Central Pacific CEO retiring

It's only when the tide goes out that you see who has been swimming naked. I guess when he says "virtually every bank" he is alluding to BOH. Thankfully Clint has hired "outside experts" to help in CPF's California mess where CPF likes to say it is "indirectly exposed to subprime" - in this case indirectly must mean gee we were in the subprime business but just didn't realize it. And as he was quick to point out on last quarter's conference call, he has worked with these same "outside experts" before CPF - is that supposed to be a positive? The spin goes on...

Don't let the door hit you on your way out! Isn't he special? Come to Hawaii, insult other bank presidents, buy a losing competitor, get into the subprime market, watch the bank's stock drop over fifty percent in one year and retire in Arizona with a FIVE MILLION Dollar retirement gift from the bank whose shareholders got screwed. Where do I apply for his old job. Let this serve as a warning to the board, get rid of the current management. To the existing management, your "leader" just took the last lifeboat on this sinking Titanic. It's always the RATS who abandon ship firts. Hopefully Aloha Means GOODBYE FOREVER!

Another carpetbagger leaving. NO LOSS. They come in, put on a BIG ACT about being in tune with local culture then take their money and run. Unfortunately, his act is being repeated by so many big businesses in Hawaii. They make excuses about needing to bring in OUTSIDE talent (read into this what you will), pay them big bucks then let them screw it up. The saddest thing is that a lot of the locals get suckered in and actually believe this crap about outside talent being better.

The magic act continues, hire a mainland magician and with the slight of the hand he disappears with 5 million dollars and makes you think that you have gotten your money's worth. Poor share holders, he amazed with his card tricks but that was just a distraction for the real show that was to come at the end.

He fails and gets $5,000,000 and I all get is this lousy dog food and an occasional biscuit. At least I can fetch frisbees. I guess that's why he is always smiling. Arf, arf.

Thanks to Clint, CPB gives the "other guys" (boh/fhb) competition that benefits Hawaii. The banking business is tough all over.

Clint was talentless, a PR man and nothing else. He looses millions for the stock holders and is given $5,000,000 for being fired for incompetence. Where is the governing board and why are share holders not questioning their rip off?

Ummm, so let me get this straight, according to the advertiser, he's leaving his position a full four years before his contract expires and is getting a severance package of $5million? If I were to leave a non-executive job before my contract was up, I would get a whopping nada for leaving. In fact I would probably loose money due to the fact that incentive shares wouldn't be vested and would become null and void. When is there going to be parity for the people who actually do the work? You know the ones that are owners of the backs tha Mr. Arnoldus made his money on. Just doesn't seem fair to the shareholders and employees of CPB.

Go, beat it you got what you wanted!
Leave the dog when you close the door!

Why do so many Hawaii executives think their fortune is in California. Clint didn't make these stupid moves on his own.
It seems that the non-executive board chairman was in agreement with every move. How much of the $500 million loss in value is Migita responsible for?
After-all, it's the director's job to watch management. When management implements a plan approved by the non-executive chairman and the plane crashes, who's responsible?
I say the first thing we should do is cancel all the stock options held by management.
Next, get rid of all the hacks and rejects Migita brought with him from Bank of Hawaii.
Last, bring back someone with the integrity and honor of former chairman Yoshiharu Satoh
Why in the world would anyone think of asking Migita to do anything more. He's done enough. Remember that a fish rots from the head.

My complaint is with the board that hired this guy. I do not think it is fair to lay all the blame on the outgoing because the locals on the board found this guy. Why hammer the mainlander that brings new ideas? Plenty of locals made money through the merger and now want to complain about mainlander when they should be after the board who approved the loans that are losers along with shareholders.

Did you noticed the CPF stock went up $2.38 the day after Clint retired? Just imagien if we got rid of all of them! Time is running out.

Clint is a great PR man but it ends there. What CPB is going through is not only his burden but the responsibility of the WHOLE management team.
Call on Neal Kanda, he'll take care of the guys, you know what I mean, AND he'll take care of the bank.
No more gouging and buying growth.

A warning to the Board: Get rid of the two greedy self-centered Vice Chairs (Harada and Fujimoto) while the stock price is going up, and look at local talent like Peter Ho from BOH to turn this thing around…Maybe someone prominent who cares more about the community and the shareholders than their own selfish ambitions. Shame on all of them.