January 7, 2013
Kaneohe Ranch CEO retires following $373 million land sale
By Andrew
Gomes
Mitch D'Olier has
retired as president and CEO of Kaneohe Ranch Co. and the Harold K.L. Castle
Foundation a month after selling most real estate assets of the two
organizations for $373 million.
D'Olier announced
his retirement Monday. He will remain board chairman for both organizations and
consult part time for Kaneohe Ranch.
The move was
effective Jan. 1.
Carlton K.C. Au
succeeded D'Olier as Kaneohe Ranch president and will also maintain his
positions as chief financial officer and treasurer. Au has worked for Kaneohe
Ranch and its predecessor companies since 1986. He also has worked for the
foundation since 2002.
Succeeding D'Olier
as president and CEO of the foundation was Terry George, who joined the
organization as vice president and executive director in 2003.
D'Olier had been
chief executive of Kaneohe Ranch and the foundation since 2002 and was
instrumental in selling most of the real estate assets of each organization,
including much of the commercial property in Kailua, to Alexander & Baldwin
Inc.
The sale by
Kaneohe Ranch produced $260 million for descendents of Harold Kainalu Long
Castle and left the company with a collection of commercial real estate on the
mainland valued at $160 million, plus several Kailua properties including the
company's headquarters at Castle Junction.
The $113 million
in proceeds for the foundation are being reinvested to help further the
charitable organization's mission of providing grants to the local
community.
A report produced
by Bank of Hawaii, acting as a trustee for Castle descendents, estimated that
D'Olier would receive about $13.2 million from the sale. D'Olier has called that
figure inaccurate but has declined to provide an accurate figure.
