HEI Chief Financial Officer Paul Ito to Become
CFO of Hawaiian Electric Company Through Approximately December 31,
2024, Following Planned Retirement of Tayne Sekimura
Utility Industry Veteran Scott DeGhetto to Join
HEI as CFO Until Ito Resumes Position
Hawaiian Electric Industries, Inc. (NYSE: HE) (“HEI”), today
announced the following leadership plans at HEI and Hawaiian
Electric Company, Inc. (“Hawaiian Electric”), a subsidiary of HEI,
effective October 1, 2023:
- Hawaiian Electric SVP, CFO & Treasurer Tayne Sekimura will
retire on September 30, 2023, after 32 years of service. Sekimura’s
retirement plans were announced internally early this year.
- Hawaiian Electric is at an unprecedented point in its history
in the wake of the August 8 tragedy on Maui. Hawaiian Electric had
been progressing on naming a successor to Sekimura but these plans
were upended by the August events. Consequently, Paul Ito,
currently EVP, CFO & treasurer of HEI, will serve as SVP, CFO
& treasurer of Hawaiian Electric until approximately December
31, 2024 to assist the utility during this critical period, ensure
a seamless transition and provide additional time for the utility
to appoint a successor to Sekimura. Ito will return to HEI and
resume his original role immediately following his term at Hawaiian
Electric.
- Scott DeGhetto has been appointed EVP, CFO & treasurer of
HEI, effective October 1, 2023 through approximately December 31,
2024. DeGhetto joins HEI from Moelis & Company, bringing over
30 years of experience and significant expertise in the power,
utility and renewable energy sectors. DeGhetto will remain at HEI
in an advisory role from approximately January 1, 2025 until April
1, 2025 to provide for a transition around Ito’s return.
Scott Seu, president and CEO of HEI said, “Paul is a
proven financial leader, with a deep understanding of HEI and
Hawaiian Electric. Our Board and executive team are confident that
Paul’s expertise and strategic approach will be instrumental in
helping guide Hawaiian Electric through this historic and complex
period for our company, and believe this will be a seamless
transition for all of our stakeholders. We’re grateful that Paul is
temporarily stepping into this critical role for our enterprise and
look forward to his return to HEI.”
Ito said, “The Hawaiian Electric team’s relentless
commitment to supporting and serving our communities on Maui
following the Lahaina fires has been nothing short of heroic, and I
am honored to work even more closely with Shelee and the rest of
the team over the next year to help advance the rebuilding and
restoration efforts and plan for the future. We have a long history
in Hawai‘i, and we are committed to ensuring Hawaiian Electric
continues to be the strong, financially healthy local utility that
the people of Maui and Hawai‘i need over the long term.”
“On behalf of the entire Hawaiian Electric ‘ohana, I want to
thank Tayne for her dedication, leadership, and, on a personal
level, friendship, over her many years with the company. She has
made innumerable contributions to Hawaiian Electric. While Tayne
had planned to retire this summer, she generously deferred her
retirement date to ensure a seamless transition – that’s the kind
of person she is. We wish her all the best,” said Shelee Kimura,
president and CEO of Hawaiian Electric. “Paul’s knowledge,
judgment and expertise will be invaluable as Hawaiian Electric
continues to support Maui’s recovery, expands our grid resilience
efforts and works to determine, alongside others, what needs to be
done to keep communities safe as extreme weather events intensify
on our islands and around the globe. His skills are needed here now
more than ever, and we look forward to welcoming him to our
executive team.”
Seu continued, “We are pleased to welcome Scott to the
HEI team. Scott brings more than 30 years of experience in the
power, utility and renewable energy sectors, and has a successful
track record of helping to guide companies through diverse and
challenging situations and economic cycles. We look forward to
benefiting from his valuable insights and broad experience over the
next year.”
DeGhetto said, “I have known the team at HEI for many
years and have long admired their business and culture of
compassion. I am also deeply familiar with utilities, having spent
the early years of my career as an engineer at PSE&G, and feel
a personal connection to Hawai'i with family who live on Kauai. It
is an honor to join such a dedicated team at this important time
for the company, and I look forward to doing my part to ensure HEI
remains a strong and trusted partner to the people of Hawai‘i for
the long term.”
About Scott DeGhetto
Scott DeGhetto has over 30 years of experience advising
companies in the power, utility and renewable energy sectors.
DeGhetto most recently served as Managing Director of Power,
Utilities and Renewable Energy at Moelis & Company. Prior to
joining Moelis & Company, Scott was Co-Head of the Power &
Renewable Energy Group at Credit Suisse. He has also held Managing
Director roles at J.P. Morgan, in the Power and Pipeline Group, and
at UBS, in the Global Utilities group. Scott holds a Bachelor of
Science in Electrical Engineering from the University of Rochester
and a Master of Business Administration from the Stern School of
Business at New York University.
About Paul Ito
Paul Ito serves as CFO at HEI, and has been with HEI since 2018,
where he has also 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. Prior to joining HEI, Ito held various
leadership roles at Alexander & Baldwin, Inc. (A&B) (NYSE:
ALEX), including senior vice president, CFO 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. Ito holds a Bachelor of Business Administration from
the University of Hawai'i at Manoa and a Master’s degree in
Professional Accounting with a concentration in managerial
accounting from the University of Texas in Austin.
ABOUT HEI
The HEI family of companies provides the energy and financial
services that empower much of the economic and community activity
of Hawai'i. HEI’s electric utility, Hawaiian Electric, supplies
power to approximately 95% of Hawai'i’s population and is
undertaking an ambitious effort to decarbonize its operations and
the broader state economy. Its banking subsidiary, ASB, is one of
Hawai'i’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 also
helps advance Hawai'i’s sustainability goals through investments by
its non-regulated subsidiary, Pacific Current. For more
information, visit www.hei.com.
Forward-Looking Statements
This statement may contain “forward-looking statements,” which
include statements that are predictive in nature, depend upon or
refer to future events or conditions, and usually include words
such as “will,” “expects,” “anticipates,” “intends,” “plans,”
“believes,” “predicts,” “estimates” or similar expressions. In
addition, any statements concerning future financial performance,
ongoing business strategies or prospects or possible future actions
are also forward-looking statements. Forward-looking statements are
based on current expectations and projections about future events
and are subject to risks, uncertainties and the accuracy of
assumptions concerning HEI, Hawaiian Electric and their
subsidiaries, the performance of the industries in which they do
business and economic, political and market factors, among other
things. These forward-looking statements are not guarantees of
future performance.
Forward-looking statements in this statement should be read in
conjunction with the “Cautionary Note Regarding Forward-Looking
Statements” and “Risk Factors” discussions (which are incorporated
by reference herein) set forth in HEI’s Annual Report on Form 10-K
for the year ended December 31, 2022 and HEI’s other periodic
reports that discuss important factors that could cause HEI’s
results to differ materially from those anticipated in such
statements. These forward-looking statements speak only as of the
date of the report, presentation or filing in which they are made.
Except to the extent required by the federal securities laws, HEI,
Hawaiian Electric and their subsidiaries undertake no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230918864151/en/
HEI Media Contact AJ Halagao Vice President,
Corporate & Community Advancement ajhalagao@hei.com (808)
543-7625
Investor Contact Mateo Garcia Director, Investor
Relations ir@hei.com (808) 543-7300
Hawaiian Electric Media Contact
media@hawaiianelectric.com
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