Parker Ranch names chief operating officer

By Hugh Clark
Advertiser Big Island Bureau

WAIMEA, Hawai'i — Parker Ranch has named a new chief operating officer in the midst of major upheaval, after a third of its work force accepted a buyout option as the company tries to cut costs.

Banker David A. Houle took charge Friday after a board meeting, said ranch trustee Tom Whittemore.

"Houle will assume day-to-day management responsibilities held by the trustees of the Parker Ranch Foundation Trust," Whittemore said.

He said the appointment is "a key part of the ranch restructuring initiative announced in January" to cope with falling beef prices, drought and a slumping visitor industry.

The ranch expects to lose as many as 30 employees to early retirement offers made in January. Some will receive two years of salary and benefits. Those with lesser service will get four months of pay and employee privileges such as hunting.

Among those electing to leave was David Ramos, who had been the business manager for 25 years.

The trustees' future remains unclear.

After taking a 10 percent pay cut because of financial problems in 2001, the panel is retreating from management and might take another reduction, Whittemore said.

Parker Ranch was founded by a New England sea captain who married into the Kamehameha royal family.

It controls 225,000 acres and has about 17,000 breeding cows, and is considered to be the country's largest singly owned cattle spread.

Houle comes to Parker Ranch after 25 years in banking. He is a former chief finance officer of Pacific Century Financial Corp.

Whittemore is a former Big Island First Hawaiian Bank vice president.

The other trustees are Mel Hewitt and Carl Carlson.

"David was selected to lead Parker Ranch as it strives to branch out and diversify its business operations," Whittemore said.