After six years as the chief executive of Central Pacific Financial Corp. in Honolulu, Clint Arnoldus announced he will retire Dec. 31.
The board of directors at the $5.7 billion-asset parent of Central Pacific Bank said Monday that it plans to start searching immediately for a new CEO both internally and outside of the company.
Mr. Arnoldus, 61, joined Central Pacific in 2002 as its CEO and president. In March 2003 he initiated Central Pacific's unsolicited takeover attempt of a Honolulu rival, CB Bancshares Inc., offering $285 million. CB's board rejected the offer, but after a yearlong battle, CB agreed in April 2004 to sell itself to Central Pacific for $420 million.
Before joining Central Pacific, Mr. Arnoldus was the chairman, president, and CEO of the $2 billion-asset Community Bank in Pasadena, Calif. He held the same positions at the $338 million-asset Bank of New Mexico in Albuquerque before its sale in 1998 to Wells Fargo & Co., and he was the chairman and CEO of First Interstate Bank of Nevada in Las Vegas until its sale to Wells Fargo in 1996.
