News Releases

Monday, December 08, 2003

PARKER RANCH FOUNDATION TRUST SELECTION COMMITTEE FORMED

Waimea, Big Island of Hawaii ~ Parker Ranch Foundation Trust Trustees Mel Hewett, Tom Whittemore, and Carl Carlson, along with Trust beneficiaries, announced members of a Trust selection committee today. The role of the committee is to recommend five or more nominees to the Trustees for their consideration as successor trustees. The Trustees may appoint one or two of these individuals as new Trustees. Since Trustee Carlson announced his resignation in August pending the selection of his successor, Trustees Hewett and Whittemore will make the final decision on successor trustees.

Members of the committee include Robbie Alm, Alan Gartenhaus, James S. Greenwell, Jerry Hiatt, Duncan McNaughton, David Radin, Oz Stender, and Rick West.

Kathy Inkinen of Inkinen and Associates, an executive search firm, has been retained to help with the selection screening process. Resumes from individuals interested in becoming a Parker Ranch Foundation Trust Trustee should be forwarded to her at 1001 Bishop Street , Pauahi Tower , Suite 477 , Honolulu , Hawaii 96813 . The deadline for submission is January 11, 2004 .

In this selection process the committee will review screened resumes mid-January and present nominees to the Trustees late February 2004. In accordance with Richard Smart’s Will, the Trustees then have sole responsibility for naming their successor(s).

Following Trustee Carl Carlson’s resignation announcement, the three Trustees unanimously determined a two-year course of action to secure stability for the Trust parallel with planned transitions. During the course of 2004, Tom Whittemore, who has served the Parker Ranch Foundation Trust since 1999, and has been instrumental in developing the Trust investment policy and plan, will shift his duties and responsibilities to one of the successor Trustees.

In 2005, Mel Hewett, one of the original Trustees personally selected by Richard Smart prior to his death in 1992, will retire at age 70. 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 the new successor Trustees.

Since its inception in 1992, the Parker Ranch Foundation Trust initiated a three-phase evolution. The first phase, a period of probate settlement, litigation and short-term debt repayment, successfully concluded in 1999 with long-term debt restructuring. The Trust is about to emerge from the second phase with its diversification, land planning, expanded efforts to blend the visitor industry with Ranch history and lifestyle, and revenue enhancements. The third phase, one of asset appreciation, will increase distributions to trust beneficiaries and the greater Waimea community.

Parker Ranch is one of the largest ranches in the United States , spanning over 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.