HONOLULU, Feb. 14, 2017 /PRNewswire/ -- Hawaiian
Electric Industries, Inc. (NYSE: HE) (HEI) today announced that
James A. Ajello, HEI's Executive
Vice President and Chief Financial Officer (CFO), will retire at
the end of the first quarter of 2017. HEI has named
Gregory C. Hazelton, HEI's Senior
Vice President, Finance, as his successor.
Ajello, 63, has been HEI's CFO since January 2009 and announced his intention to
retire as part of a planned leadership transition process.
Upon his retirement, Ajello will join the board of directors
of HEI subsidiary American Savings Bank, F.S.B. (American).
"Jim has been a key member of the leadership team for over eight
years, helping guide the company's strategy and financial affairs
through a period of growth, while maintaining fiscal integrity,"
said Connie Lau, HEI's CEO.
"Jim has provided invaluable advice to me and our board of
directors and provided steady leadership during the financial
crisis and a period of extraordinary change in both our industry
sectors. Over his tenure he has been the principal spokesman
to financial community stakeholders and has spearheaded capital
raising of billions of dollars. We are delighted that we will
continue to receive Jim's advice through his service on American's
board. As part of normal succession planning we have looked
ahead to ensure the company is well positioned as Jim plans the
next chapter of his life."
"Greg is well known to the company, having served as HEI's VP of
Finance, Treasurer and Controller from 2013 to 2015, and brings
valuable public company CFO experience to hit the ground running,"
said Lau. "We have planned and achieved a smooth, multi-month
transition between Greg and Jim, who work extremely well
together. Greg is a proven leader with superb industry
experience, and the board and I have every confidence in Greg."
Hazelton, 52, has over 25 years' experience in the power and
utility sector commencing with an eight-year career at Portland
General Electric as a CPA in a variety of financial roles.
Subsequent to earning his MBA at the University of Chicago, Hazelton spent more than 12
years at leading global investment banking firms, including as
Managing Director in the Global Power & Utilities Group of UBS
Investment Bank, advising utility, power and renewable energy
related firms in capital raising and strategic initiatives.
Prior to returning to HEI in October
2016, Hazelton served as Senior Vice President, CFO and
Treasurer for Northwest Natural Gas Company. At HEI, he will
assume all of Ajello's responsibilities, including overseeing the
company's finance and treasury, investor relations, risk
management, financial reporting and accounting, tax and strategy
functions.
Commenting on his planned retirement, Ajello noted, "It has been
an honor and privilege to serve this great company through a period
of unprecedented change and growth. I am grateful to the
board, and especially Connie, for the opportunity to be an integral
member of leadership. I have been giving thought to my own
transition plan for some time now, and I am convinced HEI has the
right team to carry us forward, especially given Greg's decision to
re-join the company last year. Greg and I have enjoyed a
seamless transition, with both internal and external
stakeholders. I am delighted I will continue my association
with HEI as a member of American's board following my CFO
resignation."
HEI supplies power to approximately 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, one of Hawaii's largest financial
institutions.
Contact:
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Clifford H.
Chen
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Telephone: (808) 543-7300
|
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Treasurer, Manager
Investor Relations & Strategic Planning
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E-mail:
ir@hei.com
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SOURCE Hawaiian Electric Industries, Inc.