Joichi Saito has been named chairman and chief executive officer of CPB Inc. and its subsidiary, Central Pacific Bank, Honolulu, effective Jan. 1.
He will succeed Yoshiharu Satoh, who is retiring.
Naoaki Shibuya will assume the post of president and chief operating officer, replacing Mr. Saito, also effective Jan. 1.
Mr. Satoh has spent 43 in the banking industry, including 23 years with Central Pacific Bank. After retiring, he will remain on the board of CPB Inc. and Central Pacific Bank.
Mr. Saito joined Central Pacific Bank in 1988 as executive vice president. In 1989, Mr. Saito was appointed president and chief operating officer, positions he currently holds.
Mr. Shibuya joined the company in his present position of executive vice president of the bank's retail banking group in 1993. He also is president of CPB Properties Inc., a wholly owned subsidiary of the bank.