UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 13, 2006
ALEXANDER & BALDWIN, INC.
(Exact name of registrant as specified in its charter)
Hawaii 0-565 99-0032630
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(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
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incorporation) Identification No.)
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822 Bishop Street, P. O. Box 3440
Honolulu, Hawaii 96801
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(Address of principal executive office and zip code)
(808) 525-6611
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(Registrant's telephone number, including area code)
Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2.):
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|_| Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
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|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
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|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
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|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 5.02 Departure of Directors or Principal Officers; Election of
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Directors; Appointment of Principal Officers.
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(b) Resignation of Principal Officer
On April 13, 2006, Thomas A. Wellman resigned from his position as Vice
President, Controller and Treasurer of Alexander & Baldwin, Inc.
(the "Company"), effective as of May 1, 2006.
(c) Appointment of Principal Officer
On April 17, 2006, the Company's Board of Directors appointed Paul K. Ito as
Controller, effective as of May 1, 2006. Mr. Ito, age 35, has served as Director
of Internal Audit since April 1, 2005. Before joining the Company, Mr. Ito was a
senior manager in the accounting consultation and research group for the
national office of Deloitte & Touche LLP. Mr. Ito joined Deloitte & Touche LLP
in Honolulu in 1996, and held various positions in Honolulu and San Jose before
joining Deloitte & Touche LLP's national office in San Francisco.
In addition, the Board appointed Christopher J. Benjamin as Treasurer, effective
as of May 1, 2006. Mr. Benjamin will retain his positions as Senior Vice
President, which he has served as since July 1, 2005, and Chief Financial
Officer, which he has served as since February 9, 2004.
Finally, the Board appointed Timothy H. Reid as Assistant Treasurer, effective
as of May 1, 2006. Mr. Reid will continue to serve as Treasurer of Matson
Navigation Company, Inc., a wholly-owned subsidiary of the Company, a position
that he has held since July 1, 1992.
On April 17, 2006, the Company issued a press release announcing the
above-described resignation and appointments. The full text of the press release
is attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits
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(d) Exhibits
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99.1 Press Release announcing resignation of Thomas A. Wellman
and appointments of Paul K. Ito, Christopher J. Benjamin,
and Timothy H. Reid, issued on April 17, 2006.
SIGNATURE
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Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
Date: April 18, 2006
ALEXANDER & BALDWIN, INC.
/s/ Christopher J. Benjamin
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Christopher J. Benjamin
Senior Vice President and
Chief Financial Officer
FOR MORE INFORMATION: FOR IMMEDIATE RELEASE
Meredith J. Ching, 808-525-6669 or mching@abinc.com
PAUL K. ITO NAMED A&B CONTROLLER
HONOLULU - (April 17, 2006) - Alexander & Baldwin, Inc. (NASDAQ: ALEX)
announced today that its board of directors has named Paul K. Ito to the
position of controller, effective May 1, 2006. Ito will replace Thomas A.
Wellman, who is leaving A&B to join another company. Ito will be responsible for
accounting, internal controls and financial reporting for the Company.
"We are very pleased to be able to promote someone of Paul's skill
level and experience to this position," said A&B Senior Vice President and Chief
Financial Officer Christopher J. Benjamin, to whom Ito will report. "Paul is
extremely talented and has technical expertise that is invaluable in this era of
increasingly complex accounting and reporting standards. After nine years with
Deloitte & Touche, most recently as a member of the firm's national office
accounting consultation and research group, Paul joined A&B one year ago and has
helped broaden and strengthen our internal audit function as its director. He is
highly qualified to take on his new role as controller."
Benjamin continued, "Tom Wellman has made innumerable contributions to
A&B over the past 17 years, including ten years as controller. We have Tom to
thank for developing and overseeing an accounting, reporting and control
environment of the highest integrity. We wish him well in his new role as chief
financial officer of The Gas Company, another long-standing, well-respected
Hawaii firm, as he assumes that position upon its expected acquisition by New
York-based Macquarie Infrastructure Company."
A&B President and CEO Allen Doane also announced the appointments of
Benjamin as treasurer, a position previously held by Wellman, and of Timothy H.
Reid as assistant treasurer. Reid also is treasurer of A&B's Matson Navigation
Company subsidiary. "Chris, Tom and Tim have worked closely together over the
past two years to enhance the Company's balance sheet, negotiate both secured
and unsecured facilities, and reduce the company's cost of capital," Doane said.
"These appointments not only recognize the contributions of Chris and Tim in
this process, but will ensure a seamless transition in the treasury function."
Additional information on these individuals:
Paul K. Ito joined A&B in April 2005 as director, internal audit. Ito
is a certified public accountant (CPA). He earned a master's degree in
professional accounting (MPA), with a concentration in managerial accounting,
from the University of Texas at Austin, and a bachelor's degree in finance and
marketing from the University of Hawaii at Manoa. Ito earned numerous academic
awards including the Financial Executives Institute scholarship award and Ellen
McAngus Ezell scholarship award, as well as the Elijah Watt Sells Gold Medal
Award for obtaining the highest score in the nation on the May 1996 CPA exam.
Prior to joining A&B he worked for Deloitte & Touche, LLP in its San Francisco
national office.
Christopher J. Benjamin joined A&B in August 2001 and was promoted to
chief financial officer in May 2004. Benjamin holds a master's degree in
business administration (MBA) from Harvard Business School and graduated from
the University of Michigan with a bachelor's degree in economics.
Timothy H. Reid joined Matson Navigation Company in March 1991 as
assistant treasurer and was promoted to the position of treasurer in 1992. Reid
is a certified public accountant (CPA). He earned a master's degree in business
administration (MBA) from Golden Gate University, specializing in tax, and a
bachelor's degree in accounting from the University of San Francisco. Prior to
joining Matson, Reid worked for Crowley Maritime, Shaklee Corporation, Crown
Zellerbach, and KPMG Peat Marwick.
Alexander & Baldwin, Inc. is a diversified corporation headquartered
in Honolulu. A&B's major lines of business are ocean transportation
(Matson Navigation Company, Inc. and Matson Integrated Logistics, Inc.); real
estate (A&B Properties, Inc.); and food products (Hawaiian Commercial & Sugar
Company, Kauai Coffee Company, Inc.). Additional information about A&B may be
found at its website: www.alexanderbaldwin.com.
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Statements in this press release that are not historical facts are
"forward-looking statements," within the meaning of the Private Securities
Litigation Reform Act of 1995, that involve a number of risks and uncertainties
that could cause actual results to differ materially from those contemplated by
the relevant forward-looking statement. These forward-looking statements are not
guarantees of future performance. This release should be read in conjunction
with our Annual Report on Form 10-K and our other filings with the SEC through
the date of this release, which identify important factors that could affect the
forward-looking statements in this release.
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