News Releases

Thursday, March 04, 2004

PARKER RANCH FOUNDATION TRUST NAMES NEW TRUSTEES

Waimea, Big Island of Hawaii ~ Parker Ranch Foundation Trust Trustees Mel Hewett and Tom Whittemore today announced the selection of Waimea resident John B. Ray and former Verizon President Warren H. Haruki as new Trustees. The Trustees assume their duties on March 5, 2004.

John Ray

Waimea resident John Ray serves as president of the Hawaii Leeward Planning Conference (HLPC), a Big Island membership-based planning organization, a position he has held since 1999. Prior to that, Ray served on the Hawaii County Council representing the districts of North and South Kohala, including Waimea, from 1994 to 1998. He is the co-founder of the Waimea Water Roundtable, a unique forum dealing with water resource issues, and was also the founding director of Waimea Main Street.

Ray is active on numerous councils and committees island-wide, supporting many in a leadership role. Among them are Governor Lingle’s West Hawaii Advisory Committee, Hawaii Island Burial Council, State Marine and Coastal Zone Advocacy Council, Hawaii State Forest Stewardship Committee, Big Island Business Council, West Hawaii Housing Foundation, Hawaii Island Community Development Corporation, South Kohala Traffic Safety Committee, Waimea Community Association and West Hawaii Family Support Services.

Warren Haruki

Warren Haruki, president of Verizon Hawaii from 1991 to 2003, began his career there in 1977. He held three vice presidential positions prior to being named as president and was ultimately accountable for this company with over 2,000 employees and annual operating revenues of $700 million.

Haruki is a CPA and serves on the First Hawaiian Bank Board of Directors as chair of the Audit Committee, along with the Board of Directors of Pacific Guardian Life Insurance Company, the Blood Bank of Hawaii, the 200 Club (an organization dedicated to supporting the firefighters and police officers of the Honolulu Police and Fire Departments), the Grand Slam Club (University of Hawaii’s baseball booster organization) and as past chair of the University of Hawaii Foundation and the Chamber of Commerce of Honolulu.

Warren Haruki maintains a residence in Waikoloa.

Following Trustee Carl Carlson’s resignation announcement in August 2003, the three Parker Ranch Foundation Trust Trustees (Mel Hewett, Carl Carlson and Tom Whittemore) unanimously determined a two-year course of action to secure stability for the Trust parallel with planned transitions. Carl Carlson’s resignation takes effect today upon selection of the Successor Trustee. Whittemore, who has served the Parker Ranch Foundation Trust since 1999, is completing his final year of Trust service. Whittemore, instrumental in developing the Trust investment policy and plan, will begin shifting his duties and responsibilities to Trustees Ray and Haruki.

In 2005, Mel Hewett, one of the original Trustees personally selected by Richard Smart prior to his death in 1992, will retire. Hewett’s understanding of the responsibilities of the Parker Ranch Foundation Trust, the intent of Richard Smart’s wishes for Trust beneficiaries and the Waimea community as outlined in his Will, and the asset appreciation phase of the Trust restructuring plan, will provide a knowledge bank for Trustees Ray and Haruki.

A trustee selection advisory committee comprised of community members and beneficiary representatives interviewed applicants and provided a short list of finalists to the Trustees. The Trustees, in accordance with the Parker Ranch Foundation Trust Agreement, then had sole responsibility for naming their successors.

Smart, a sixth generation member of the Parker Family was the last heir of Parker Ranch. He established the Parker Ranch Foundation Trust to benefit the Parker School Trust Corporation, Hawaii Preparatory Academy, Hawaii Community Foundation’s Richard Smart Fund and North Hawaii Community Hospital.

The Parker Ranch Foundation Trust began a three-phase evolution following Smart’s death in 1992. The first phase, a period of probate settlement and litigation following Richard Smart’s death, concluded in 1995. Existing short-term debt repayment was successfully concluded in 1999 with long-term permanent financial restructuring. Today, Parker Ranch continues to diversify assets in order to provide the Trust, as its sole stockholder, with income to fund beneficiaries and fulfill its mission. The structure of the Ranch has evolved to a modern efficient corporate governance model over the past ten years.

“We are confident the skills and knowledge of John Ray and Warren Haruki will perpetuate the legacy of Richard Smart and Parker Ranch,” said Trustee Mel Hewett. “As the Trust enters its next phase, that of continued diversification and asset appreciation to increase income to fund distributions to beneficiaries, John Ray and Warren Haruki will play key roles in achieving the long term intent of the Trust.”

Trustee Selection Advisory Committee member Robbie Alm commented that “as a representative of one of the Parker Ranch Foundation Trust beneficiaries, I appreciated the opportunity to participate in the selection process.”

Parker Ranch is one of the largest ranches in the United States, spanning approximately 175,000 acres across Hawaii s Big Island. It surrounds the town of Waimea and spreads between the Kohala and Mauna Kea mountains. The ranch is owned by the Parker Ranch Foundation Trust for the benefit of four local charities: North Hawaii Community Hospital, Hawaii Preparatory Academy, Parker School Trust Corporation and the Richard Smart Fund of the Hawaii Community Foundation. The assets of Parker Ranch Foundation Trust are managed by the Trustees.

For more information call 808-885-7311.

-pau-