Hawaiian Electric Industries, Inc. Announces Executive Appointments

Business Wire, Jan 25, 2008

HONOLULU -- Hawaiian Electric Industries, Inc. (NYSE: HE) today announced that Eric K. Yeaman, HEI Financial Vice President, Treasurer and Chief Financial Officer (CFO), has been named Senior Executive Vice President and Chief Operating Officer (COO) of its utility subsidiary Hawaiian Electric Company, Inc. (HECO). Mr. Yeaman will report to HECO President and Chief Executive Officer, T. Michael (Mike) May.

"We are pleased to have one of our outstanding leaders assume a key operating role at our major electric utility subsidiary," said Constance H. Lau, HEI President and Chief Executive Officer and Chairman of the HECO Board. "Helping solve Hawaii's energy issues has become increasingly important and complex, and Eric's leadership of the day-to-day responsibilities of our Oahu utility will enable Mike to give even greater focus to our ongoing efforts to develop a balanced, comprehensive energy plan for Hawaii's future -- one that considers reliability, energy security, the environment and the needs of the communities we serve," Lau added.

In his capacity as COO, Mr. Yeaman will be responsible for overseeing the Oahu utility's day-to-day operations, energy solutions, public affairs and financial/administrative process areas. Mr. May will continue overall leadership responsibility for the entire utility organization, including subsidiaries, Hawaii Electric Light Company, which serves the island of Hawaii, and Maui Electric Company which serves the islands of Maui, Molokai and Lanai.

"Eric brings strong leadership skills and experience that will help us further develop and advance our plans for Hawaii's energy future," said May.

Prior to joining HEI in 2003, Mr. Yeaman served as COO for Kamehameha Schools, Hawaii's largest land trust, where he led numerous change management initiatives and developed and implemented new financial, investment and operational strategies to improve organizational effectiveness and efficiency.

He is a board member of The Nature Conservancy of Hawaii, Hawaii Community Foundation, Queen's Health Systems, Queen's Medical Center, Queen Emma Land Company, Enterprise Honolulu, Hawaii Pacific University and the Asia-Pacific Center for Security Studies Foundation.

Replacing Yeaman as HEI Acting Financial Vice President, Treasurer and Chief Financial Officer is Curtis Y. Harada, currently HEI Controller, a position he will retain.

Because of the heightened importance of ensuring community input in planning for the future, Hawaiian Electric Company also named Robert (Robbie) Alm as Executive Vice President for Public Affairs. Alm previously held the position of Senior Vice President for Public Affairs.

"Under Robbie's leadership we have worked hard to improve on the process by which we make decisions, ensuring that the concerns of the community are considered upfront," said Lau. "Our strategic success takes the ability to work through complex regulatory, government and community issues and Robbie has successfully brought those skills to the table."

Tayne S. Y. Sekimura, currently Hawaiian Electric Company Financial Vice President, will be promoted to Senior Vice President, Finance and Administration. In her new role, Sekimura will oversee HECO's financial, human resources, legal and corporate administration areas.

All appointments are effective February 1, 2008.

HEI supplies power to over 400,000 customers or 95% of Hawaii's population through its electric utilities, Hawaiian Electric Company, Hawaii Electric Light Company and Maui Electric Company, and provides a wide array of banking and other financial services to consumers and businesses through American Savings Bank, the state's third largest financial institution based on year-end asset size.

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 (including future revenues, expenses, earnings or losses or growth rates), ongoing business strategies or prospects and possible future actions, which may be provided by management, 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 assumptions about 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" discussion (which is incorporated by reference herein) set forth on page iv of HEI's Quarterly Report on Form 10-Q for the quarter ended September 30, 2007, and in HEI's future periodic reports that discuss important factors that could cause HEI's results to differ materially from those anticipated in such statements. Forward-looking statements speak only as of the date of this release.