Hawaiian Electric Industries Inc 8-K, filed Oct 5, 2021
Hawaiian Electric Industries Inc (HE)
8-K
2021-10-05
For: 2021-10-01
View Original
Added on
April 07, 2026
About this 8-K
Hawaiian Electric Industries Inc filed this 8-K on October 5, 2021, reporting on events of October 1, 2021.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 9.01: Financial statements and exhibits
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: October 1, 2021
| 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 - HEI
(808 ) 543-7771 - Hawaiian Electric
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
| Hawaiian Electric Industries, Inc. | Hawaiian Electric Company, Inc. | ||||||||||
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.
| Hawaiian Electric Industries, Inc. | ☐ | Hawaiian Electric Company, Inc. | ☐ | ||||||||
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 5, 2021, Hawaiian Electric Industries, Inc. (HEI or the Company) announced that Scott W. H. Seu, 55, will succeed Constance H. Lau as President and Chief Executive Officer (CEO) of HEI effective January 1, 2022. Mr. Seu is currently President and CEO of the Company’s wholly owned subsidiary, Hawaiian Electric Company, Inc. (Hawaiian Electric). Mr. Seu has held a variety of leadership roles with Hawaiian Electric since he first joined the company in August 1993. Prior to becoming President and CEO of Hawaiian Electric in February 2020, Mr. Seu served as Senior Vice President, Public Affairs from January 2017 to February 2020, Vice President, System Operation from May 2014 to January 2017, Vice President, Energy Resources and Operations, from January 2013 to May 2014, and Vice President, Energy Resources, from August 2010 to December 2012. In addition, effective January 1, 2022, the HEI board of directors appointed Mr. Seu to serve as a director of HEI, and the board of directors of HEI’s wholly owned indirect subsidiary, American Savings Bank, F.S.B. (ASB), appointed Mr. Seu to serve as a director and chairperson of ASB’s board of directors. Also effective January 1, 2022, Ms. Lau will resign from the HEI and ASB boards of directors and Mr. Seu will resign from the Hawaiian Electric board of directors.
As part of his compensation package for his new role as HEI President and CEO, Mr. Seu will receive an initial annual base salary of $875,000 and will be eligible for merit increases in future years. As a current executive officer of the Company, Mr. Seu participates 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. Seu will continue to participate in these plans in his new role, with future awards to be determined by the Compensation Committee in the normal course. In addition, upon his becoming President and CEO of HEI, HEI will enter into a new change-in-control agreement with Mr. Seu that is substantially similar to the change-in-control agreements HEI has entered into with certain of its executive officers, including the agreement entered into with Mr. Seu in his capacity as President and CEO of Hawaiian Electric, except that the new change-in-control agreement will provide that a three-times multiple will be used in determining his benefits thereunder. Mr. Seu also will be eligible to receive other benefits generally provided to HEI executive officers.
There are no arrangements or understandings between Mr. Seu and any other person pursuant to which he was selected as an officer, no family relationships between Mr. Seu 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. Seu and HEI.
Also, in connection with Mr. Seu’s appointment as President and CEO of HEI, on October 5, 2021, the Company and Hawaiian Electric announced that Shelee M. T. Kimura will become President and CEO of Hawaiian Electric effective as of January 1, 2022. In addition, effective January 1, 2022, the Hawaiian Electric board of directors appointed Ms. Kimura to serve as a director of Hawaiian Electric. Ms. Kimura has served as Senior Vice President, Customer Service and Public Affairs of Hawaiian Electric since October 2020. Prior to this, Ms. Kimura served as Senior Vice President, Customer Service from February 2019 to October 2020, Senior Vice President, Business Development and Strategy from January 2017 to February 2019, and Vice President, Corporate Planning & Business Development from May 2014 to January 2017. Before joining Hawaiian Electric, Ms. Kimura worked with HEI’s Investor Relations and Corporate Finance groups from August 2004 to May 2014.
A copy of the press release announcing the HEI management change is attached hereto as Exhibit 99.
1
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits | |||||
Connie Lau to Retire as President and CEO of Hawaiian Electric Industries | |||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized. The signature of the undersigned companies shall be deemed to relate only to matters having reference to such companies and any subsidiaries thereof.
| HAWAIIAN ELECTRIC INDUSTRIES, INC. | HAWAIIAN ELECTRIC COMPANY, INC. | ||||
| (Registrant) | (Registrant) | ||||
| /s/ Gregory C. Hazelton | /s/ Tayne S. Y. Sekimura | ||||
| Gregory C. Hazelton | Tayne S. Y. Sekimura | ||||
| Executive Vice President and | Senior Vice President and | ||||
| Chief Financial Officer | Chief Financial Officer | ||||
| Date: October 5, 2021 | Date: October 5, 2021 | ||||
3
HEI Exhibit 99
FOR IMMEDIATE RELEASE
Connie Lau to retire as president and CEO
of Hawaiian Electric Industries
Utility president and CEO Scott Seu to lead parent company
Shelee Kimura appointed Hawaiian Electric president and CEO
Shelee Kimura appointed Hawaiian Electric president and CEO
HONOLULU, Oct. 5, 2021 – Constance “Connie” Lau, president and CEO of Hawaiian Electric Industries, Inc. (HEI) (NYSE:HE) will retire after 15 years as the leader of the parent company of electric utility Hawaiian Electric and community bank American Savings Bank.
Scott Seu, president and CEO of Hawaiian Electric, HEI’s largest subsidiary, will be named HEI’s new chief executive, effective Jan. 1, 2022. He will also be appointed to the HEI board of directors and become the chair of the American Savings Bank board of directors, replacing Lau on those boards, also effective Jan. 1, 2022.
Shelee Kimura, senior vice president of customer service and public affairs at Hawaiian Electric, will succeed Seu as the utility’s president and CEO, becoming the first female chief executive in the company’s 130-year history.
Lau has been with the HEI family of companies since 1984 and has held the top post at HEI since 2006. She served as president and CEO of American Savings Bank from 2001 to 2008, and prior to that, held key leadership positions at HEI and Hawaiian Electric.
The appointments of Seu and Kimura, as well as the appointment of Ann Teranishi, who became president and CEO of American Savings Bank earlier this year, came as part of a multi-year succession planning process undertaken by the boards of directors of HEI, Hawaiian Electric and American Savings Bank.
“With years of experience in our companies and in the communities we serve, Scott and Shelee have helped lead Hawaiian Electric’s clean energy transformation and are committed to the decarbonization of our economy and the health of our communities,” Lau said. “They understand what’s at stake for Hawaiʻi and how to work successfully with stakeholders and community partners. I am excited about the future of our companies under the leadership of Scott, Shelee and Ann. Together with Greg Hazelton and Kurt Murao, HEI’s chief financial officer and general counsel, respectively, they will carry forward our mission to be a catalyst for a better Hawaiʻi."
The new leadership team combined has more than 75 years of experience with the HEI companies.
- more -
HEI and Hawaiian Electric Leadership Transition
Page 2 of 5
About Scott Seu
Seu was named president and CEO of Hawaiian Electric in February 2020. Under Seu’s leadership, the company achieved a renewable portfolio standard (RPS) of nearly 35 percent, surpassing the 2020 state goal of 30 percent.
Hawaiian Electric continues to be a national leader in rooftop solar adoption and the use of electric vehicles, helping to reduce carbon emissions throughout the state economy.
Seu, 55, is a graduate of Kamehameha Schools and received his bachelor's and master's degrees in mechanical engineering from Stanford University. He joined Hawaiian Electric in 1993 and has held key leadership positions across the company, including in the areas of environmental management, customer programs, renewable energy development, electric system operations and community relations. He has been at the center of Hawaiian Electric’s commitment to high performance, efficiency improvement, environmental sustainability and community service.
Earlier this year, Hawaiian Electric began operating under a performance-based regulation (PBR) framework, among the vanguard in the U.S. energy industry. This new business model seeks to ensure alignment of the company’s priorities with customer needs and broader societal goals like clean energy. With this framework in mind, Seu and his leadership team developed Hawaiian Electric’s new five-year strategic plan, with goals to create customer value, strengthen the company’s foundation and build a stronger Hawaiʻi.
“Anyone who works with Scott knows he’s committed not just to getting things done but to finding solutions that are fair, equitable and practical,” said Tom Fargo, chairman of the board of HEI. “That’s what we’re talking about when we say we want HEI to be a catalyst for a better Hawaiʻi. That’s why Scott is the person to lead the company at a time when Hawaiʻi’s energy independence is on the horizon and there are so many opportunities to help empower our communities.”
Seu was on the core team leading the implementation of the groundbreaking 2008 clean energy agreement that was the product of a unique partnership of the utility and the state and federal governments to accelerate Hawaiʻi’s transition off imported fossil fuels.
For the past three years, he has helped lead the working group organized by Hawaiian Electric to work with community members in the Koʻolaupoko region of Oʻahu to advance resilience planning.
“I’m humbled and honored to be selected as the next president and CEO of the HEI family of companies, and I mahalo Connie, Tom and our board of directors for entrusting me with this responsibility to serve our customers, our employees, and our shareholders,” Seu said. “HEI and its operating companies, Hawaiian Electric, American Savings Bank and Pacific Current, make up one of Hawaiʻi’s largest corporations, touching nearly all of Hawaiʻi’s population. With that comes an obligation to positively impact Hawaiʻi’s future and I’ll do my best, working with our entire team, to support the well-being of our communities.”
Seu is board chair of Hale Kipa, one of Hawaiʻi’s leading youth services organizations, and serves as a board member for Teach for America Hawaiʻi and the Electric Power Research
HEI and Hawaiian Electric Leadership Transition
Page 3 of 5
Institute. He also supports the University of Hawaiʻi at Mānoa’s College of Engineering as a member of the Dean’s Council.
About Shelee Kimura
Since joining Hawaiian Electric in 2014, Kimura has held numerous senior leadership positions in the company, including senior vice president for customer service and public affairs and senior vice president for business development and strategy.
Kimura was instrumental in developing Hawaiian Electric’s 2015-2020 transformation strategy, which helped guide the leap from a traditional utility model to a transformative clean energy leader in the industry. She co-led the team that executed the transformation plan and helped set the framework for the company’s culture to become more nimble, innovative and focused on the needs of customers. During this period, the company’s customer satisfaction improved from one of the lowest in the industry to the top third.
Kimura has worked to develop more constructive and equitable markets for renewable resources and more collaborative relationships with stakeholders, including those representing the environment, clean transportation, utility-scale renewables, and the rooftop solar industry. She has overseen an expansion of programs that helped hasten the pace of residential adoption to more than 90,000 private rooftop solar systems today and large-scale renewable resources that have more than doubled over the last five years. Most recently, she has led a company group working with nonprofit and government agencies to address the needs of low and moderate-income customers, especially during the pandemic.
“Shelee is a roll-up-her-sleeves kind of leader and problem-solver who comes to the job with a wealth of experience inside and outside the company,” said Tim Johns, chairman of the Hawaiian Electric board of directors. “She understands the critical role the company plays in Hawaiʻi, not just keeping the lights on, but providing leadership to tackle the challenges of climate change in ways that are equitable and responsive to communities.”
“It is a true honor to be selected to lead Hawaiian Electric in this critical time,” Kimura said. “Like many in Hawaiʻi, I was raised with a sense of responsibility and stewardship for this incredibly special place. I step into this role with humility and a deep sense of kuleana to Hawaiʻi’s future, the communities we serve and our dedicated employees who serve them. As we pursue our mission, we can help create a sustainable, equitable and thriving Hawaiʻi, and I look forward to working with many others to do just that.”
Before joining Hawaiian Electric, Kimura spent 10 years at HEI, leading corporate finance and investments, investor relations and strategic planning. From 1996 to 2004, she worked in the audit, advisory and consulting practices at Arthur Andersen and KMH LLP.
Kimura has received numerous recognitions for her business, leadership and community contributions, including the Clean Energy Education and Empowerment (C3E) national business award, Hawaiʻi Business Magazine’s 20 for the Next 20, and Girl Scouts Women of Distinction.
Kimura, 48, is a graduate of Aiea High School, and holds a bachelor’s degree in business administration from the University of Hawaiʻi at Mānoa, where she was a presidential scholar. Kimura is an Omidyar Fellow and is a graduate of the Advanced Management Program of the Wharton School of the University of Pennsylvania. She serves on the University of Hawaiʻi
HEI and Hawaiian Electric Leadership Transition
Page 4 of 5
Outreach College Advisory Council and the audit committee of Kamehameha Schools as well as the boards of Nā Kama Kai and Hawaiʻi Institute of Public Affairs.
About Connie Lau
Lau’s career with HEI and its subsidiaries has spanned numerous leadership roles and included spearheading key initiatives that have transformed the companies. In 2008, she signed the agreement with the governor and other leaders that set the course for Hawaiian Electric’s clean energy transition as part of the Hawaiʻi Clean Energy Initiative. She also led the transformation of American Savings Bank from a thrift institution to a full-service community bank that is now the third largest in the state.
Lau, 69, was central to developing and guiding HEI’s mission to be a catalyst for a better Hawaiʻi, a mission rooted in HEI’s belief that its success and Hawaiʻi’s are inextricably linked. HEI’s commitment to advancing the health of the state’s environment, economy and communities has made the recent growth in investor and other stakeholder focus on environmental, social and governance (ESG) considerations a natural fit. The company has become a recognized ESG leader, and was one of the first in Hawaiʻi to focus on ESG in its reporting and to outline its ESG priorities, including decarbonization and economic health and affordability of Hawaiʻi.
Lau is a nationally recognized leader in the fields of critical infrastructure, resilience and physical and cyber security, banking and energy. Since 2012, Lau has chaired the National Infrastructure Advisory Council which advises the President of the United States on the security of the 16 critical infrastructure sectors and their information systems.
“Connie provided steady and thoughtful leadership through a time of unprecedented change in the energy and banking industries, but more than that, she was always asking ‘What’s next?’ and anticipating the next challenge,” Fargo said. “To have someone who leads a Hawaiʻi company nationally recognized for their expertise in such diverse fields as energy, cybersecurity and finance is really remarkable, and it’s a tribute to Connie and the team she has built.”
Lau was named 2011 Woman of the Year by the Women’s Council on Energy and the Environment. She was recognized as one of U.S. Banker’s 25 Most Powerful Women in Banking for 2004, 2005 and 2006. Lau chairs the Military Affairs Council of the Chamber of Commerce of Hawaiʻi and serves on the executive committees of the Edison Electric Institute and Hawaiʻi Business Roundtable.
She is a member of the board of directors of Matson, Inc., Associated Electrical & Gas Insurance Services, and Asia Pacific Center for Security Studies. Lau chairs the boards of Punahou School and the Consuelo Foundation.
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
HEI and Hawaiian Electric Leadership Transition
Page 5 of 5
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:
Jim Kelly Hawaiian Electric VP, Government and Community Relations and Corporate Communications jim.kelly@hawaiianelectric.com | AJ Halagao HEI VP, Corporate and Community Advancement ajhalagao@hei.com | Julie Smolinski HEI VP, Investor Relations and Corporate Sustainability ir@hei.com | ||||||