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Posted 02 February, 2023

Alexander & Baldwin, Inc. appointed Lance K. Parker as new CEO

NYSE:ALEX appointed new Chief Executive Officer Lance K. Parker in a 8-K filed on 02 February, 2023.


  The Board appointed Lance K. Parker as President and Chief Executive Officer of the Company, to be effective as of July 1, 2023.  

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Overview of Alexander & Baldwin, Inc.
Real Estate/Construction • Retail REITs
Alexander & Baldwin, Inc. engages in the real estate business. It operates through the Commercial Real Estate and Land Operations segments. The Commercial Real Estate segment includes investments and acquisitions, construction and development, and in-house leasing and property management. The Land Operations segment consists of legacy landholdings, assets, and liabilities subject to the company's simplification and monetization effort. The company was founded by Samuel Thomas Alexander and Henry Perrine Baldwin in 1870 and is headquartered in Honolulu, HI.
Market Cap
$1.29B
View Company Details
Alexander & Baldwin, Inc. by TradingView
Relevant filing section
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On January 28, 2023, Christopher J. Benjamin, Chief Executive Officer of Alexander & Baldwin, Inc. (the "Company"), announced his intention to retire as Chief Executive Officer effective as of June 30, 2023. In connection with Mr. Benjamin's retirement, his regular 2023 stock grant award will be made in time-based restricted stock units with a grant date value of $1,700,000; shares subject to such award will be issued to him on February 1, 2024. Mr. Benjamin is entering into a Consulting Agreement to provide transitional assistance with certain Company projects from July 1, 2023 to December 31, 2023, and he will be paid a retainer at the rate of $85,000 per month. In addition, Mr. Benjamin is entering into a letter agreement, which contains non-disclosure, non-compete, and release provisions in exchange for a payment of $1,500,000. The foregoing description of Mr. Benjamin's agreements is qualified in its entirety by reference to the actual terms of the applicable agreements, which are attached as exhibits hereto and are incorporated by reference herein.


The Board appointed Lance K. Parker as President and Chief Executive Officer of the Company, to be effective as of July 1, 2023. Mr. Parker, age 49, has served as the President and Chief Operating Officer since January 1, 2023. Previously, Mr. Parker served as Executive Vice President and Chief Operating Officer from November 2021 to December 2022, and Executive Vice President and Chief Real Estate Officer from March 2018 to October 2021. Mr. Parker first joined the Company in 2004 in its acquisitions group and has held positions of increasing responsibility since then, taking over leadership of the real estate operations in 2015.


In connection with Mr. Parker's appointment as President and Chief Executive Officer, he will receive an increase in his base salary from $563,000 annually to $675,000 annually. Mr. Parker will also receive an incremental equity award (50% as performance share units and 50% as time-based restricted stock units) with a grant date value of $750,000 to be granted on July 31, 2023. 


A copy of the press release announcing the retirement of Mr. Benjamin and appointment of Mr. Parker is filed herewith as Exhibit 99.1 and incorporated by reference herein.