dean, President and CEO. “Their new roles as a team will be an important step in positioning our company for future growth."
Mizumoto will oversee the organization-wide strategic direction and management of all lines of business, including commercial banking, commercial real estate, retail banking, residential mortgage, and wealth management. He is currently Executive Vice President and Chief Banking Officer with similar responsibilities. Mizumoto has been with CPF since 2005, and has over 30 years of experience in the financial services industry, primarily in commercial banking. Mizumoto is a graduate of the University of Hawaii and received his Master of Business Administration degree from Chaminade University in Honolulu. He currently serves as director on the boards of the Chamber of Commerce of Hawaii and Diamond Head Theater, and as regent on the board of Chaminade University.
Ngo will oversee all aspects of the company’s non-line operations, including the administrative, operational and risk management functions. She is currently Executive Vice President and Chief Administrative Officer responsible for the administrative oversight and the delivery of support services, including legal and compliance, human resources, marketing, product and channel management, loan operations, information security, audit and credit review. Ngo has been with CPF since 2010 and has over 20 years of executive experience in the banking and private equity industries, including EVP and General Counsel of Silicon Valley Bank, Chief Operating Officer of Silicon Valley Bank's investment subsidiary, Alliant Partners, and founding General Partner of venture capital firm Startup Capital Ventures. Ngo is a graduate of the University of Virginia and the University of Virginia School of Law. She currently serves as board trustee of the University of Hawaii Foundation and as director on the boards of Enterprise Honolulu, Pacific Asian Center for Entrepreneurship, and The Nature Conservancy of Hawaii.
“In furtherance of our plan for a seamless executive succession, we are fortunate to have John's commitment to continue as CEO for up to two more years, and his willingness to remain as Chairman beyond that period,” said Crystal K. Rose, Chair of the Board. “We currently have a strong executive management team, and this realignment should further strengthen our organization over the longer term.”
Dean joined CPF in March, 2010, to lead its $345 million recapitalization and recovery efforts. As of March 31, 2014, CPF has realized thirteen (13) consecutive quarters of profitability, and on April 7, 2014, completed a $125 million stock repurchase. Dean has also been credited for the turnaround of three other financial institutions prior to joining CPF, including Silicon Valley Bank in California, during his 33 years in the financial services industry.
Rose is currently Chair of the Board for CPF and CPB, and has served as an independent director since 2004. She is a partner in the law firm, Bays Lung Rose & Holma, and has been actively practicing law for 32 years, specializing in the areas of real estate, trust and commercial litigation, commercial real estate transactions, trusts and estates, and construction law.