UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE
SECURITIES EXCHANGE ACT OF
1934
Date of
report (Date of earliest event reported):
July 30, 2008
Central Pacific Financial
Corp.
(Exact
name of registrant as specified in its charter)
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Hawaii
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0-10777
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99-0212597
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(State
or other jurisdiction
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(Commission
File
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(I.R.S.
Employer
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of
incorporation)
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Number)
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Identification
No.
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220 South King Street,
Honolulu, Hawaii
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96813
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(Address
of principal executive offices)
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(Zip
Code)
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(808) 544-0500
(Registrant's
telephone number, including area code)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
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[
]
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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[
]
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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[
]
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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[
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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ITEM
5.02. DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN
OFFICERS
On July
31, 2008, Central Pacific Financial Corp. (the “Company”) announced
that its Board of Directors elected Mr. Ronald K. Migita to succeed Mr. Clint
Arnoldus as President and Chief Executive Officer of the Company and its bank
subsidiary, Central Pacific Bank (the “Bank”), effective August 1,
2008. Mr. Migita has been Chairman of the Board of Directors of the
Company and the Bank since September 2004 and will continue to serve in those
roles. Mr. Arnoldus, who had previously announced his decision to
retire on or before December 31, 2008, will also retire from the Board of
Directors effective August 1, 2008.
Mr.
Migita was the Chief Executive Officer of City Bank from 1997 to September 2004
and also served as Vice Chairman of City Bank’s Board of Directors during that
period. From September 2004 until February 2005, Mr. Migita served as
the Chairman of the Board of Directors of City Bank. He also served
as a director, Chief Executive Officer and President of CB Bancshares, Inc. from
1997 until September 2004.
Mr.
Migita’s compensation as Chief Executive Officer has not yet been
finalized.
In
connection with the election of Mr. Migita as President and Chief Executive
Officer of the Company, the Board of Directors has appointed Crystal K. Rose as
Lead Director. Ms. Rose is currently a member of the Audit Committee
and the Executive Committee and chairperson of the Corporate Governance and
Nominating Committee.
A copy of
the related press release is attached as Exhibit 99.1 to this Current Report on
Form 8-K and is incorporated by reference herein.
ITEM
9.01. FINANCIAL STATEMENTS AND EXHIBITS
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(d)
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Exhibits
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99.1
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Press
release of Central Pacific Financial Corp. dated July 31,
2008.
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SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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Central
Pacific Financial Corp.
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(Registrant)
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Date: July
31, 2008
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/s/ Clint
Arnoldus
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Clint
Arnoldus
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Chief
Executive Officer
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3
EXHIBIT INDEX
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Exhibit
No.
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Description
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99
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Press
release of Central Pacific Financial Corp. dated July 31,
2008.
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4