Hawaiian Electric Industries Inc 8-K/A, filed Jan 6, 2023
Hawaiian Electric Industries Inc (HE)
8-K/A
2023-01-06
For: 2023-01-03
View Original
Added on
April 07, 2026
About this 8-K/A
Hawaiian Electric Industries Inc filed this 8-K/A on January 6, 2023, reporting on events of January 3, 2023.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: January 3, 2023
| Exact Name of Registrant | Commission | I.R.S. Employer | ||||||
| as Specified in Its Charter | File Number | Identification No. | ||||||
State of Hawaii
(State or other jurisdiction of incorporation)
(Address of principal executive offices and zip code)
Registrant’s telephone number, including area code:
(808 ) 543-5662
Not applicable
(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:
Securities registered pursuant to 12(b) of the Act:
| Registrant | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||
| Hawaiian Electric Industries, Inc. | |||||||||||
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 of this chapter) or Rule12b-2 of the Securities Act of 1934 (§240.12b-2 of 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. ☐
Explanatory Note:
This Current Report on Form 8-K/A (this “Amendment”) is being filed to correct the properly approved Current Report on Form 8-K (the “Original Report”) filed by HEI on January 3, 2023, which inadvertently omitted a conformed signature on the signature page. The sole purpose of this Amendment is to add a conformed signature on the signature page. No other changes have been made to the Original Report.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 3, 2023, Hawaiian Electric Industries, Inc. (HEI or the Company) announced that Paul K. Ito, the Company’s current Vice President-Taxes, Controller and Treasurer and Interim Chief Financial Officer, has been appointed as the Company’s Executive Vice President and Chief Financial Officer (CFO), effective January 1, 2023. Mr. Ito originally joined HEI in February 2018 as VP-Taxes and Controller, and subsequently added the role of Assistant Treasurer, followed by Treasurer and, since July 2022, Interim Chief Financial Officer. Before joining HEI, Mr. Ito served as Chief Financial Officer and Treasurer at Alexander & Baldwin, Inc. (A&B) (ALEX (NYSE)).
As compensation for serving as CFO, Mr. Ito will receive a base salary of $475,000 and, as a current officer of the Company, will continue to participate in HEI’s annual Executive Incentive Compensation Plan, Long-Term Incentive Plan and annual equity compensation program through the Company’s 2010 Equity and Incentive Plan. Mr. Ito will also receive a supplemental Restricted Stock Unit grant in an amount equal to $237,500. In addition, HEI will enter into a new change-in-control agreement with Mr. Ito that is substantially similar to the change-in-control agreements HEI has entered into with certain of its executive officers, with a two-times multiple to be used in determining his benefits thereunder. Mr. Ito also will be eligible to receive other benefits generally provided to HEI executive officers.
There are no arrangements or understandings between Mr. Ito and any other person pursuant to which he was selected as an officer, no family relationships between Mr. Ito and any other executive officer or director, and no related person transactions within the meaning of Item 404(a) of Regulation S-K between Mr. Ito and HEI.
A copy of the press release announcing the HEI management change is attached hereto as Exhibit 99.
Item 7.01 Regulation FD Disclosure.
On January 3, 2023, HEI issued a news release, “HEI appoints Paul Ito as Chief Financial Officer.” This news release is furnished as Exhibit 99.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits | |||||
News release, dated January 3, 2023, “HEI appoints Paul Ito as Chief Financial Officer.” | |||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||
The information furnished in connection with Item 7.01 of this current report on Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| HAWAIIAN ELECTRIC INDUSTRIES, INC. | ||||||||
| (Registrant) | ||||||||
| /s/ Kurt K. Murao | ||||||||
| Kurt K. Murao | ||||||||
| Executive Vice President, General Counsel, | ||||||||
| Chief Administrative Officer and Corporate Secretary | ||||||||
Date: January 6, 2023 | ||||||||
2
HEI Exhibit 99
FOR IMMEDIATE RELEASE
HEI appoints Paul Ito as Chief Financial Officer
HONOLULU, Jan. 3, 2023 – Hawaiian Electric Industries, Inc. (HEI) (NYSE: HE), the parent company to Hawaiian Electric Company, Inc. (Hawaiian Electric) and American Savings Bank, F.S.B. (ASB), has appointed Paul K. Ito as executive vice president and chief financial officer (CFO), effective January 1, 2023. Ito has been serving as HEI’s interim CFO since July 2022. Ito was selected following a broad, national search conducted by the HEI leadership team and its board of directors.
Ito has been with HEI since 2018, where he has served as vice president of tax, controller and treasurer. He has led the accounting, financial reporting, tax and treasury functions, and provided support in the enterprise risk management, investment analysis, and strategic and operating plan functions. Ito also managed HEI’s information technology efforts, leading digital transformation initiatives in accounting, tax and financial reporting.
“We are thrilled to promote Paul as our CFO,” said Scott Seu, HEI’s president and CEO. “He’s a strong and strategic leader, and his hands-on and disciplined approach in delivering effective financial management will bring value to our stakeholders and support our companies’ ongoing mission to make Hawai‘i better.”
Prior to joining HEI, Ito was senior vice president and CFO at Alexander & Baldwin, Inc. (A&B) (NYSE: ALEX), one of Hawai‘i’s leading commercial real estate companies. During his employment at A&B (2005-2017), his other roles included director of internal audit, corporate controller and treasurer. Ito worked in the audit practice at Deloitte & Touche, LLP’s offices in Honolulu and San Jose, and Deloitte’s national office in San Francisco (1996-2005).
“I am excited and honored to have this opportunity to expand my role at HEI,” said Ito. “It’s an exciting time at our family of companies. I look forward to continuing my work with Scott and our entire leadership team, including Shelee Kimura at Hawaiian Electric and Ann Teranishi at ASB, and continuing to contribute to the financial stability, growth and success of the company.”
Ito holds a bachelor of business administration from University of Hawai‘i at Manoa and a master in professional accounting degree with a concentration in managerial accounting from University of Texas in Austin. Ito is a certified public accountant (not in public practice).
HEI • 1001 Bishop Street, Suite 2900 • Honolulu, HI 96813
Mailing Address: P.O. Box 730 • Honolulu, HI 96808-0730
About HEI
The Hawaiian Electric Industries, Inc. (HEI) (NYSE: HE) family of companies provides the energy and financial services that empower much of the economic and community activity of Hawaiʻi. HEI's electric utility, Hawaiian Electric, supplies power to approximately 95% of Hawaiʻi’s population and is undertaking an ambitious effort to decarbonize its operations and the broader state economy. Its banking subsidiary, American Savings Bank, is one of Hawaiʻi’s largest financial institutions, providing a wide array of banking and other financial services and working to advance economic growth, affordability and financial fitness. HEI helps advance Hawaiʻi’s sustainability goals through investments by its non-regulated subsidiary, Pacific Current. For more information, visit www.hei.com.
###
| For media inquiries, please contact: | ||
| AJ Halagao | ||
| Vice President, | ||
| Corporate & Community Advancement | ||
| (808) 543-7625 | ||
| ajhalagao@hei.com | ||
| Julie Smolinski | ||
| Vice President, | ||
| Investor Relations & Corporate Sustainability | ||
| (808) 543-7300 | ||
| ir@hei.com | ||
HEI • 1001 Bishop Street, Suite 2900 • Honolulu, HI 96813
Mailing Address: P.O. Box 730 • Honolulu, HI 96808-0730