Kaanapali Land, LLC (OTCMKTS:KANP) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02.Departure of Directors or Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain Officers.
Kaanapali Land, LLC (the “Company”) is announcing today that Gailen J. Hull has retired as the Company’s principal financial officer and principal accounting officer, effective June 1, 2018 (the “Effective Date”). As of the Effective Date, Stephen Lovelette succeeded Mr. Hull as the Company’s principal financial officer.
Stephen Lovelette (age 63) has been an Executive Vice President of KLC Land Company, LLC since 2000 and the Company since May 2002. Mr. Lovelette is in charge of implementing the Kaanapali 2020 development plan. Mr. Lovelette has been associated with JMB Realty Corporation (“JMB”) and its affiliates for over 20 years. Prior to joining an affiliate of JMB, Mr. Lovelette worked for Arvida Corporation, the predecessor to Arvida Partners, under its previous ownership. Mr. Lovelette holds a bachelor’s degree from The College of the Holy Cross and an MBA from Seton Hall University. In addition, Mr. Lovelette has extensive experience in corporate finance and has been responsible for obtaining substantial financial commitments from institutional lenders relating to the assets of JMB and Arvida Partners. During the past five years, Mr. Lovelette has also been a Managing Director of JMB.
In addition, the Company is announcing today that as of the Effective Date, Richard Helland succeeded Mr. Hull as the Company’s principal accounting officer.
Richard Helland (age 61) has served as Vice President of the Company during the past five years. Mr. Helland has been associated with JMB since July 2002 and is a Certified Public Accountant. Mr. Helland has substantial experience in the management of the accounting and financial reporting functions of both public and private entities, primarily including those of JMB and the Company and their respective affiliates. There are no family relationships between Mr. Lovelette or Mr. Helland and any director, executive officer or nominees thereof of the Company.
There are no related party transactions between the Company and Mr. Lovelette or Mr. Helland that would require disclosure under Item 404(a) of Regulation S-K under the Securities Exchange Act of 1934, as amended.
About Kaanapali Land, LLC (OTCMKTS:KANP)
Kaanapali Land, LLC operates through two segments: Property and Agriculture. The Agriculture segment is engaged in farming, harvesting and milling operations relating to coffee orchards on behalf of the applicable land owners. Its Agricultural assets include land classified as agricultural or conservation for state and county purposes. The Property segment develops land for sale and negotiates bulk sales of undeveloped land. It also includes lease and licensing agreements. The Property and Agriculture segments operate in the State of Hawaii. Its developable lands are located on the west side of the Island of Maui in the State of Hawaii. The majority of the developable lands are located near to the Kaanapali resort area. Its Kaanapali 2020 Development Plan includes a mix of residential (including workforce affordable housing), commercial, quasi-public facilities, recreation, agriculture and open space. Its agricultural operations consist of cultivation, milling and sale of coffee.
