A&B Names Ruthann Yamanaka Vice President, Human Resources; John Gasher To Retire

August 26, 2004

HONOLULU--(BUSINESS WIRE)--Aug. 26, 2004--Ruthann S. Yamanaka has been named vice president, human resources for Alexander & Baldwin, Inc. (NASDAQ:ALEX) effective September 1, 2004, announced A&B President & CEO Allen Doane. In her new position with A&B, Yamanaka succeeds John Gasher who will retire at the end of the year, following a 44-year career with A&B. Yamanaka will report to Doane and will be responsible for all human resources functions for A&B and its subsidiaries, including employee development and training, benefits, and compensation.

"We are very pleased to secure someone with the breadth and depth of experience that Ruthann possesses," said Doane, "and I look forward to the new perspectives she will bring to A&B's personnel planning and development." Doane continued, "We will miss John Gasher, who has played a key leadership role through many transformations at A&B, and we extend our thanks to him and his family for his many years of loyal service to the company."

Yamanaka joins A&B from Hawaiian Airlines, where she served as senior vice president-people services group for the past six years, overseeing a broad range of personnel-related functions for the 3,356-employee transportation company. She also served as the airline's interim corporate secretary for ten months in 2003. Previously, Yamanaka capped a 17-year career at the Bank of Hawaii with three years of service as senior vice president and assistant director-human resources; she had initially joined the bank's marketing department, working in communications, then moved into increasingly responsible positions in the customer service area.

Yamanaka earned a bachelor's of science degree from the University of Southern California and a master's degree in public health from the University of Hawaii-Manoa. Yamanaka has served on the boards of a number of community non-profits, and currently is vice chair of the board of the Girl Scout Council of Hawaii. She is a past president of both the Junior League of Honolulu and the Guild for Child & Family Service, which she also co-founded. She and her husband, Gregg, have an 11-year-old daughter, Kelsey Anne, and live in Manoa.

John Gasher began working for A&B subsidiary Matson Navigation Company in 1960 in Los Angeles. He was promoted in 1963 and moved to San Francisco, where he served in various operations positions and as the personnel manager for Matson Terminals, Inc. Gasher moved to Honolulu in 1983 and served as director, human resources for A&B. He was appointed vice president of A&B-Hawaii in January 1997 and was named vice president, human resources of A&B in 1999. John and his wife, Jody, plan to retire in Honolulu.

Alexander & Baldwin, Inc. (A&B), headquartered in Honolulu, has 2,039 employees engaged in real property development and management through its subsidiary A&B Properties, Inc.; in transportation through its subsidiaries Matson Navigation Company, Inc. and Matson Integrated Logistics, Inc.; and in food products through Hawaiian Commercial & Sugar Company and Kauai Coffee Company, Inc. Additional information about A&B may be found at its web site: www.alexanderbaldwin.com.

CONTACT:
Alexander & Baldwin, Inc.
Meredith J. Ching, 808-525-6669
mching@abinc.com

SOURCE: Alexander & Baldwin, Inc.