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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: September 15, 2023
Exact Name of RegistrantCommissionI.R.S. Employer
as Specified in Its CharterFile NumberIdentification No.
Hawaiian Electric Industries, Inc.1-850399-0208097
Hawaiian Electric Company, Inc.1-495599-0040500
State of Hawaii
(State or other jurisdiction of incorporation)
 1001 Bishop Street, Suite 2900, Honolulu, Hawaii  96813 - Hawaiian Electric Industries, Inc. (HEI)
1099 Alakea Street, Suite 2200, Honolulu, Hawaii  96813 - Hawaiian Electric Company, Inc. (Hawaiian Electric)
(Address of principal executive offices and zip code)
 Registrant’s telephone number, including area code:
 (808) 543-5662 - HEI
(808) 543-7771 - Hawaiian Electric
  Not applicable
(Former name or former address, if changed since last report.)
  Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to 12(b) of the Act:
RegistrantTitle of each classTrading Symbol(s)Name of each exchange on which registered
Hawaiian Electric Industries, Inc.Common Stock, Without Par ValueHENew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule12b-2 of the Securities Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
Hawaiian Electric Industries, Inc.
☐
Hawaiian Electric Company, Inc.
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Hawaiian Electric Industries, Inc. ☐Hawaiian Electric Company, Inc. ☐


Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
In connection with the retirement of Tayne Sekimura as Senior Vice President, Chief Financial Officer (CFO) and Treasurer of Hawaiian Electric Company, Inc. (Hawaiian Electric) on September 30, 2023, Paul K. Ito was appointed Senior Vice President, CFO and Treasurer of Hawaiian Electric and will resign as Executive Vice President, CFO and Treasurer of Hawaiian Electric Industries, Inc. (HEI) effective as of October 1, 2023. HEI’s current plan is for Mr. Ito to return and resume his present role at HEI on or about January 1, 2025.
To temporarily replace Mr. Ito as CFO of HEI, Scott DeGhetto (60) was appointed Executive Vice President, CFO and Treasurer of HEI effective October 1, 2023. HEI currently plans for Mr. DeGhetto to serve in this role until on or about January 1, 2025, and then serve in an advisory capacity through April 1, 2025. For the past 12 years, Mr. DeGhetto has served as Managing Director of Power, Utilities and Renewable Energy at Moelis & Company, an independent investment bank that is unaffiliated with HEI. Prior to joining Moelis & Company, Mr. DeGhetto served as 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. Mr. DeGhetto began his career as an engineer at Public Service Electric & Gas.
As compensation, Mr. DeGhetto will receive an annual base salary of $600,000 and will participate in HEI’s annual Executive Incentive Compensation Plan. Mr. DeGhetto will also be paid a signing bonus of $600,000 which is recoverable by HEI on a pro-rata basis if Mr. DeGhetto voluntarily departs prior to April 1, 2025. In addition, HEI will enter into a change-in-control agreement with Mr. DeGhetto that is substantially similar to the change-in-control agreements HEI has entered into with certain of its executive officers, with a two-times multiple to be used in determining his benefits thereunder. He also will be advanced $250,000 of relocation expenses and will be eligible to receive other benefits generally provided to HEI executive officers.
There are no arrangements or understandings between Mr. Ito and any other person pursuant to which he was selected as an officer, no family relationships between Mr. Ito and any other executive officer or director, and no related person transactions within the meaning of Item 404(a) of Regulation S-K between Mr. Ito and HEI.
A copy of the press release announcing the HEI management change is attached hereto as Exhibit 99.
Item 7.01 Regulation FD Disclosure.

On September 18, 2023, HEI issued a news release, “Hawaiian Electric Industries Announces CFO Appointments.” This news release is furnished as Exhibit 99.

Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Hawaiian Electric Industries Announces CFO Appointments
104Cover Page Interactive Data File (embedded within the Inline XBRL document)

The information furnished in connection with Item 7.01 of this current report on Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
1


SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized. The signature of the undersigned companies shall be deemed to relate only to matters having reference to such companies and any subsidiaries thereof.

HAWAIIAN ELECTRIC INDUSTRIES, INC.HAWAIIAN ELECTRIC COMPANY, INC.
(Registrant)(Registrant)
/s/ Paul K. Ito/s/ Tayne S. Y. Sekimura
Paul K. ItoTayne S. Y. Sekimura
Executive Vice President, Senior Vice President,
Chief Financial Officer and TreasurerChief Financial Officer and Treasurer
Date: September 18, 2023
Date: September 18, 2023
2


Exhibit 99

picture1.jpg

FOR IMMEDIATE RELEASE

Hawaiian Electric Industries Announces CFO Appointments

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

HONOLULU, Sept. 18, 2023 – 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
HEI • 1001 Bishop Street, Suite 2900 • Honolulu, HI 96813
Mailing Address: P.O. Box 730 • Honolulu, HI 96808-0730


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,
HEI • 1001 Bishop Street, Suite 2900 • Honolulu, HI 96813
Mailing Address: P.O. Box 730 • Honolulu, HI 96808-0730


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.
###

Contact

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


HEI • 1001 Bishop Street, Suite 2900 • Honolulu, HI 96813
Mailing Address: P.O. Box 730 • Honolulu, HI 96808-0730
v3.23.3
Cover
Sep. 15, 2023
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Sep. 15, 2023
Entity Registrant Name Hawaiian Electric Industries, Inc.
Entity File Number 1-8503
Entity Tax Identification Number 99-0208097
Entity Incorporation, State or Country Code HI
Entity Address, Address Line One 1001 Bishop Street, Suite 2900
Entity Address, City or Town Honolulu
Entity Address, State or Province HI
Entity Address, Postal Zip Code 96813
City Area Code 808
Local Phone Number 543-5662
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Title of each class Common Stock, Without Par Value
Trading Symbol HE
Security Exchange Name NYSE
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Entity Central Index Key 0000354707
Amendment Flag false
Hawaiian Electric Company, Inc.  
Entity Information [Line Items]  
Entity Registrant Name Hawaiian Electric Company, Inc.
Entity File Number 1-4955
Entity Tax Identification Number 99-0040500
Entity Address, Address Line One 1099 Alakea Street, Suite 2200
Entity Address, City or Town Honolulu
Entity Address, State or Province HI
Entity Address, Postal Zip Code 96813
City Area Code 808
Local Phone Number 543-7771
Entity Emerging Growth Company false
Entity Central Index Key 0000046207
Amendment Flag false
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