Central Pacific Financial Corp. (NYSE: CPF) (the “Company”), parent company of Central Pacific Bank (CPB) (“Bank”), announced today that John C. Dean, current director and former Chair and CEO of the Company and the Bank, has decided not to stand for board re-election at the April, 2020 Annual Shareholders Meeting. Dean will retain the title of Chairman Emeritus and will continue to support the Bank’s interests in customer outreach, leadership development, and community engagement.
Dean, age 72, joined the Company as Executive Chair in March 2010, in the aftermath of the great recession and arranged for the recapitalization of the Company with $325 million in private equity funds. He returned the Company to profitability in the first quarter of 2011 and was instrumental in the divestment of the Bank’s troubled assets and overall improvement in asset quality to high performance standards. From Dean’s joining of the Company to September 30, 2019, the Company’s total assets increased from $4.4 billion to $6.0 billion and non-performing assets declined from $493.8 million to $1.4 million. Stable profitability and a strong capital position enabled the Company to repurchase approximately 32.5% of its common shares outstanding since the first quarter of 2014.
“John Dean is truly a remarkable leader and individual, always leading by example, not only in business and finance, but also in our community,” said Paul Yonamine, Chairman and CEO. “There is no other like John, and while we will miss his contributions, we wish him the best in his well-deserved retirement.”
“I have worked with John for almost the past 30 years and can truly say that he is in a league of his own,” said Catherine Ngo, President. “We are eternally indebted to him for the turnaround and success of our Company, and for the strong core values he instilled into our corporate culture.”
As an executive in the financial services industry for the past 39 years, Dean has been credited for the turnaround of four major banks. A graduate of Holy Cross College, a former Peace Corps Volunteer in Western Samoa, and a graduate of the Wharton School with an MBA in Finance, Dean was recognized by Business Week as one of Silicon Valley’s top 25 “movers and shakers” in 1997. In 2001, he was recognized by Forbes as one of the “50 most powerful dealmakers,” and in 2012, Hawaii Business recognized Dean as “CEO of the Year.”
In Hawaii, Dean has been recognized and honored by numerous other organizations for his leadership and contributions to improving the quality of life in the State of Hawaii. He currently serves as director of: Hawaii Community Foundation; Iolani School; Hawaiian Humane Society; Blue Planet Foundation; and Pacific Asian Center for Entrepreneurship and E-Business (PACE) at the business school of the University of Hawaii. He was also engaged with the development of Kahauiki Village, a model program for permanent housing for the homeless in Hawaii and is now engaged with Ho’ola Na Pua and its Pearl Haven facility for girls who have been trafficked.
Dean is also a director of various technology and life science companies in Hawaii and on the Mainland, including: AGIS, LIVMOR, Elevate Credit, and iNDX.Ai.
SOURCE Central Pacific Financial Corp.