- Signs for push-out forces
- After almost five years on the job
- Search for a successor
(exechange) — Honolulu, Hawaii, March 22, 2017 — Paul Ito, finance chief of Alexander & Baldwin, leaves. As announced by Alexander & Baldwin, Inc. in a regulatory filing published on Wednesday, March 22, 2017, Paul K. Ito leaves the post as Chief Financial Officer at the company that was once part of the Big Five companies in territorial Hawaii in a surprising move after almost five years on the job.
Ito’s move comes 15 months after Christopher J. Benjamin took over as CEO of Alexander & Baldwin.
Ito has indicated that he intends to continue to serve in his role until a successor is appointed.
Alexander & Baldwin will undertake a search for a successor.
“To pursue other opportunities”
The management change is explained as follows. Alexander & Baldwin said: “On March 16, 2017, Paul K. Ito notified Alexander & Baldwin, Inc. … of his intent to resign as Senior Vice President, Chief Financial Officer and Treasurer to pursue other opportunities.”
The phrase “to pursue other opportunities” is often used in corporate announcements and opens the door to speculation.
Precise information about the future plans of Ito was not immediately available.
Share price rise since February 2016
The change follows a rise in the share price of Alexander & Baldwin, Inc. since February 2016.
London Company of Virginia holds 7.23 percent stake
London Company of Virginia reported a 7.23 percent stake in Alexander & Baldwin, Inc. as of December 31, 2016.
Chaired by Stanley M. Kuriyama
Alexander & Baldwin, Inc. is chaired by Stanley M. Kuriyama.
Stanley M. Kuriyama is chairman of Alexander & Baldwin, Inc, a position he has held since June 2012. He retired as chief executive officer of A&B as of December 31, 2015.
CEO: Christopher J. Benjamin
Christopher J. Benjamin serves as CEO of Alexander & Baldwin, Inc. Christopher J. Benjamin is president and chief executive officer of Alexander & Baldwin, Inc. Prior to his appointment on January 1, 2016, Benjamin served as A&B’s president and chief operating officer since September 2011.
On the job as CFO since 2012
Ito has been the Chief Financial Officer, Treasurer and Senior Vice President of Alexander & Baldwin, Inc. since June 26, 2012.
He joined A&B in 2005 as director of internal audit, and was named controller in 2006.
In 2007, Ito was promoted to vice president, controller and assistant treasurer.
Prior to joining A&B, Ito worked for Deloitte & Touche for nine years, where in his most recent position, he was a senior manager in the accounting consultation and research group of Deloitte’s San Francisco national office.
Ito is a certified public accountant and holds a master’s degree of professional accounting with a concentration in managerial accounting from the University of Texas at Austin, and a bachelor’s degree in finance and marketing from the University of Hawaii at Manoa.
Ito has earned several prestigious academic honors including the Elijah Watt Sells Gold Medal Award for obtaining the highest score in the nation on the May 1996 CPA exam.
Generally speaking, when a top manager announces to step down with no successor available, it is a sign that the move was unplanned and too early.
Signs for push-out forces
It is not completely certain what forces eventually triggered Paul Ito’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 13.2017 ($).