The 150-year-old ranch said it will begin a search for Houle's replacement soon.

Houle joined the ranch in March 2002. Previously, he was chief financial officer at Bank of Hawaii's parent company, where he had worked since 1992 directing the management of treasury, investor relations, mergers and acquisitions, accounting and planning.

"I am honored to have had the opportunity to serve in a leadership position at Parker Ranch, and am proud of the progress we have been able to make during the past two years in the areas of improved financial performance, business diversification, corporate governance and enhanced business methods," Houle said in a statement.

"I leave the ranch with much aloha for the Trust and its many dedicated and hard working employees."

Houle has guided the ranch at a time when managers sought to shift the balance of Parker Ranch Foundation Trust assets away from land and into other kinds of investments. Of a $350 million asset base, Houle estimated late last year that $300 million to $315 million was in land owned by the ranching operations.

The ranch has sold off some land, and a major new land sale may be on the horizon. The U.S. Army proposed buying 23,000 acres of ranch land near the Pohakuloa Training Area as a maneuver area for the wheeled, armored Stryker combat vehicle, but the ranch has not yet agreed to the sale.

Parker Ranch is one of the largest ranches in the United States, encompassing about 175,000 acres. Its operations include commercial leasing, tourist and other real-estate operations.

The ranch is owned by the Parker Ranch Foundation Trust for the benefit of four local charities, which are the North Hawai'i Community Hospital, Parker School Trust Corp., Hawai'i Preparatory Academy and the Richard Smart Fund administered by the Hawai'i Community Foundation.

As of the end of 2003, Parker Ranch Foundation Trust had cumulatively distributed a total of $4,026,585 in cash and land to its beneficiaries.

"We are extremely grateful for the leadership that Dave Houle has provided to the ranch," said Tom Whittemore, chairman of Parker Ranch Inc. "Much has been accomplished during his tenure here. Dave has led the efforts to implement financial discipline and made progress towards financial stability. We thank him for his dedication, hard work and wish him the best in his future endeavors."

Whittemore said Houle's responsibilities will be assumed by other members of the management team while a search for a replacement is conducted.