News Releases

Monday, April 25, 2005

PARKER RANCH FOUNDATION TRUST NAMES SUCCESSOR TRUSTEE

Parker Ranch Foundation Trust Trustees Mel Hewett, John Ray and Warren Haruki announced the selection of Timothy E. Johns as new Trustee. Johns will assume his duties on June 1, 2005.

Johns is currently Chief Operating Officer for the Estate of Samuel Mills Damon, a position he has held in Honolulu for more than four years. Johns was the chairperson of the State Department of Land and Natural Resources having served as that department’s Deputy Director for seven months prior to being named chairperson. He has also served as Vice-President and General Counsel for AMFAC Property Development Corporation, he has been a Lecturer in Business Law at the University of Hawaii and Windward Community College and held the position of Director of Land Protection with the Nature Conservancy of Hawaii.

Johns received his bachelor’s degree in history and business economics from the University of California, Santa Barbara, with honors. That was followed by a master’s degree in economics and Juris Doctor from the University of Southern California Law Center.

His extensive community involvement includes active membership with the State of Hawaii Board of Land and Natural Resources, the Northwestern Hawaiian Island Coral Reef Ecosystem Reserve Advisory Council and the Rotary Club of Honolulu. Johns serves on the board of directors for Hawaiian Electric Company, Inc., Grove Farm Company, Inc., YMCA of Honolulu, Hawaii Nature Center, St. Andrew’s Priory School, Child & Family Services, Helping Hands Hawaii, ‘Ike ‘Aina, Diamond Head Theatre and Hawaii Public Television Foundation.

“Parker Ranch has enjoyed a long and proud tradition. I am humbled to be given the opportunity to help perpetuate that tradition, ” said Johns. In his new position, Johns will maintain a residence in the Waimea area.

The selection of Johns as Trustee concludes a two-year course of action for the Parker Ranch Foundation Trust parallel with planned transitions. Former Trustees Carl Carlson and Tom Whittemore retired in 2004. John Ray and Warren Haruki were named as their successors.

Mel Hewett, one of the original Trustees personally selected by Richard Smart prior to his death in 1992, will retire by year-end. Hewett has provided a knowledge bank for Trustees Ray and Haruki and has helped to ensure Trust stability during this period of transition.

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 the successor Trustee.

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.

“Tim Johns’ Trust experience and knowledge of land stewardship and natural resources that he brings during this crucial phase of asset appreciation and diversification will be valuable,” said Trustee Warren Haruki. “Tim will play a key role in helping to perpetuate the legacy of Richard Smart, in achieving the long term intent of the Trust, and increasing income to fund distributions to beneficiaries.”

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 808-885-2303.