Central Pacific Financial Corp. (NYSE:CPF) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On and effective as of November 30, 2016, Mr. Lance Mizumoto provided notice of resignation from his executive positions as Vice-Chair and Chief Operating Officer with Central Pacific Financial Corp. (“CPF”) and its subsidiary Central Pacific Bank (“CPB” and with “CPF”, the “Company”). In addition, Mr. Mizumoto’s resignation includes resignation from his position as a member of the Board of Directors of CPF and CPB, also effective November 30, 2016.
Mr. Denis Isono, age 65, who currently serves as Executive Vice President, Corporate Services of CPF and CPB, and who previously served in various executive capacities with CPF and CPB, including Chief Operations Officer and Chief Financial Officer, over the last 14 years, will on an interim basis oversee those areas previously overseen by Mr. Mizumoto. Mr. Isono’s salary will continue to be $215,000 annually and he will continue to be entitled to participate in the Company’s benefit plans. CPB makes loans to directors and executive officers, their immediate family members, and companies in which they have an interest, in the ordinary course of its business as a bank, including loans to Mr. Isono and his related interests. These loans have been made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable loans with persons not related to CPB and do not involve more than the normal risk of collectibility or present other unfavorable features.