Central Pacific executive comes cheap
John C. Dean, the acting executive chairman of Central Pacific Financial Corp., may qualify as one of the best bargains when it comes to top officers of publicly traded companies in Hawai'i.
Newly released salary data for Dean shows he will receive a salary of $1 for his work this year at the company as well as its chief subsidiary, Central Pacific Bank.
Dean also is receiving a grant of 200,000 restricted stock units that vest on Dec. 1. At yesterday's closing price the shares are worth $464,000, though Dean said he plans on donating some of the shares to charitable causes and others to a venture capital firm.
Dean, 62, also will receive standard employee benefits and a $1,000 a month car allowance.
HAWAII BIOTECH FINDS VACCINE PARTNER
Hawaii Biotech Inc., a company developing a dengue vaccine, said it will partner with Advanced BioScience Laboratories Inc. for preclinical development of the vaccine.
Hawaii Biotech is planning to begin Phase 1 human clinical study of its tetravalent dengue vaccine later this year. Under a contract from the National Institute of Allergy and Infectious Diseases, Advanced BioScience will oversee manufacturing, assembling and testing of supplies.
Hawaii Biotech also is developing a West Nile vaccine and recently completed a Phase 1 clinical trial with it in humans.
ECONOMIC-INDICATOR INDEX RISES AGAIN
Hawai'i's coincident index rose in April for a third consecutive month, according to a report from the Federal Reserve Bank of Philadelphia.
The index rose by 0.4 percent, or the same as the increase in the national coincident index. Hawai'i's coincident index last rose in December after falling for 23 consecutive months and has risen four of the past five months. The index measures economic indicators thought to closely coincide with the overall economy.