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
  HEI Exhibit 99              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

--------------------------------------------------------------------------------

© Edgar Online, source Glimpses