Connie Lau, the longtime president and CEO of Hawaiian Electric Industries Inc., highest-paid female executive in the state, and a driving force behind the company’s move toward clean energy, is retiring at the end of this year.
HEI, which on Tuesday announced several changes among its top executive positions, said Lau, 69, will be replaced by Scott Seu, president and CEO of HEI subsidiary Hawaiian Electric, which provides power to 95% of the state. Seu, 55, also will be appointed to the HEI board of directors and become chairman of American Savings Bank, the other main subsidiary of HEI.
Shelee Kimura, 48, senior vice president of customer service and public affairs at Hawaiian Electric, will succeed Seu as the utility’s president and CEO, becoming the first female chief executive in the company’s 130-year history.
All the changes become effective Jan. 1.
The moves come on the heels of the appointment in May of Ann Teranishi as president and CEO of American Savings, the state’s third-largest bank. She replaced Rich Wacker.
“With years of experience in our companies and in the communities we serve, Scott and Shelee have helped lead Hawaiian Electric’s clean energy transformation and are committed to the decarbonization of our economy and the health of our communities,” Lau said in a statement. “They understand what’s at stake for Hawaii and how to work successfully with stakeholders and community partners. I am excited about the future of our companies under the leadership of Scott, Shelee and Ann. Together with Greg Hazelton and Kurt Murao, HEI’s chief financial officer and general counsel, respectively, they will carry forward our mission to be a catalyst for a better Hawai‘i.”
In 2008 Lau signed the Hawaii Clean Energy Initiative with then-Gov. Linda Lingle and other leaders, which set the course for Hawaiian Electric’s clean-energy transition and the acceleration of the state’s transition off imported fossil fuels. At the time, Hawaii adopted a 40% renewable portfolio standard, or RPS, by 2030 that then was considered by many as the most aggressive RPS goal in the nation. In 2015 Hawaii increased that standard to 100% RPS by 2045.
Lau, who has held the top post at HEI since 2006, also served as president and CEO of American Savings from 2001 to 2008, leading the transformation of American Savings from a thrift institution to a full-service community bank.
She joined the HEI family of companies in 1984.
“Connie provided steady and thoughtful leadership through a time of unprecedented change in the energy and banking industries, but more than that, she was always asking ‘What’s next?’ and anticipating the next challenge,” HEI Chairman Tom Fargo said in a statement. “To have someone who leads a Hawaii company nationally recognized for their expertise in such diverse fields as energy, cybersecurity and finance is really remarkable, and it’s a tribute to Connie and the team she has built.”
Lau is married to Russell Lau, chairman and CEO of Finance Factors, the state’s largest locally owned depository financial services loan company — making them one of Hawaii’s power couples. Connie Lau was the third-highest-paid CEO of a publicly traded company in the state in 2020 with a pay package worth $5.1 million, including a base salary of $950,217, according to HEI’s regulatory filing earlier this year with the U.S. Securities and Exchange Commission.
As part of Seu’s compensation package, he will receive an initial annual base salary next year of $875,000 and be eligible for merit increases in future years, according to HEI’s regulatory filing Tuesday. Seu’s base salary in 2020 was $419,750. HEI is not expected to release its 2021 executive compensation until March.
Seu, who was named president and CEO of Hawaiian Electric in February 2020, helped lead the company last year to a renewable portfolio standard of nearly 35%, surpassing the state goal of 30%. In 2008 he was on the core team that led the implementation of the clean-energy agreement.
Earlier this year Hawaiian Electric began operating under a performance-based regulation framework — a business model that seeks to align the company’s priorities with customer needs, as well as with societal goals like clean energy. To address this framework, Seu and his leadership team developed Hawaiian Electric’s new five-year strategic plan, with goals to create customer value, strengthen the company’s foundation and help build a stronger Hawaii.
“Anyone who works with Scott knows he’s committed not just to getting things done but to finding solutions that are fair, equitable and practical,” Fargo said. “That’s what we’re talking about when we say we want HEI to be a catalyst for a better Hawaii. That’s why Scott is the person to lead the company at a time when Hawaii’s energy independence is on the horizon and there are so many opportunities to help empower our communities.”
Seu joined Hawaiian Electric in 1993 and has held key leadership positions across the company, including in the areas of environmental management, customer programs, renewable-energy development, electrical system operations and community relations. He is a Kamehameha Schools graduate and received his bachelor’s and master’s degrees in mechanical engineering from Stanford University.
“I’m humbled and honored to be selected as the next president and CEO of the HEI family of companies, and I mahalo Connie, Tom and our board of directors for entrusting me with this responsibility to serve our customers, our employees, and our shareholders,” Seu said in a statement. “HEI and its operating companies, Hawaiian Electric, American Savings Bank and Pacific Current (a subsidiary that invests in nonregulated clean energy and sustainable infrastructure), make up one of Hawaii’s largest corporations, touching nearly all of Hawaii’s population. With that comes an obligation to positively impact Hawaii’s future and I’ll do my best, working with our entire team, to support the well-being of our communities.”
Kimura, who joined Hawaiian Electric in 2014, has held numerous senior leadership positions in the company, including senior vice president for customer service and public affairs and
senior vice president for business development and strategy. She was instrumental in developing Hawaiian Electric’s 2015-2020 transformation strategy, which helped guide the leap from a traditional utility model to a transformative clean-energy leader in the industry.
“It is a true honor to be selected to lead Hawaiian Electric in this critical time,” Kimura said in a statement. “Like many in Hawaii, I was raised with a sense of responsibility and stewardship for this incredibly special place. I step into this role with humility and a deep sense of kuleana to Hawaii’s future, the communities we serve and our dedicated employees who serve them. As we pursue our mission, we can help create a sustainable, equitable and thriving Hawaii, and I look forward to working with many others to do just that.”
Before joining Hawaiian Electric, Kimura spent 10 years at HEI, leading corporate finance and investments, investor relations and strategic planning. From 1996 to 2004 she worked in the audit, advisory and consulting practices at Arthur Andersen and KMH LLP.
Kimura is a graduate of Aiea High School and holds a bachelor’s degree in business administration from the University of Hawaii at Manoa, where she was a presidential scholar. Kimura is an Omidyar Fellow and is a graduate of the Advanced Management Program of the Wharton School of the University of Pennsylvania.
“Shelee is a roll-up-her-sleeves kind of leader and problem-solver who comes to the job with a wealth of experience inside and outside the company,” Hawaiian Electric Chairman Tim Johns said in a statement. “She understands the critical role the company plays in Hawaii, not just keeping the lights on, but providing leadership to tackle the challenges of climate change in ways that are equitable and responsive to communities.”
