Lance Mizumoto, who at one time was in the running to become CEO of Central Pacific Bank, has resigned as vice chairman and chief operating officer.
The company, which disclosed Tuesday in a regulatory filing that Mizumoto’s exit was effective Nov. 30, said separately that it is company policy not to provide details on departing employees. Mizumoto left both the bank and its holding company, Central Pacific Financial Corp., as well as his positions on the board of directors for both entities. The bank called Mizumoto’s departure “a personal decision.”
“We greatly appreciate Lance’s contributions since joining the company in 2005, and we wish him the best in his future endeavors,” said Central Pacific President and CEO Catherine Ngo, who was co-president with Mizumoto from May 2014 until July 1, 2015, when she was chosen as CEO. Mizumoto subsequently was named vice chairman and COO.
Mizumoto, 58, had his annual base pay increased to $335,000 from $300,000 in July 2015, according to the proxy filed by the company in March. He had a total wage package last year of $854,694. Mizumoto, who has 35 years of banking experience, also serves as chairman of the state Board of Education, and is a director of the Chamber of Commerce of Hawaii and a regent at Chaminade University of Honolulu.
Asked about the decision at a Board of Education meeting Tuesday, Mizumoto said it was “inappropriate” to discuss at the time.
Denis Isono, 65, executive vice president of corporate services for both the bank and the holding company, will take over Mizumoto’s positions on an interim basis. Isono previously served in various executive capacities with the company, including chief operations officer and chief financial officer. Isono has more than
40 years of experience in the financial services industry, including the past 14 years at Central Pacific. Isono’s base salary will continue to be $215,000 annually. He received a total pay package of $461,573 last year.
