UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of
Report (Date of earliest event reported): March
10, 2008
CENTRAL
PACIFIC FINANCIAL CORP.
(Exact
name of registrant as specified in its charter)
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HAWAII
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0-10777
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99-0212597
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(State
or other jurisdiction
of
incorporation)
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(Commission
File
Number)
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(IRS
Employer
Identification
No.)
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220
SOUTH KING STREET
HONOLULU,
HAWAII 96813
(Address,
including zip code, of principal executive office)
Registrant’s
telephone number, including area code:
(808) 544-0500
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
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¨
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Written
communication pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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¨
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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¨
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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¨
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item 5.02
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Departure
of Directors or Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain
Officers.
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On March
10, 2008, Mr. Clint Arnoldus announced his decision to retire as President and
Chief Executive Officer of Central Pacific Financial Corp. and its bank
subsidiary, Central Pacific Bank, on or before December 31,
2008. He will retire as a director at the same time of both
companies.
Mr.
Arnoldus has entered into an early retirement agreement with the
Company. The agreement provides that Mr. Arnoldus will continue to
serve as Chief Executive Officer until his retirement and will assist the Board
in identifying and selecting a successor and achieving a successful leadership
transition. Mr. Arnoldus’ compensation and benefits will
continue to be governed by his employment agreement until his retirement, at
which time he will be eligible for the benefits provided to him upon a
termination without “Cause”.
Attached
as Exhibit 10.1 is a copy of the early retirement agreement.
For
additional information, see the press release attached hereto as Exhibit
99.1.
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Item 9.01
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Financial
Statements and Exhibits
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(d) Exhibits
10.1 Early Retirement
Agreement dated March 10, 2008.
99.1 Press Release dated
March 10, 2008.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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CENTRAL
PACIFIC FINANCIAL CORPORATION
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By:
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/s/
Ronald K. Migita
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Name:
Title:
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Ronald
K. Migita
Chairman
of the Board
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Date:
March 10, 2008