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) September 18, 1995
CPB Inc.
(Exact name of registrant as specified in its charter)
Hawaii 0-10777 99-0212597
(Name or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
220 South King Street, Honolulu, Hawaii 96813
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (808)544-0500
None
(Former name or former address, if changed since last report.)
Item 5. Other Events
The board of directors of CPB Inc. (the "Company") announced the retirement of
Mr. Yoshiharu Satoh, chairman of the board and chief executive officer,
effective January 1, 1996. Mr. Satoh will also retire from his position as
chairman of the board and chief executive officer of Central Pacific Bank (the
"Bank"), a wholly-owned subsidiary of the Company. Mr. Joichi Saito,
president of the Company, will succeed Mr. Satoh as chairman and chief
executive officer of the Company and the Bank. Mr. Naoaki Shibuya, executive
vice president, will succeed Mr. Saito as president of the Company and
president and chief operating officer of the Bank.
Yoshiharu Satoh, age 66, joined the organization in 1972 and has served as the
Company's chairman of the board since 1990 and chief executive officer since
1982. Mr. Satoh also served as chairman of the board of the Bank since 1988
and chief executive officer since 1978. After his retirement, Mr. Satoh will
remain on the boards of directors of the Company and the Bank.
Joichi Saito, age 59, joined the organization in 1988 and has served as
president of the Company since 1992. He has also served as president and
chief operating officer of the Bank since 1989. Prior to joining the Company,
Mr. Saito served as executive vice president of The Sumitomo Bank of
California.
Naoaki Shibuya, age 53, joined the Company in 1993 as vice president and has
served as executive vice president since 1995. He has also served as executive
vice president of the Bank since 1993. Prior to joining the Company, Mr.
Shibuya served as executive vice president of The Sumitomo Bank of California.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CPB Inc.
(Registrant)
Date September 18, 1995 /s/ Joichi Saito
Joichi Saito
President
