ML&P board member tenders resignation
Duncan MacNaughton, who has been a member of the Maui Land & Pineapple Co. board of directors since 2004, submitted his resignation effective Dec. 27, the company reported.
MacNaughton served on the board’s audit, compensation, nominating and corporate governance committees, the filing with the Securities and Exchange Commission last month said. He did not depart the board as a result of disagreements with the company operations, policies or practices, the filing said.
MacNaughton is the chairman and founding partner of The MacNaughton Group/Poseidon Properties Inc., a group of companies that served Dillingham Corp.’s property development department, a Bloomberg profile said. He had a hand in the development of the Maui Marketplace in Kahului and the Kaanapali Royal resort condominiums.
He was replaced on Jan. 1 by David Heenan, a former ML&P board member. Heenan will serve as a member of the board until the company’s next annual meeting of stockholders or until a successor is elected, the filing said. He will assume MacNaughton’s committee posts.
Heenan previously served as a board member from 1999 until 2015, when he did not stand for re-election, the filing said. He has served as a trustee of The Estate of James Campbell, a private trust in Honolulu, since 1995; chairman, president and chief executive officer of Theo. H. Davies & Co. Ltd., the North American holding company for Hong Kong-based Jardine Matheson, from 1982 to 1995; and a director of Bank of Hawaii Corp. from 1993 until 2015.
Heenan, a visiting business professor at the College of William and Mary, was the chairman of the ML&P board from May 2003 to March 2004.
“His former experience leading a public company, as well as his public company board experience, provides a great depth of experience on which he can draw while serving on our board,” the filing said.
The other members of the ML&P board are Stephen Case, Warren Haruki, Anthony Takitani and Arthur Tokin.