3/3/1980 - Maritime Systems (MAR) - CORPORATE ANNOUNCEMENT

Maritime Systems (MAR) has had a problem with employee turnover in recent years, particularly in the top ranks. In January, the company appointed its fifth chief executive officer (CEO) in the past 10 years. Maritime has been the most conservative amongst the Hawaiian sugar and shipping companies, which has provided for slow growth and poor earnings. The primary reason for the senior executive turnover has been the inability for management and the executives to have a common vision. After hiring a new CEO, the shareholders are quick to pull the plug when they feel he has gone too far. The question now is if this time will be any different.

About Maritime Systems (MAR):
Maritime Systems is a shipping firm with agriculture and real estate interests. Subsidiary Matson Navigation carries ocean cargo between Hawaii, Guam, and West Coast ports such as Los Angeles, Oakland, Seattle, and Vancouver. Its 15-vessel fleet of container ships and barges carries cars, building materials, and perishable food. Founded in 1870, the company also develops and sells land. It has 91,000 acres, mostly used for agricultural purposes. Hawaiian Commercial & Sugar Company harvests raw sugar, and Kauai Coffee grows and markets green (unroasted) coffee beans.