Central Pacific Financial CEO Catherine Ngo leaves post at short notice

  • Push-out Score suggests push-out forces
  • After about three years in the position
  • Paul Yonamine taking over
  • Ngo will remain as President at Central Pacific Financial
  • Ngo said 70 words

(exechange) — Honolulu, Hawaii, September 26, 2018 — Catherine Ngo, chief executive of Central Pacific Financial, leaves the position. It is a change at short notice. As announced by Central Pacific Financial Corp. in a news release and in a regulatory filing published on Wednesday, September 26, 2018, A.Catherine Ngo leaves her post as Chief Executive Officer at the bank holding company after about three years in the role, effective October 1, 2018.

Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 9 years, according to data compiled by exechange.

Central Pacific Financial Corp. (CPF) and its subsidiary, Central Pacific Bank (CPB) announced that Paul K. Yonamine will assume the positions of Chairman and Chief Executive Officer of CPF, and Executive Chairman of CPB.

Already a director

Yonamine is already a director of Central Pacific Financial.

Having been a director, Yonamine understands the expectations and dynamics of the board and has knowledge of Central Pacific Financial’s organization, risk-management practices and strategy.

No reason given

In the announcement, Central Pacific Financial did not explicitly explain the reason for Ngo’s imminent move, leaving room for speculation.

Ngo will remain as President at Central Pacific Financial

“Catherine Ngo will continue to serve in the capacities of President and Chief Executive Officer of CPB, President of CPF, and director of the CPF and CPB Boards of Directors,” Central Pacific Financial said.

“On the recommendation of Ms. A. Catherine Ngo”

Central Pacific Financial said: “Effective October 1, 2018, and on the recommendation of Ms. A. Catherine Ngo, Mr. Paul Yonamine, a current outside director of the Company and the Bank, will assume the position of Chief Executive Officer and Chairman of the Company and Executive Chairman of the Bank.”

Chaired by John Dean

Central Pacific Financial Corp. is chaired by John Dean.

In the position of CEO since 2015

Catherine Ngo has been Chief Executive Officer of Central Pacific Bank, Inc. and its parent company, Central Pacific Financial Corp. since July 1, 2015 and has been their President since June 1, 2014.

Catherine Ngo is an experienced financial services executive.

Ngo joined Central Pacific Bank in 2010 and previously served as President and Chief Operating Officer.

Prior to joining Central Pacific Bank, Ngo was a founding general partner of Startup Capital Ventures, an early-stage venture capital firm established in 2005, with investments in Silicon Valley and Hawaii, as well as in China.

In addition to managing a portfolio of several technology companies, she assisted other firm portfolio companies with operational issues, generally in the legal and finance areas.

Ngo also had primary oversight for the venture capital firm’s investor relations activities and had a significant role in managing the firm’s China-based portfolio.

Ngo is a graduate of the University of Virginia, School of Law. She started her career in private law practice, focused on banking and securities law.

In 1993, she joined Silicon Valley Bank as Executive Vice President and General Counsel and was part of the executive team credited for the bank’s turnaround.

In 2002, Ngo served as Chief Operating Officer of Alliant Partners, an investment banking subsidiary of Silicon Valley Bank.

Ngo is venture partner of Startup Capital Ventures, L.P., Chair of the Board of Trustee of the University of Hawaii Foundation, Advisory Director of Catholic Charities of Hawaii; and serves on the Board of Hawaii Gas.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Catherine Ngo’s imminent move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.

Read the full story in the exechange report 40.2018 ($).