Central Pacific Financial Corp. of Honolulu has appointed its turnaround consultant as executive vice president and chief financial officer.
Central Pacific announced Thursday that Lawrence Rodriguez, a retired managing partner at Ernst & Young LLP's Hawaii office, would take on the role of CFO at the company and its banking subsidiary, Central Pacific Bank.
That position has been vacant at the $4.3 billion-asset company since June 1.
In July Central Pacific appointed another turnaround expert to its executive team in order to gain a more solid financial footing.
On June 23 it announced that John C. Dean, who is credited with turning around three other banks, was appointed as executive chairman of both the bank and its parent.
"As we continue to make progress in our efforts to turn the company around, the depth of knowledge and experience that Larry brings to our company is a strong complement to our executive team," Dean said in a press release.
Rodriguez was a consultant for Central Pacific since January and has been in the financial services industry for more than 40 years.
Central Pacific has been operating under a written agreement with its regulators since July 2. Among other things, that agreement requires the company to develop a plan to raise capital.
Central Pacific's total risk-based capital ratio was 10.41% as of June 30, slightly higher than the 10.32% ratio at the end of the first quarter.
