- Push-out Score determined
- After about four years in the position
- Arnold Martines taking over
- Yonamine will remain as Chairman Emeritus at CPF
- Yonamine said 88 words
(exechange) — Honolulu, Hawaii, October 26, 2022 — Paul Yonamine, chief executive of CPF, leaves his position. As announced by Central Pacific Financial Corp. in a news release published on Thursday, October 20, 2022, and in a regulatory filing published on Wednesday, October 26, 2022, Paul K. Yonamine leaves his post as chief executive officer at the Hawaii-based bank holding company, after about four years in the role, effective January 1, 2023.
Paul Yonamine’s duties as CEO will be taken over by Arnold Martines, currently President and Chief Operating Officer at Central Pacific Financial Corp.
No reason given
In the announcement, CPF did not explicitly explain the reason for the move.
Yonamine will remain as Chairman Emeritus at CPF
“Paul Yonamine … is retiring to become Chairman Emeritus of the bank and the holding company,” CPF said.
CPF said: “Martines … is succeeding Paul Yonamine, 65, who is retiring to become Chairman Emeritus of the bank and the holding company.”
Share price decline since October 2018
The announcement follows a decline in Central Pacific Financial Corp.’s share price of 14% since October 2018. October 2018 is the month in which Yonamine’s tenure as CEO began.
In the position of CEO since 2018
Paul Yonamine became CEO of the Company in 2018.
Yonamine plans to stay involved in business and community causes in Hawaii and Japan as well as serving as an advisor to Martines and remaining on the board of the bank and holding company.
He will also continue to serve on the boards of the Sumitomo Mitsui Banking Corporation of Japan (SMBC), Seven & i Holdings Co., Ltd., Japan (7-Eleven), Circlace Co, Ltd., Japan, and the U.S.-Japan Council.
In Hawaii, he will remain on the board of the Pacific International Center of High Technology Research (PICHTR).
Yonamine was appointed Chairman and Chief Executive Officer of the Company, and Executive Chairman of the Bank, effective October 1, 2018.
Yonamine was appointed to the Board of Directors of Sumitomo Mitsui Banking Corporation, effective June 27, 2019.
Yonamine previously served as Non-executive Chairman of GCA Corporation, the largest independent M&A firm in Japan from October 1, 2018 through March 26, 2019, and served as the Executive Chairman of GCA Corporation from June 2017 to September 30, 2018.
From January 2015 to March 2017, Yonamine served as the Country General Manager and President of IBM Japan, Ltd.
Yonamine previously served as President and CEO of Hitachi Consulting Co., Ltd., where he founded the first consulting and solutions business for Hitachi Ltd.
He was a senior advisor to the Mayor of the City & County of Honolulu from 2004 to 2006.
Yonamine’s prior experience includes serving as Executive Vice President and Chairman of Asia Pacific, BearingPoint, President of KPMG Consulting in Japan, and Managing Partner of KPMG, LLC – Hawaii Operations.
A graduate of the University of San Francisco with a degree in accounting and a CPA designation, Yonamine also serves as Chairman of the U.S.-Japan Council, serves on the Board of Directors of Pacific International Center for High Technology Research, and is a member of the Young Presidents’ Organization.
He played a significant role in facilitating the strategic relationships the Bank has established with mid-sized regional banks in Japan.
Yonamine has close ties to Hawaii, as well as an impressive resume in Japan, devoting much of his career to promoting the introduction and globalization of information technologies to Japan corporations.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Paul Yonamine’s move on a scale of 0 to 10.
exechange reached out to CPF and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 44.2022 ($).