Wiktor Wise
Hawaiian Electric Company, Ltd. was incorporated on October 13, 1891, and has since grown to provide electricity and services to 95% of Hawaii's 1.4 million residents. The company is currently led by president and CEO Shelee Kimura, who was appointed to her role in January 2022. Kimura leads a team that includes senior vice presidents Alberts and Paul Ito, who serves as CFO and treasurer. Hawaiian Electric is one of Hawaii's leading employers and has been recognised for its adoption of solar energy, as well as its support for the state's goal of achieving 100% renewable energy by 2045.
| Characteristics | Values |
|---|---|
| Date of Incorporation | 13 October 1891 |
| Leadership | Shelee Kimura (President and CEO), Paul Ito (SVP, CFO & Treasurer), Alberts (SVP) |
| Services | Electricity and other services like ice and cold storage |
| Customer Base | 95% of Hawaii's 1.4 million residents |
| Service Areas | Oahu, Hawaii, Maui, Lanai and Molokai |
| Parent Company | Hawaiian Electric Industries, Inc. |
| Subsidiaries | Maui Electric Company |
| Achievements/Awards | Honored for Solar Energy Adoption by the Solar Electric Power Association in 2012 |
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What You'll Learn
Hawaiian Electric Industries Inc. stock major holders
Hawaiian Electric Industries, Inc. (HEI) is a holding company that provides energy services through its electric utility subsidiary, Hawaiian Electric Company, Inc. (Hawaiian Electric). Hawaiian Electric is the primary supplier of power to approximately 95% of Hawaii's population and offers a range of products and services, including electric vehicles, business account services, and renewable energy programs.
Regarding stock ownership in Hawaiian Electric Industries, Inc., the company has a Dividend Reinvestment and Stock Purchase Plan (the "Plan") that allows individuals or entities to purchase additional shares of Common Stock or Preferred Stock of the company and its electric utility subsidiaries. The Plan is open to anyone, regardless of whether they are already stockholders, as long as they meet the eligibility requirements and comply with applicable laws and regulations.
As of my last update in January 2023, I cannot find comprehensive information on the major stockholders of Hawaiian Electric Industries, Inc. However, I can provide a few insights into the company's ownership structure and stock-related activities:
- The company is analysed by 16 analysts, with 3 of them submitting estimates used in reports.
- The company's Common Stock is registered under a prospectus filed with the SEC, offering 542,334 shares as of September 2, 2003, and an additional 2,500,000 authorised but unissued shares.
- Pacific Century Trust, a division of Bank of Hawaii, currently serves as the Trustee for the Plan.
- Shareholders have experienced substantial dilution in the past year, with total shares outstanding increasing by 56.6%.
For the most up-to-date and comprehensive information on the major stockholders of Hawaiian Electric Industries, Inc., it is advisable to refer to the company's official website, investor relations materials, or regulatory filings with relevant authorities, such as the Securities and Exchange Commission (SEC).
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Hawaiian Electric's leadership team
The Hawaiian Electric Company is led by a team of experienced professionals committed to serving the communities of Oahu, Hawaii, Maui, Lanai, and Molokai with safe, affordable, and reliable clean energy. Here is an overview of the leadership team:
Shelee Kimura is at the helm of the company as its President and Chief Executive Officer. Appointed in January 2022, Shelee has a strong background in customer service and business development. She previously served as the Senior Vice President of Customer Service & Public Affairs and led the company's customer care initiatives during the COVID-19 pandemic, prioritizing equity and access while improving customer satisfaction.
Paul Ito, the Senior Vice President, Chief Financial Officer, and Treasurer, is responsible for the financial performance of the company. He oversees accounting, financial planning, budgeting, and risk management. With a background in accounting and finance, Paul has been with HEI since 2018 and has also served as CFO at Alexander & Baldwin, Inc.
Jason Benn, the Senior Vice President, Chief Transformation & Administrative Officer, drives organizational transformation and ensures alignment with the company's vision and values. He has been with Hawaiian Electric since 1997 and oversees human resources, corporate communications, information technology, and corporate strategy.
Alberts brings over 20 years of utility experience to the team. He previously served as Senior Vice President of Business Development & Strategic Planning and has a track record of delivering value to customers. Alberts joined Hawaiian Electric in 2012 and has focused on business development and company strategy.
Jackie Ingamells, who joined in May 2022, adds to the team's expertise in customer and employee experience. She previously held leadership roles at MetLife and AIG and has a background in human resources and business strategy.
Mike DeCaprio, with a background in power supply, took on the role of Vice President of Power Supply in June 2022. He has been with the company since 2004 and has held various roles, including superintendent of technical services in the engineering division.
This leadership team brings a wealth of experience and a commitment to serving the people of Hawaii, with a focus on clean energy, customer satisfaction, and strategic transformation.
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The company's history
Hawaiian Electric Company, Ltd was incorporated on 13 October 1891. Within 16 years, the company had gained 2,500 customers on Oahu. In 1894, the Alakea Power Plant was dedicated and placed into service. In 1901, ice and cold storage were added to the company's services. In 1914, Hawaiian Electric established service to the windward side of Oahu, and by 1915, the company was granted the right to supply power to the entire island.
In 1927, the company's King Street building opened for business. In 1937, the company broke ground on its second power plant, the Waiau Power Plant, and transmission lines soon crisscrossed Oahu. During World War II, Hawaiian Electric's power plants were linked to military bases, generating more than one million kilowatt-hours of electricity each day. By the time Hawaii became a state in 1959, Oahu was entirely electrified. In 1954, the company opened a 116 MW plant in downtown Honolulu, the Leslie A. Hicks Power Plant.
In 1968, Hawaiian Electric acquired the Maui Electric Company, and in 1970, it acquired the Hawaii Island's Hilo Electric Light Company. In 1983, Hawaiian Electric Industries, Inc. (HEI) was created as a holding company for these various utilities, with Hawaiian Electric becoming a subsidiary. In 1985, the HEI subsidiary Hawaiian Electric Renewable Systems (HERS) built the Makani Moae wind farm in Kahuku. In 1988, Maui Electric acquired the Lāna‘i City power plant on the island of Lānaʻi, and in 1989, it acquired the Molokai Electric Company on the island of Molokaʻi.
In 2013, Hawaiian Electric began working with Siemens to develop a self-healing grid in eastern Oʻahu and Waikīkī to ensure a reliable electrical supply. In 2014, NextEra Energy offered to purchase HEI for $4.3 billion, but the merger was cancelled in 2016 after the Public Utilities Commission disapproved the deal. In 2018, Hawaiian Electric filed a roadmap with the state, outlining its goal to have the majority of vehicles in Hawaii be electric vehicles by 2045. As of November of that year, EVs made up 1% of all vehicles.
Today, Hawaiian Electric and its subsidiaries provide electricity and services to 95% of Hawaii's 1.4 million residents, serving the islands of Oahu, Maui, Hawaii, Lanai, and Molokai. It is committed to empowering its customers and communities by providing affordable, reliable, clean, and sustainable energy. The company is also one of the state's leading employers and a major contributor to community and educational programs.
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Hawaiian Electric's subsidiaries
Hawaiian Electric Industries, Inc. (HEI) is the largest electricity supplier in Hawaii, serving 95% of the state's population. It has several subsidiaries, including:
Hawaiian Electric Company (HECO)
HECO is a subsidiary of HEI that serves the island of Oahu. It was incorporated on October 13, 1891, and has been providing electricity to the island for over a century. HECO's power plants were linked to military bases during World War II, and it opened a 116 MW plant in downtown Honolulu in 1954.
Hawai'i Electric Light Company (HELCO)
HELCO, formerly known as Hilo Electric Light Company, is a subsidiary of HEI that serves the Big Island. It provides power to rural areas and has been operating since 1914 when it established service to the windward side of the island.
Maui Electric Company (MECO)
MECO is a subsidiary of HEI that serves the islands of Maui, Lanai, and Molokai. It acquired the Lanai City power plant in 1988 and the Molokai Electric Company in 1989.
American Savings Bank
American Savings Bank is a financial institution owned by HEI that serves Hawaii.
Pacific Current LLC
Pacific Current LLC is a clean energy and sustainability company owned by HEI.
Hawaiian Electric Renewable Systems (HERS)
HERS is a subsidiary of HEI that built the Makani Moae wind farm in Kahuku in 1985.
In addition to these subsidiaries, HEI also owns several other companies, including Renewable Hawaii, Inc., HEI Diversified, Inc., and Pacific Energy Conservation Services, Inc.
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The company's logo and its meaning
The Hawaiian Electric Company's logo is a symbol of its history, commitments, and vision for the future. Established in 1891, the company has a long history in Hawaii, serving 95% of the state's 1.4 million residents. The logo was designed by respected Hilo designer Sig Zane, who combined traditional Hawaiian design elements with a modern look.
Zane worked on the design with his wife, cultural expert Nalani Kanakaole, drawing upon the company's history for inspiration. One key source of inspiration was the legacy of King David Kalakaua, who brought electricity to Hawaii and whose government recognized the establishment of Hawaiian Electric in 1891. The company's history is closely tied to the modernization of Hawaii, with King Kalakaua meeting Thomas Edison to see the incandescent light bulb in 1881, just 10 years before the company's founding.
The logo thus signifies the company's deep roots in the islands and its commitment to empowering its customers and communities by providing affordable, reliable, and clean energy. It represents the company's connection to Hawaii's history and its role in the state's growth and development. The logo also symbolizes the company's commitment to its customers and communities, with a focus on providing quality service and seeking clean, local energy sources for future generations.
Through its logo, the Hawaiian Electric Company expresses its pride in its history and its dedication to meeting the energy needs of Hawaii's residents and businesses. The logo serves as a reminder of the company's responsibilities and its role in powering the lives of Hawaiians, both today and in the future.
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Frequently asked questions
Hawaiian Electric Company, Ltd. is a publicly-traded company incorporated on October 13, 1891. It is owned by shareholders who hold stocks in the company.
The current president and chief executive officer of Hawaiian Electric is Shelee Kimura, who was appointed to the role in January 2022. Other leaders include Paul Ito, the SVP, CFO & treasurer, and Alberts, who previously served as senior vice president of Business Development & Strategic Planning and senior vice president of Customer Service.
The Hawaiian Electric Company and its subsidiaries provide electricity and services to approximately 95% of Hawaii's 1.4 million residents, or about 1.33 million people.
