Alexander & Baldwin, Inc. Announces Chief Executive Officer Changes
February 01, 2023 at 04:01 pm EST
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Alexander & Baldwin, Inc. ("A&B") announced that Lance K. Parker, currently A&B's president & chief operating officer (COO), has been appointed the Company's new president & chief executive officer (CEO) effective July 1, 2023. Parker will succeed CEO Christopher J. Benjamin who will retire on June 30 but serve as a consultant through the end of 2023 to ensure a smooth transition and complete various aspects of A&B's simplification strategy. Lance Parker, formerly head of A&B's real estate division, was named COO in 2021 and promoted to president earlier this year. He was instrumental in transforming A&B into one of Hawai`i's leading commercial real estate companies and the only real estate investment trust focused on and headquartered in the state. Parker joined the Company in 2004 in an acquisition role and has held positions of steadily increasing responsibility throughout his career at A&B. Parker oversaw the highly successful migration of A&B's once-disparate mainland commercial portfolio back to Hawai`i and the development of a fully-integrated, in-house property management and leasing capability. Parker began his career in commercial real estate in Southern California before returning to the islands to join the Company. He holds a bachelor's degree in finance from the University of Southern California and is a graduate of Kamehameha Schools.
Alexander & Baldwin, Inc. (A&B) is a real estate investment trust (REIT). The Company is focused on owning, operating, and developing commercial real estate. The Company operate through two segments: Commercial Real Estate and Land Operations. The Commercial Real Estate segment functions as a vertically integrated real estate investment company with competencies in investments and acquisitions, including identifying opportunities and acquiring properties; construction and development, including designing and ground-up development of new properties and in-house leasing and property management. The Land Operations segment includes the Company's landholdings, assets, and liabilities that are subject to the Company's simplification and monetization effort. It owns, operates, and manages approximately 3.9 million square feet of commercial space in Hawai'i, including 22 retail centers, 13 industrial assets and four office properties, as well as 142 acres of ground leases.