Hawaiian Electric President and CEO Announces Retirement Plans

        Hawaiian Electric President and CEO Announces Retirement Plans

PR Newswire

HONOLULU, May 27, 2014

HONOLULU, May 27, 2014 /PRNewswire/ --Hawaiian Electric Company, Inc.
(Hawaiian Electric), a wholly-owned subsidiary of Hawaiian Electric
Industries, Inc. (HEI) (NYSE: HE), today announced that President and CEO
Richard M. Rosenblum has notified the company that he plans to retire within a
year. Rosenblum, who turned 64 last month, has served as Hawaiian Electric's
President and CEO and as a member of the company's board of directors since
2009. He joined Hawaiian Electric after a 32-year career at Southern
California Edison.

"In 2008, I made the decision to come out of retirement for the challenge of
leading an organization embarking on an unprecedented slate of clean energy
initiatives," said Rosenblum. "Today, thanks to collaborative efforts with
many partners, our utilities are meeting more than 18percent of our
customers' energy needs with renewable energy, compared to just 8 percent in
2008. We lead the nation in rooftop solar photovoltaic systems per customer,
and we're broadly recognized as an industry leader in the integration of
renewable energy.

"While I've shared my future retirement intentions to allow ample time for a
smooth transition, I'm committed to completing the development of our plans
for the next phase of our clean energy transformation," added Rosenblum.

"We've been fortunate to benefit from Dick's exceptional knowledge and
operational expertise. His passionate focus on improving customer service and
reliability, instilling a pervasive culture of safety for our employees and
our customers, reducing our dependence on expensive imported oil, and building
our talent and management strength has laid a solid foundation for our
utilities," said Constance H. Lau, chairman of Hawaiian Electric's board of
directors and CEO of parent company, HEI.

"To help with the transition, I am working with Dick and his team on the
ongoing energy planning process as well as the future leadership transition.
We'll ensure we continue to have strong leadership to aggressively move Hawaii
toward a clean energy future," Lau added.

HEI supplies power to approximately 450,000 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 (American), one of Hawaii's largest
financial institutions.

HEI and Hawaiian Electric intend to continue to use HEI's website,
www.hei.com, as a means of disclosing additional information. Such
disclosures will be included on HEI's website in the Investor Relations
section. Accordingly, investors should routinely monitor such portions of
HEI's website, in addition to following HEI's, Hawaiian Electric's and
American's press releases, HEI's and Hawaiian Electric's SEC filings and HEI's
public conference calls and webcasts. Also, at the Investor Relations section
of HEI's website, investors may sign up to receive e-mail alerts (based on
each investor's selected preferences). The information on HEI's website is
not incorporated by reference in this document or in HEI's and Hawaiian
Electric's SEC filings unless, and except to the extent, specifically
incorporated by reference. Investors may also wish to refer to the Public
Utilities Commission of the State of Hawaii (PUC) website at
dms.puc.hawaii.gov/dms in order to review documents filed with and issued by
the PUC. No information on the PUC website is incorporated by reference in
this document or in HEI's and Hawaiian Electric's SEC filings.

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, 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
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" and "Risk Factors" discussions (which are
incorporated by reference herein) set forth in HEI's quarterly report on Form
10-Q for the quarter ended March 31, 2014 and annual report on Form 10-K for
the year ended December 31, 2013, respectively, and HEI's future 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, American 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.

Media Contact:
Lynne T. Unemori (808) 543-7972
lynne.unemori@hawaiianelectric.com

Investor Contact:
Carol E. O. Imai (808) 543-7920
cimai@hei.com

Logo - http://photos.prnewswire.com/prnh/20110411/LA80136LOGO

SOURCE Hawaiian Electric Industries, Inc.

Website: http://www.hei.com
 
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