Alexander & Baldwin Inc. is shaking up the top management of its agribusiness division to help turn around the money-losing operation that includes the state's only operating sugar company.

A&B yesterday said its chief financial officer, Christopher Benjamin, will oversee day-to-day operations of Hawaiian Commercial & Sugar Co. as general manager of the Maui sugar producer.

Benjamin replaces Frank Kiger, who was promoted to the position in January 2008. Kiger, a 20-year executive with McBryde Sugar Co. on Kaua'i, has been with HC&S since 2003 and before becoming general manager was senior vice president of factory operations.

Kiger now has been assigned to run Maui Brand Sugar, a key growth area for HC&S.

Stanley Kuriyama, A&B president, in a statement said HC&S suffered from record-setting droughts in the past two years, and was also hurt by suppressed raw sugar prices, increased costs to produce sugar and power, and decreased power sales revenue due to recent regulatory decisions.

"HC&S is going through the most difficult period in its history," he said. "We are at a pivotal point, and Chris is the right person to lead HC&S."

Kuriyama added that Benjamin has a strong background in manufacturing and operations, and for the past 18 months has led the company's energy initiatives. Benjamin will continue as A&B's chief financial officer.

HC&S is Hawai'i's largest sugar plantation, cultivating about 35,000 acres to produce 60 percent of the state's raw sugar. The company has close to 800 employees.

A&B also announced yesterday that G. Stephen Holaday, the company's agribusiness division president, will retire April 15. The retirement of Holaday, who joined A&B in 1983 and has held numerous senior positions, including chief financial officer, has been in the works at least since late 2007, when Kiger's promotion to HC&S general manager was announced.

Kuriyama will act as A&B's agribusiness president on an interim basis, overseeing HC&S as well as Kaua'i Coffee Co., Kahului Trucking & Storage and Kaua'i Commercial Co.

A&B's agribusiness division last year lost $12.9 million, which was attributable to HC&S losses and compared with a $200,000 profit the year before. The company said it expects a greater HC&S loss this year due to lower sugar production and yields stemming from prior drought conditions, reduced power sale revenue and higher pension expenses.