Posted at 11:29 a.m., Tuesday, May 20, 2003
Maui Land & Pineapple chooses a new CEO
By John Duchemin
Advertiser Staff Writer
Young will replace current chief executive Gary L. Gifford, who plans to resign on May 27.
Young is now president of Kapalua Land Co., a Maui Land & Pineapple subsidiary.
Maui Land & Pineapple announced Gifford's resignation in March after the company lost $5.7 million in 2002. The company has retained executive search firm Spencer Stuart to find a permanent president.
Maui Land & Pineapple consists of real estate, retail and pineapple operations. While Kapalua Land Co., the real estate division, has generally been profitable since the early 1990s, the company's other operations have lost millions of dollars in recent years. The company seeks to sell its interest in Kahului shopping mall Queen Ka'ahumanu Center, a joint venture with the state pension fund. And Maui Pineapple, which runs the state's last pineapple cannery, has been hurt by low prices and overseas competition.