8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 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): August 23, 2022

ALEXANDER & BALDWIN, INC.

(Exact name of registrant as specified in its charter)

Hawaii			001-35492	45-4849780
(State or other jurisdiction of incorporation or organization)			(Commission File Number)	(I.R.S. Employer Identification No.)
P. O. Box 3440,	Honolulu,	Hawaii		96801
(Address of principal executive offices)				(Zip Code)

(808) 525-6611

(Registrant’s telephone number, including area code)

N/A

(Former name or former address,

if changed since last report)

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 (see General Instruction A.2.):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, without par value	ALEX	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 if this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 if this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On August 22, 2022, the Board of Directors of Alexander & Baldwin, Inc. (the “Company”) appointed Clayton K.Y. Chun as Executive Vice President, Chief Financial Officer, and Treasurer of the Company, to be effective as of December 1, 2022. Mr. Chun will replace Brett A. Brown, whose last day as an officer of the Company is expected to be November 30, 2022.

Mr. Chun, age 44, has served as the Senior Vice President, Chief Accounting Officer and Controller since February 1, 2019. In connection with this transition, Mr. Chun’s title will be Senior Vice President and Chief Accounting Officer from October 1, 2022 to November 30, 2022. Previously, Mr. Chun served as Vice President, Chief Accounting Officer and Controller from March 1, 2018 to January 31, 2019; Chief Accounting Officer and Controller from January 30, 2018 to February 28, 2018; and Controller from September 1, 2015 to January 29, 2018.

In consideration of his new duties and responsibilities, Mr. Chun will (i) be paid an annual base salary of $400,000, (ii) participate in the Company’s Performance Improvement Incentive Plan, with an annual target (prorated for 2022) of 70% of his base salary, and (iii) enter into a change in control agreement in the form as entered into by the Company with new executive officers. A copy of the press release announcing the appointment of Mr. Chun is filed herewith as Exhibit 99.1 and incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits.

(d)     Exhibits

99.1	Press release issued by Alexander & Baldwin, Inc. on August 23, 2022.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

                        Date:  August 23, 2022

                        ALEXANDER & BALDWIN, INC.

                        /s/ Christopher J. Benjamin

                        Christopher J. Benjamin

                        President and Chief Executive Officer

EX-99.1

FOR IMMEDIATE RELEASE

Alexander & Baldwin Announces Appointment Of Clayton K.Y. Chun

As Chief Financial Officer

Honolulu (August 23, 2022) – Alexander & Baldwin, Inc. (NYSE: ALEX) (“A&B” or “Company”) today announced the appointment of Clayton K.Y. Chun to executive vice president and chief financial officer, effective December 1, 2022. Mr. Chun will succeed Brett A. Brown as part of the Company’s continuing simplification efforts and growing focus on Hawai‘i commercial real estate. The Company also announced the appointment of Anthony J. Tommasino to vice president and controller, effective October 1, 2022. Mr. Brown will remain with the Company through November 30, 2022, to support the transition.

A&B CEO Chris Benjamin commented: “Clayton has been a key member of the A&B leadership team over the past seven years as we have transformed the Company into a focused, Hawai‘i CRE business, and Anthony has been an outstanding addition to our finance team since he joined in 2021 as director of financial reporting and technical accounting. With our simplification efforts nearing completion, we are taking steps to streamline our executive management team as well, and these promotions are the next important step in shaping the team that will lead us into the future. I want to thank Brett for his important contributions over the past three years as we sold significant assets, strengthened our balance sheet, and implemented REIT industry systems, reporting metrics and capital markets tools to ensure success, positioning A&B with a strong foundation for growth into the future.”

Mr. Chun is chief accounting officer of Alexander & Baldwin and has been with the Company since 2015. He is responsible for the Company’s accounting, financial reporting and tax functions. Mr. Chun has been involved in all financial aspects of the Company’s transition to a real estate investment trust over the past five years, including the revamping of the Company’s financial systems to support its commercial real estate focus. Prior to joining A&B, Mr. Chun was a senior manager in the audit practice of Deloitte in Los Angeles where he worked for 15 years. Mr. Chun is a certified public accountant (inactive). He earned a master’s degree in accounting from the University of Southern California and a bachelor of

arts and sciences degree in economics from Washington University in St. Louis, Missouri.

Mr. Tommasino has served as the Company’s director of financial reporting and technical accounting since joining in June 2021. Prior to A&B, Mr. Tommasino served as the director of accounting at Hawai‘i Gas and as audit senior manager at Deloitte where he worked for 14 years. Mr. Tommasino is a certified public accountant and earned bachelor of science degrees in accounting and finance from Villanova University.

###

About Alexander & Baldwin, Inc.

Alexander & Baldwin, Inc. (NYSE: ALEX) (A&B) is the only publicly-traded real estate investment trust to focus exclusively on Hawai‘i commercial real estate and is the state's largest owner of grocery-anchored, neighborhood shopping centers. A&B owns, operates and manages approximately 3.9 million square feet of commercial space in Hawai‘i, including 22 retail centers, 12 industrial assets and four office properties, as well as 141 acres of ground leases. A&B is expanding and strengthening its Hawai‘i CRE portfolio and achieving its strategic focus on commercial real estate by monetizing its remaining non-core assets. Over its 152-year history, A&B has evolved with the state's economy and played a leadership role in the development of the agricultural, transportation, tourism, construction, residential and commercial real estate industries. Learn more about A&B at www.alexanderbaldwin.com.

Contact:

A&B Investor Relations

(808) 525-8475

investorrelations@abhi.com

XML

Cover Page	Aug. 23, 2022
Cover [Abstract]
Document Type	8-K
Date of Report	Aug. 23, 2022
Entity Registrant Name	ALEXANDER & BALDWIN, INC.
Entity Incorporation, State or Country Code	HI
Entity File Number	001-35492
Entity Tax Identification Number	45-4849780
Entity Address, City or Town	HI
Entity Address, City or Town	Honolulu,
Entity Address, Postal Zip Code	96801
Entity Address, Address Line One	P. O. Box 3440,
City Area Code	(808)
Local Phone Number	525-6611
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, without par value
Trading Symbol	ALEX
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0001545654
Amendment Flag	false