HEI appoints Paul Ito as Chief Financial Officer

Rhea-AI Summary

On January 3, 2023, Hawaiian Electric Industries (NYSE: HE) announced the appointment of Paul K. Ito as the new executive vice president and chief financial officer (CFO), effective January 1, 2023. Ito has served as interim CFO since July 2022 and has been with HEI since 2018, previously overseeing various financial functions. His promotion follows a national search by HEI's leadership. Ito’s leadership is anticipated to enhance financial management and support the company’s mission to improve Hawai’i. He holds degrees from the University of Hawai'i and the University of Texas in Austin.

Positive

• Paul K. Ito's promotion is expected to bring strong leadership and discipline in financial management.
• Ito has significant industry experience, having previously served as CFO at Alexander & Baldwin.

Negative

• Transitioning to a new CFO may pose challenges in continuity and adaptation within the leadership team.

HONOLULU, Jan. 3, 2023 /PRNewswire/ -- 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).

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

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SOURCE Hawaiian Electric Industries, Inc.

FAQ

When was Paul K. Ito appointed as CFO of Hawaiian Electric Industries (HE)?

Paul K. Ito was appointed as CFO of Hawaiian Electric Industries effective January 1, 2023.

What experience does Paul K. Ito have that qualifies him for the CFO position at HE?

Paul K. Ito has been with HEI since 2018 and previously served as CFO at Alexander & Baldwin, managing various financial functions.

How long did Paul K. Ito serve as interim CFO before his official appointment?

Paul K. Ito served as interim CFO from July 2022 until his official appointment on January 1, 2023.

What impact is expected from Paul K. Ito's leadership as CFO at HE?

Paul K. Ito is expected to enhance financial management and bring strategic leadership to support HEI's ongoing mission.

What are the main responsibilities of Paul K. Ito as the CFO of Hawaiian Electric Industries?

As CFO, Paul K. Ito will oversee accounting, financial reporting, tax, and treasury functions at HEI.