American Savings Bank

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James A. Ajello Retired Executive Vice President and Chief Financial Officer,
Hawaiian Electric Industries, Inc.
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James A. Ajello
Michael J. Kennedy President, OFX North America
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Michael J. Kennedy
Shirley J. Daniel, Ph.D., C.P.A. Professor of Accountancy, Shidler College of Business,
University of Hawaii at Manoa
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Shirley J. Daniel, Ph.D., C.P.A.
Bert A. Kobayashi, Sr. Chairman and Chief Executive Officer,
Kobayashi Development Group LLC
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Bert A. Kobayashi, Sr.
Elisia K. Flores Vice President and Chief Financial Officer,
L&L Franchise, Inc.
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Elisia K. Flores
Richard F. Wacker President and Chief Executive Officer,
American Savings Bank, F.S.B.
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Richard F. Wacker

The following HEI directors are also directors of American Savings Bank, F.S.B.

James A. Ajello

James A. Ajello

ASB Director
ASB Risk Committee Member

  • Principal Occupation: Retired Executive Vice President and Chief Financial Officer,
    Hawaiian Electric Industries, Inc.
BUSINESS EXPERIENCE
Executive Vice President and Chief Financial Officer, Hawaiian Electric Industries, Inc. (HEI), 2011-April 2017
Director since 2012, Audit and Corporate Governance Committee Member, Crius Energy Trust (TSX: KWH)
Director since 2015, SKAI Ventures
SKILLS AND QUALIFICATIONS FOR BOARD SERVICE
  • 18 years of executive leadership, financial oversight, risk management, investor relations, tax, accounting, financial and SEC reporting and strategic planning experience from serving as EVP and CFO of HEI, serving as President of Reliant Energy Solutions LLC and Senior Vice President and General Manager of Commercial & Industrial Marketing and Senior Vice President - Business Development of Reliant Energy, Inc.
  • 14 years of banking industry experience from serving as Managing Director and Head of UBS Chicago and its corporate banking unit, as well as head of UBS's North American project finance team. Duties focused on corporate finance, capital markets and M & A.
  • In-depth knowledge of issues facing American Savings Bank gained from 9 years as EVP and CFO of American Savings Bank's parent company, HEI.
  • Hawaii business and leadership experience from his 7 years of service as a Trustee on the Hawaii Pacific University Board.
  • EDUCATION
    MPA from Syracuse University and graduate of the Advanced Management Program of the European Institute of Business Administration in Fontainebleau, France.
    Michael J. Kennedy

    Michael J. Kennedy

    ASB Director
    ASB Risk Committee Member

    • Principal Occupation: President, OFX North America
    BUSINESS EXPERIENCE
    President, OFX North America (2017 to Present)
    Co-founder, CEO and Board member, clearXchange, LLC (2011-2015)
    SKILLS AND QUALIFICATIONS FOR ASB BOARD SERVICE
  • Extensive executive leadership and strategic planning experience through his co-founding and leadership as CEO of clearXchange, LLC a national online payment service, as well as his 18 years of experience in developing innovative business strategies for financial institutions at Wells Fargo and at McKinsey & Company, Inc.
  • Broad experience in a variety of innovative business financing services from his prior work at Wells Fargo as Executive Vice President, Head of Innovation & Payment Strategy, where he led technology research and development, payment strategy, and emerging payments.
  • EDUCATION
    Bachelor and Master of Science, Industrial Engineering from Stanford University and MBA from Harvard Business School.
    Shirley J. Daniel, Ph.D., C.P.A.

    Shirley J. Daniel, Ph.D., C.P.A.

    ASB Director
    ASB Audit Committee Member

    • Principal Occupation: Professor of Accountancy, Shidler College of Business,
      University of Hawaii at Manoa
    BUSINESS EXPERIENCE
    Professor of Accountancy, Shidler College of Business, University of Hawaii at Manoa, since 1995
    Director and Audit Committee member, HEI, 2002-2011
    Director and Audit Committee member, Hawaiian Electric Company, 2002-2004
    SKILLS AND QUALIFICATIONS FOR BOARD SERVICE
  • Current expertise in accounting, auditing and corporate governance from research and teaching courses on these subjects at the Shidler College of Business.
  • Business and leadership experience from her service as Director for the Pacific Asian Management Institute and Center for International Business Education and Research and from her prior service as Interim Chancellor of Hawaii Community College and Managing Director for the Pacific Asian Center for Entrepreneurship and E-Business.
  • Prior experience in accounting and auditing from being a licensed certified public accountant and from working as an auditor and audit manager with the international accounting firm Arthur Young & Company (currently Ernst & Young LLP).
  • Member of the National Association of Corporate Directors and Financial Executives Institute.
  • Bert A. Kobayashi, Sr.

    Bert A. Kobayashi, Sr.

    ASB Director
    ASB Non-voting Representative to
    HEI Compensation Committee

    • Principal Occupation: Chairman and Chief Executive Officer, Kobayashi Development Group LLC
    BUSINESS EXPERIENCE
    Chairman, Kobayashi Development Group LLC (real estate developer), since 1997
    Founder, Kobayashi Group LLC
    SKILLS AND QUALIFICATIONS FOR BOARD SERVICE
  • Leadership, executive management, financial oversight, and government relations expertise from his extensive career establishing and leading Hawaii construction and real estate development firms and large development projects.
  • Governance expertise and a strong understanding of the communities in which American Savings Bank operates from his service on numerous non-profit boards in the state, including boards of organizations focused on human services, education, health and culture.
  • Recognized business and community leader, evidenced by several awards honoring his leadership, philanthropy and community contributions, including a 2008 recognition by the State of Hawaii's Senate and House of Representatives for his leadership and contributions to the people of Hawaii.
  • Elisia K. Flores

    Elisia K. Flores

    ASB Director
    ASB Audit Committee Member

    • Principal Occupation: Vice President and Chief Financial Officer, L&L Franchise, Inc.
    BUSINESS EXPERIENCE
    Chief Financial Officer, L&L Franchise, Inc. (2014 to Present)
    Senior Finance Manager, General Electric Company (2010-2014)
    SKILLS AND QUALIFICATIONS FOR ASB BOARD SERVICE
  • Executive leadership, strategic planning and financial oversight from serving as CFO of L&L Franchise, a national franchisor, where she has developed and implemented innovative marketing concepts resulting in measurable company gains.
  • Notable financial oversight and corporate audit experience as Senior Finance Manager and Auditor at General Electric Company where she was named the 2010 Contemporary Leader.
  • EDUCATION
    Bachelor of Science, University of Southern California, Marshall School of Business and Executive MBA from the University of Los Angeles, Anderson School of Management.
    Richard F. Wacker

    Richard F. Wacker

    President and Chief Executive Officer, American Savings Bank, F.S.B.
    Director, American Savings Bank, F.S.B.

    • Principal Occupation: President and Chief Executive Officer, American Savings Bank, F.S.B.
    Richard Wacker is the President & Chief Executive Officer of American Savings Bank (ASB). Rich joined ASB in 2010 and leads the management team responsible for growing the bank's business to better serve Hawaii's retail and business customers. He also serves as a director on the ASB Board.
    An active supporter in the community, Rich holds several leadership positions in Hawaii, serving on a number of prominent boards including Child & Family Service (Chair); Hawaii Business Roundtable (Executive Committee); Chaminade University (Board of Regents); University of Hawaii—Pacific Asian Center for Entrepreneurship; University of Hawaii Foundation (Vice-Chair) and University of Hawaii—XLR8UH accelerator program, and is a member of the Hawaii Bankers Association. He has served as a board member for the Hawaii Chapter of the American Red Cross and director for Junior Achievement Korea and was a member of the Board of Governors of the American Chamber of Commerce in Korea.
    Prior to joining ASB, Rich was Chairman of Korea Exchange Bank (KEB), the fifth largest Korean commercial bank. He joined KEB in 2004 as Chief Operating Officer, was appointed President & CEO in 2005, and also held the position of Chairman of the Board from 2007 through 2010. Rich helped establish the KEB Foundation, the first social welfare organization in the Korean financial industry, and was the organization's second Chairman. In 2008, Rich was recognized as one of Korea's "Most Respected CEOs."
    Rich also enjoyed a 20-year career with General Electric (GE) where he was a company officer and held a wide range of senior leadership positions in the U.S. and Europe, including Vice President of Corporate Investor Communications; Vice President and Chief Financial Officer of GE Capital's Card Services unit; General Manager of GE Capital's audit staff; Chief Financial Officer of GE Capital Fleet Services-Europe and global product management positions with GE Medical Systems-Europe.
    EDUCATION
    He earned a B.S. degree in mechanical engineering from the University of Missouri.

    Constance H. Lau

    President and CEO, HEI
    Executive Committee Member
    Chairman, Hawaiian Electric Company (HEI subsidiary)
    Chairman, American Savings Bank (HEI subsidiary)

    • 67
    • 2001 (except 2004-2006)
    • President and Chief Executive Officer, HEI (since 2006)

    EXPERTISE

    • ENERGY, UTILITIES
    • INFRASTRUCTURE
    • CYBER SECURITY
    • FINANCE AND ACCOUNTING
    • BANKING
    • LEADERSHIP
    • CORPORATE TRANSFORMATION
    • STRATEGIC & OPERATIONAL MANAGEMENT

    Ms. Lau has deep industry and operational expertise having served in leadership capacities spanning several functions across HEI and its subsidiaries. Ms. Lau’s expertise and leadership have been recognized nationally, leading her to be named Chair of the National Infrastructure Advisory Council, and to be named as a clean energy ambassador for the U.S. Department of Energy Clean Energy Ministerial C3E Initiative. Ms. Lau is also recognized as a transformational leader, having been identified by the US Banker List of Most Powerful Women in Banking in 2004, 2005, 2006 for transforming ASB into a full-service community bank.

    Signing the groundbreaking Hawaii Clean Energy Initiative with the Governor of State of Hawaii also secured Ms. Lau the Women in Clean Energy & the Environment, Woman of the Year award, 2011.

    PROFESSIONAL EXPERIENCE
    Chair, National Infrastructure Advisory Council (since 2012)
    President and Chief Executive Officer, American Savings Bank (2001-2006)
    Chief Operating Officer, ASB (1999-2001)
    Treasurer, HEI (1989-1999)
    Treasurer, Hawaiian Electric and Assistant Treasurer, HEI (1987 - 1989)
    Assistant Corporate Counsel, Hawaiian Electric Company (1984-1987)
    PUBLIC COMPANY BOARDS
    Matson Inc. (since 2012)
    PAST PUBLIC COMPANY BOARDS
    Alexander & Baldwin (2004-2012)
    OTHER POSITIONS
    Board Member, Edison Electric Institute
    Former Board Member, Electric Power Research Institute
    Board Member, Associated Electric & Gas Insurance Services
    Board Member, Hawaii Business Roundtable
    Board Member, Foundation for Asia-Pacific Center for Security Studies
    Member of Federal Electricity Subsector Coordinating Council
    Member of the Federal Reserve Bank of San Francisco’s Twelfth District Community Depository Advising Council (2011-2014)
    Chairman, Consuelo Foundation
    Director, ASB Hawaii (HEI subsidiary)
    Trustee, Punahou School
    EDUCATION
    Master of Business Administration, Stanford Graduate School of Business Juris Doctor, Hastings College of the Law, University of California
    Bachelor of Science in Administrative Sciences, Yale College

    Keith P. Russell

    Independent Director
    Audit Committee Member

    • 73
    • 2011
    • President, Russell Financial (since 2001)

    EXPERTISE

    • RISK MANAGEMENT
    • FINANCE AND ACCOUNTING
    • BANKING
    • LEADERSHIP
    • STRATEGIC PLANNING
    • CORPORATE GOVERNANCE

    Within three major financial institutions, Mr. Russell served as an executive and/or Director and held domestic and international positions in all areas of banking, finance, capital markets and risk management. He has served on numerous panels on corporate governance and strategic direction.

    Mr. Russell’s years of executive leadership experience in financial service operations, particularly as an executive officer of a major lender to the electric utility industry, contribute invaluable expertise to the board. His prior service as Chief Risk Officer of a large financial institution strengthens the board’s risk management capabilities.

    PROFESSIONAL EXPERIENCE
    Vice Chair/Chief Risk Officer, Mellon Financial Corp (1991-2001)
    President and Chief Operating Officer, Glendale Federal Bank (1983-1991)
    Senior Vice President, Security Pacific Corporation (1974-1983)
    PUBLIC COMPANY BOARDS
    Sunstone Hotel Investors (since 2003)
    PAST PUBLIC COMPANY BOARDS
    Nationwide Health Properties (2002-2011)
    OTHER POSITIONS
    Director, KBS Growth and Income REIT
    Director, American Savings Bank (HEI subsidiary)
    Director, ASB Hawaii (HEI subsidiary) (2014-2016)
    EDUCATION
    Master of Arts, Northwestern University
    Bachelor of Arts, University of Washington

    James K. Scott, Ed.D.

    Independent Director
    Nominating and Corporate Governance Committee Member

    • 67
    • 1995
    • President, Punahou School (since 1994)

    EXPERTISE

    • LEADERSHIP
    • COMMUNITY RELATIONS
    • GOVERNMENT AND REGULATION
    • EXECUTIVE MANAGEMENT

    Dr. Scott is a well-respected leader in the state of Hawaii. His extensive knowledge, contacts and relationships within Hawaii’s business community, nonprofit community and local governmental agencies contribute significantly to the Board’s understanding of Hawaii’s unique cultural and business environment.

    Dr. Scott has overseen various transformational environmental and social programs at Punahou School. These include implementing a need-blind student admission policy and securing a $300m endowment to support a need-based financial aid program; making a commitment to become a Net Zero Energy campus by 2025; developing an environmental sustainability curriculum and becoming a laptop technology campus, and securing Apple Distinguished School status.

    Under Dr. Scott’s leadership, Punahou School has been named the Greenest School in America by the Green Guide

    OTHER POSITIONS
    Director, Hawaii Association of Independent Schools
    Trustee, Barstow Foundation
    Member, Advisory Board of the Klingenstein Center of Teachers College, Columbia University
    Trustee, National Association of Independent Schools
    Director, American Savings Bank (HEI subsidiary)
    EDUCATION
    Master’s Degree and Doctorate in Education, Harvard University
    Master of Arts, University of San Francisco
    Bachelor of Arts, Stanford University

    Barry K. Taniguchi

    Independent Director
    Audit Committee Chair
    Executive Committee Member

    • 71
    • 2004
    • Chairman (since 2014) and Chief Executive Officer (since 1989), former President (1989-2014), KTA Super Stores (largest grocery store chain on island of Hawaii)

    EXPERTISE

    • FINANCE AND ACCOUNTING
    • GOVERNMENT AND REGULATION
    • COMMUNITY RELATIONS
    • LEADERSHIP
    • AUDIT

    Mr. Taniguchi brings to the Board considerable experience as a proven business leader in Hawaii, with extensive knowledge of the business climate and significant contacts and relationships within the business community and local governmental agencies. His extensive business and community service have earned him numerous awards for leadership.

    Under Mr. Taniguchi’s leadership, KTA Super Stores are investing in environmental and social innovations including electric vehicle infrastructure investments, PV system installation, sourcing from locally owned and produced businesses and supporting their marketing and expanded distribution, and philanthropic programs with direct community impact.

    PROFESSIONAL EXPERIENCE
    President and Director, K. Taniguchi Ltd. (since 1989) (real estate lessor)
    OTHER POSITIONS
    Trustee, Public Schools of Hawaii Foundation
    Director, Hawaii Food Industry Association
    Director, ASB Hawaii (HEI subsidiary) (2015-2016)
    Director, American Savings Bank (HEI subsidiary)
    EDUCATION
    Bachelor in Business Administration, University of Hawaii
    jeffwatanabe

    Jeffrey N. Watanabe

    Independent Director
    HEI Chairman of the Board
    HEI Executive Committee Chair
    Compensation Committee Member

    • 76
    • 1987
    • 2006
    • Managing Partner, Watanabe Ing & Komeiji LLP (1972-2007)

    EXPERTISE

    • LEGAL
    • GOVERNMENT AND REGULATION
    • INVESTING
    • CORPORATE GOVERNANCE
    • COMMUNITY RELATIONS
    • ENTREPRENEURSHIP

    Mr. Watanabe has been one of the most influential figures in Hawaii’s business community over the past four decades. His strategic counsel is widely sought by Hawaii’s business, political and nonprofit leaders, as well as by global businesses seeking to do business in Hawaii.

    Mr. Watanabe has a long personal history in environmental protection and public service. He was instrumental in assisting the National Park Service in dramatically expanding Volcanoes National Park through the acquisition of over 100,000 acres on the Big Island of Hawaii. He assisted with and oversaw the acquisition of the Palmyra Atoll, currently used as an international research center. Both were accomplished through the Nature Conservancy.

    PROFESSIONAL EXPERIENCE
    35 years at Watanabe Ing, LLP
    PAST PUBLIC COMPANY BOARDS
    Matson Inc. (2012-2018)
    Alexander & Baldwin, Lead Independent Director (2012-2015), Director (2003-2015)
    American Classic Voyages (1998-2003)
    Cheap Tickets (2001)
    OTHER POSITIONS
    Director, Hawaiian Electric Company, Inc. (HEI subsidiary)
    Director, American Savings Bank (HEI subsidiary)
    Director, ASB Hawaii (HEI subsidiary) (2016)
    Board member and Chair, Nature Conservancy of Hawaii (1988-2006)
    Board of Governors, Nature Conservancy (1997-2003)
    Chair, Child and Family Service (1984-1988); Consuelo Foundation (1991-2016); Blood Bank of Hawaii (1993-1994); Sesame Workshop (2000-2004); University of Hawaii Foundation (1996-1998)
    Board member, Rehabilitation Hospital of the Pacific (1982-2000); Queen’s Health System and Medical Center (1989-2000); Punahou School (1998-2018); First Insurance of Hawaii Foundation; Child & Family Service-Philippines (1988-2016); Hawaiian Electric Industries Charitable Foundation
    EDUCATION
    Juris Doctor, George Washington University
    Bachelor of Arts, University of California Berkeley