First Hawaiian Bank Chief Financial Officer Michael Ching is stepping down from his position effective Jan. 31 but will continue to assist the company on a consulting basis during the transition.
Eric Yeaman, president and chief operating officer, will serve as acting CFO as the company conducts a search for a permanent replacement.
Ching, 46, joined the company in June 2015 and played a key role in the bank’s transition from a subsidiary of French banking giant BNP Paribas to a publicly traded company. The newly formed company, First Hawaiian Inc., had an initial public offering in August 2016.
“Mike has played an integral role at First Hawaiian,” Chairman and CEO Bob Harrison said Monday. “We will miss his expertise, great sense of humor and collaborative nature.”
Ching, who did not give a reason for his departure, said leaving the bank “will be very difficult.”
“It’s been exciting to be a part of First Hawaiian’s journey over the last 2-1/2 years, especially the work and development that went into the execution of the company’s successful IPO,” he said. “I am looking forward to applying the experience I have gained in this process as I take on my next exciting venture.”
Americans’ borrowing rose in November
WASHINGTON >> U.S. consumer borrowing jumped 8.8 percent in November, the most in more than two years, a sign of growing confidence in the economy.
The Federal Reserve said Monday that Americans added nearly $28 billion in credit card, student, auto and other debt in November. That brought outstanding consumer debt to a total of $3.83 trillion.
And a category of debt made up mostly of credit cards jumped $11.2 billion, the most in a year, to $1.02 trillion. That is the highest level on record, without adjusting for inflation.
Americans are increasingly confident in the economy and are willing to borrow more to fund their consumption. Surveys show that consumer confidence reached a 17-year high in November, though it declined a bit last month. And retailers say early reports from holiday shopping have been mostly positive.
That represents a turnaround from the first few years after the Great Recession, when Americans paid down — or defaulted — on debts that were run up during the housing bubble that preceded the downturn. But in the past two years, Americans have increasingly been willing to borrow more, particularly in the form of student loans. Auto loans have also ramped up.
ON THE MOVE
The Hawaii Solar Energy Association has announced that William Giese is the new executive director as of Jan. 1. He previously served as the development director and policy consultant. Prior to HSEA in 2015, Giese worked as a residential photovoltaic designer for SolarCity in Hawaii and California.
Halekulani and Waikiki Parc have announced Whitney Crear as the new sales manager for both properties. She previously served as sales manager for the Modern Honolulu for five years. Prior to that, Crear worked as an assistant front office manager at Park Hyatt Aviara and L’Auberge Del Mar, both in California.
