The chief executive of Maui Land & Pineapple Co. is resigning effective Friday, becoming the second CEO to resign from the financially struggling company in six months.

Robert Webber is stepping down as Maui Land's CEO and president after being appointed to the dual position in January.

The Kahului-based company with resort, pineapple farming and land development operations announced the change yesterday, but was unclear about the reason for the departure.

Webber's move is a loss for a company already thin on leadership, and will leave Maui Land with only one executive officer who has been at the company for more than five months.

The move comes amid mounting financial losses at the company, which has laid off more than 370 employees over the past year.

Warren Haruki, the CEO of Kaua'i firm Grove Farm Co. Inc. who became Maui Land's chairman of the board in January, was appointed by the board to be interim CEO while Maui Land searches for a replacement for Webber.

Haruki was not available for comment yesterday, according to a Maui Land spokeswoman.

Webber, in a written statement, said Maui Land has accomplished much in the past three years during a difficult external environment but that "as the company continues to restructure and cut costs, it is appropriate to streamline and clarify leadership."

Webber, who was 50 at the end of last year, added that the time is right for him to pursue other opportunities. "It has been a pleasure to serve with my colleagues at MLP and Kapalua," he said in the statement.

Haruki, in a memo to employees, thanked Webber for his effort and contribution, and wished him the best in future endeavors.

Webber had been Maui Land's top executive only since January, but had worked at the company since April 2006 when he was hired as chief financial officer after serving as president of California-based technology services firm DynTek Inc.

Webber also served as Maui Land's chief operating officer, a position eliminated after he was named CEO to replace David Cole, who resigned in December amid mounting losses and layoffs.

Under Webber, the company has had to resort to additional drastic steps to stay afloat, such as selling one of Kapalua Resort's golf courses in March for $50 million that helped prevent a default on Maui Land credit lines.

In the first three months of the year, Maui Land reported a $13.2 million net loss, compared with a loss of $414,000 in the same period last year.

First-quarter operating losses at the company's resort unit nearly doubled to $4.2 million. Maui Land's agriculture division reported an operating loss of $3.5 million due to lower pineapple sales, and the land development division had an operating loss of $3.2 million.

The first-quarter results came on the heels of a $79.4 million net loss for all of last year.

In January, the company announced layoffs for 100 employees at Kapalua Resort and its corporate headquarters, which followed a July 2008 round of layoffs that reduced the company's labor force by 274 workers, or 26 percent, largely in pineapple operations.

Webber's term as CEO by contract continued through April 2010. Without him, Maui Land is left with three executive officers including Haruki, based on executive officers defined by the company's annual report filed on March 31.

One of those officers is John P. Durkin, who joined the company on April 15 as chief financial officer. Durkin had spent much of his career in Japan in corporate finance and management positions, and most recently was managing director of Nikko Citi Holdings Co. Ltd. in Tokyo.

The other executive officer is Ryan Churchill, senior vice president of corporate development. Churchill has been with Maui Land since at least 2000.

Fred Rickert had been with the company since 2004 in various finance positions, including vice president and treasurer most recently. But Maui Land in its annual report said Rickert's employment with the company ended March 20.

Karee Carlucci, a spokeswoman for Maui Land, said other senior management officials include Wes Nohara, general manager of Maui Pineapple, and Gary Planos, senior vice president of resort operations.

Shares of Maui Land stock closed yesterday at $8.43, down $1.20 from Thursday's closing price, before the announcement of Webber's resignation. Maui Land shares over the past year have ranged from a high of $34.25 on July 22 to a low of $5.20 on March 9.