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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.