HONOLULU--(BUSINESS WIRE)--Dec. 20, 2004--Hawaiian Electric
Industries, Inc. (NYSE:HE) today announced changes to its board of
directors and the boards of directors of its core operating
subsidiaries, Hawaiian Electric Company, Inc. (HECO) and American
Savings Bank, F.S.B. (American), to optimize corporate governance. The
changes include reducing the number of inside directors and increasing
the relative number of independent directors consistent with the
growing trend in corporate America. The increase in outside directors
is also meant to strengthen each company's board.
Stepping down as HEI directors are HECO's president and chief
executive officer, Mr. T. Michael May and American's president and
chief executive officer, Ms. Constance H. Lau. Mr. May will remain a
director of HECO's board and Ms. Lau will remain a director of
American's board. Both will continue to attend the HEI board meetings.
Mr. Barry K. Taniguchi, president and chief executive officer of KTA
Super Stores on the Island of Hawaii, will join HEI's board as a
director. Mr. Taniguchi currently serves on and will remain a director
of both HECO's and American's boards. In addition to their service on
the HEI board, Messrs. A. Maurice Myers, retired chairman, president
and chief executive officer of Waste Management, Inc. and Kelvin H.
Taketa, president and chief executive officer of Hawaii Community
Foundation, will become HECO directors. Dr. Shirley J. Daniel,
managing director at the Center for Entrepreneurship and E-Business at
the University of Hawaii at Manoa's College of Business
Administration, and Ms. Diane J. Plotts, business advisor, will be
leaving the HECO board. Ms. Plotts will remain a director of both
HEI's and American's boards. In addition to their service on the HEI
Board, Dr. Daniel and Messrs. Don E. Carroll, chairman of Oceanic
Cablevision, and Victor Hao Li, co-chairman of the Asia Pacific
Consulting Group, will become directors of American's board. Changes
to all boards are effective December 31, 2004.
"Hawaiian Electric Industries has endeavored to stay in the
forefront of corporate governance best practices. The changes being
made are consistent with this objective," said Robert F. Clarke, HEI's
chairman, president and chief executive officer.
In addition to the board changes, HEI and HECO anticipate the
addition of Admiral Thomas B. Fargo to their boards when he retires
from the Navy in 2005.
HEI and its subsidiaries are a critical part of Hawaii's economy.
HEI supplies power to over 400,000 customers or 93% of the Hawaii
electric public utility market through its electric utilities,
Hawaiian Electric Company, Maui Electric Company and Hawaii Electric
Light Company, and provides a wide array of banking and other
financial services to consumers and businesses through American
Savings Bank, the state's third largest financial institution based on
asset size.
CONTACT: Hawaiian Electric Industries, Inc.
Suzy P. Hollinger, 808-543-7385
shollinger@hei.com
SOURCE: Hawaiian Electric Industries, Inc.