Central Pacific Financial (CPF) in Honolulu is moving several top executives into new posts.
The $4.8 billion-asset company said in a press release Tuesday that Lance Mizumoto and Catherine Ngo will become presidents, effective June 1. The executives will succeed John Dean, who will remain chief executive.
Mizumoto, Central Pacific's chief banking officer, will retain that title. He will oversee the company's strategic direction and manage all lines of business, including commercial banking, retail banking and wealth management. Ngo, the company's chief administrative officer, will also become chief operating officer. She will manage the administrative, operational and risk management functions.
Dean will also become the company's chairman, succeeding Crystal Rose, a lawyer who will become the lead independent director. Dean, who joined Central Pacific in March 2010 to lead a $345 million recapitalization effort, also agreed to remain CEO for two more years.
Mizumoto and Ngo "have demonstrated exemplary leadership and expertise in their respective areas, and have set the standard for teamwork and integrity in our organization," Dean said in the release. "Their new roles as a team will be an important step in positioning our company for future growth."