ML&P's CEO David Cole resigns

KAHULUI -- With Maui Land & Pineapple Co. losing more money, company Chairman, President and Chief Executive Officer David Cole has resigned, leaving him out of a position that made him the second-highest-paid executive among large Hawaii companies.

Robert Webber, the company's chief operating officer since March and chief financial officer since May 2006, will succeed Cole as president and chief executive officer effective Jan. 1.

Cole called him "exceptionally well equipped to steer the company through these challenging times."

Warren Haruki, president and chief executive officer of Grove Farm and a ML&P director, will become chairman of the company on Jan. 1.

Cole will continue to serve as a ML&P director and as the company's representative on the boards of Hawaii BioEnergy and Hawaii Superferry.

The announcements came today in ML&P's release of its third-quarter earnings report.

The company reported a net loss of $8.7 million ($1.09 per share) for the third quarter, compared to a net loss of $155,000 (2 cents per share) for the same period in 2007.

"Lower revenues in 2008 primarily reflect a reduction in real estate sales in 2008 of approximately $50 million when compared to the same period in 2007, cessation of the sale of solid-pack pineapple products in the second half of 2007 and a reduction in visitor traffic," the report said.