Central Pacific Financial Corp 8-K, filed Nov 1, 2021
Central Pacific Financial Corp (CPF)
8-K
2021-11-01
For: 2021-10-26
View Original
Added on
April 07, 2026
About this 8-K
Central Pacific Financial Corp filed this 8-K on November 1, 2021, reporting on events of October 26, 2021.
Items reported
- Item 5.02: Director or officer change, or executive pay
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On October 26, 2021, the Board of Directors of Central Pacific Financial Corp. (the “Company”) and Central Pacific Bank (the “Bank”) approved the following changes to the Company’s and the Bank’s leadership teams, all effective January 1, 2022. Mr. Arnold Martines, 57, the current Executive Vice President, Chief Banking Officer of the Company and the Bank will become President and Chief Operating Officer of the Company and the Bank. Ms. Catherine Ngo, the current President of the Company and President and Chief Executive Officer of the Bank will become Executive Vice Chair of the Boards of Directors of the Company and the Bank, and will continue as an Executive Committee officer of the Company and the Bank. Mr. David Morimoto, Executive Vice President and Chief Financial Officer of the Company and the Bank, will be elevated to Senior Executive Vice President and Chief Financial Officer of the Company and the Bank. Mr. Kevin Dahlstrom, the Executive Vice President and Chief Marketing Officer of the Company and the Bank, will become Executive Vice President and Chief Strategy Officer. Mr. Paul Yonamine will continue in his role as Chairman and Chief Executive Officer of the Company and Executive Chairman of the Bank.
Mr. Martines joined the Bank originally in 2004 and has held various positions with the Company and the Bank since that date, including serving as Executive Vice President and Chief Banking Officer since June 1, 2020; Group Executive Vice President, Revenue from May 2019 to May 2020 and Executive Vice President, Commercial Markets, from September 2016 to April, 2019. Mr. Martines serves as Chairman of Child and Family Service, and on the Board of Directors of the Aloha Council, Boy Scouts of America and the Chamber of Commerce of Hawaii and is a Trustee of the Saint Louis School.
The Company intends to file an amendment to this Form 8-K following determination of any material compensation changes for Messrs. Martines, Morimoto and Dahlstrom.
As previously disclosed, Mr. Martines’ wife, Thuy Nguyen-Martines, has been employed by the Bank since 2003 and currently holds the position of Senior Vice President and Senior Private Banking Manager, a non-executive officer position. In 2020, Ms. Nguyen-Martines’s total compensation, including salary, bonus, equity awards and other benefits, totaled approximately $185,000. Ms. Nguyen-Martines participates in the Company’s general benefit plans available to all similarly situated employees. Her compensation is commensurate with that of her peers.
In addition, on October 26, 2021, Mr. Jonathan B. Kindred was appointed to the boards of directors of the Company and the Bank effective November 1, 2021. In connection with his appointment, the size of the Board of Directors of the Company and the Bank was expanded to twelve (12) directors. Mr. Kindred will also serve on the Company’s Audit Committee. Mr. Kindred will receive an annual retainer of $90,000 (prorated for his first year of service) consistent with amounts paid to all other non-employee members of the Company’s Board of Directors who are also not chairs of any of Board committees.
Mr. Kindred is currently Managing Member of KR Consulting LLC, a professional services consulting firm located in Lahaina, Hawaii. He previously worked for Morgan Stanley in a career spanning multiple roles in New York, London and Tokyo from 1983-2019. In his final position at Morgan Stanley, Mr. Kindred was President and Chief Executive Officer of both Morgan Stanley Japan Holdings Co., Ltd. and Morgan Stanley MUFG Securities Co., Ltd. from 2007 – 2019. During this time, he also served as a member of Morgan Stanley’s Management Committee.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Central Pacific Financial Corp. | |||||
| (Registrant) | |||||
| Date: November 1, 2021 | /s/ David S. Morimoto | ||||
| David S. Morimoto | |||||
| Executive Vice President and Chief Financial Officer | |||||