A&B Organizational Changes, Search for CFO Begins
By Wendy Osher
Alexander & Baldwin today announced some organizational changes that include a retirement, two promotions and the search for a chief financial officer.
The changes come as Norbert M. Buelsing, president of A&B real estate subsidiary, A&B Properties, announced his planned retirement. Beusling, first joined A&B in 1990, and was promoted to president of the real estate division in October of 2008. Buelsing will remain on board while other transitions are implemented.
A&B president and CEO Stanley M. Kuriyama called Buelsing’s contributions to A&B over the past 20 years “invaluable.” Kuriyama credited Buelsing with growing the Company’s commercial portfolio from just 16 properties in 1990 to 46 properties today.
“Under his leadership, A&B Properties has weathered the recent economic cycle remarkably well, and has positioned itself for growth in the recovering economy,” said Kuriyama.
The vacancy will lead to several organizational changes including the following:
Christopher J. Benjamin, who currently serves as senior vice president, chief financial officer and treasurer of A&B, and general manager of Hawaiian Commercial & Sugar Company (HC&S), will be promoted to president of A&B Land Group. In his new capacity, he will report to Stanley M. Kuriyama, the President and CEO of Alexander & Baldwin, Inc. The Land Group includes A&B Properties and the Company’s various agricultural businesses.
To facilitate the replacement of Benjamin as A&B’s Chief Financial Officer, the Company has initiated a search. Buelsing’s retirement and Benjamin’s appointment to his new role will be effective upon the hiring of a CFO.
Benjamin will remain in charge of the company’s evaluation of renewable energy opporutnities.
“His (Benjamin’s) effective leadership skills, strategic capabilities and knowledge of our agricultural businesses will allow the company to continue to exercise responsible stewardship over, and value creation from, our lands and I have no doubt he will be able to build upon the success we have achieved in our real estate business,” said Kuriyama.
Also announced today was the promotion of Rick W. Volner Jr., to general manager of HC&S. Volner currently serves as senior vice president of agricultural operations at HC&S.
The agricultural team at HC&S is credited with increasing sugar production by 35 percent from 2009 to 2010.
“As a Maui native, he combines a profound understanding of and respect for the local community with his deep knowledge of sugar farming and milling operations,” said Kuriyama of Volner. Volner’s promotion to G.M. takes effect on April 1, 2011.