Hawaiian Electric President and CEO Announces Retirement Plans
HONOLULU--(BUSINESS WIRE)--June 13, 2008--Hawaiian Electric Company, utility subsidiary of Hawaiian Electric Industries, Inc. (NYSE:HE), today announced that President and CEO T. Michael May has notified the company of his plans to retire. Although his last day as President and CEO will be August 1, 2008, he will remain engaged with the company to assist in the transition until his retirement at year-end. May has served as President and CEO and a member of the company's board of directors for over 13 years. An executive search process will commence for May's replacement.
"Our company has been working for quite some time to chart a strategic course that is focused on achieving a clean energy future for Hawaii. I am confident the company is now well positioned to meet the challenges of this changing energy marketplace. I had earlier advised the board of my desire to retire, but as requested, stayed on to help coordinate strategic planning. Now, after a 36-year business career, the time is right for me to retire," said May.
During May's tenure, the utility has implemented state-of-the-art systems including a new Dispatch and System Operations center and worked to increase the utility's use of renewable energy sources, including an upcoming request for proposals to add 100 megawatts of renewable energy on Oahu and plans to use renewable bio-energy for power generation. The company has also been a leader in developing energy efficiency programs that have reduced electricity demand by over 152 megawatts, the equivalent of a power plant.
"Unquestionably, it's been a privilege to lead an outstanding team of employees who demonstrate such a daily commitment to serving our customers. The opportunities and responsibilities of this job have been a tremendous experience for which I will always be grateful," said May.
Constance H. Lau, Chairman of the utility's board of directors and President and CEO of parent company HEI, said, "Under Mike's leadership, our utilities have built a strong customer-focused organization, developing innovative customer partnerships and programs. His national industry expertise and relationships have been invaluable resources and we will truly miss his leadership on our management team." As board chair, Lau will work closely with May and the utility's senior management to ensure a smooth transition.
May, age 61, joined Hawaiian Electric Company in 1992 as Senior Vice President and was promoted to President and CEO in 1995. He serves on the board of directors of the James Campbell Company, Edison Electric Institute, the Electric Power Research Institute, Blood Bank of Hawaii, Aloha United Way, Enterprise Honolulu, Chamber of Commerce of Hawaii - Military Affairs Committee, as a Director of the Boy Scouts of America - Aloha Council, and is a former Trustee of the Academy of the Pacific. He has chaired the annual Aloha United Way annual campaign for Oahu and was honored, along with his wife Carol, as "Distinguished Citizens" by the Boy Scouts of America - Aloha Council.
Following his retirement, May stated he plans to take some time off and later pursue other business opportunities.
HEI supplies power to over 400,000 customers or 95% of Hawaii's population through its electric utilities, Hawaiian Electric Company, Inc., Hawaii Electric Light Company, Inc. and Maui Electric Company, Limited and provides a wide array of banking and other financial services to consumers and businesses through American Savings Bank, F.S.B., the state's third largest financial institution based on year-end asset size.
FORWARD-LOOKING STATEMENTS
This release 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 expects, anticipates, intends, plans, believes, predicts, estimates or similar expressions. In addition, any statements concerning future financial performance (including future revenues, expenses, earnings or losses or growth rates), ongoing business strategies or prospects and possible future actions, which may be provided by management, 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 assumptions about HEI and its subsidiaries, the performance of the industries in which they do business and economic and market factors, among other things. These forward-looking statements are not guarantees of future performance.
Forward-looking statements in this release should be read in conjunction with the "Forward-Looking Statements" discussion (which is incorporated by reference herein) set forth on page iv of HEI's Quarterly Report on Form 10-Q for the quarter ended March 31, 2008 and in HEI's future periodic reports that discuss important factors that could cause HEI's results to differ materially from those anticipated in such statements. Forward-looking statements speak only as of the date of this release.
CONTACT: Hawaiian Electric Company
Lynne T. Unemori, 808-543-7972
Vice President, Corporate Relations
Facsimile: 808-543-4476
Lynne.Unemori@heco.com
SOURCE: Hawaiian Electric Industries, Inc.
©2004-2008 HAWAIIAN ELECTRIC INDUSTRIES, INC. A
