American Savings' boss leaving earlier than planned

American Savings Bank President Timothy Schools will step down from his position Friday, more than three months earlier than originally planned.

Schools, who said in April that he intended to resign at year's end after the completion of the bank's Performance Improvement Project, said he wanted to accelerate his resignation to pursue business interests in South Carolina. Hawaiian Electric Industries Inc., parent of American Savings, said in a Securities and Exchange Commission filing yesterday that the completion of the Performance Improvement Project "has been substantially achieved."

HEI said Schools' base pay will cease Friday but that under a transition and consulting agreement during the next 12 months, he will get 7,000 shares of HEI stock based on Friday's closing price. Schools' base pay for 2009 was $550,000, according to a proxy the company filed in March this year.

American Savings is conducting a nationwide search to replace Schools and expects to have a new president in place before the end of the year. Connie Lau, president and chief executive officer of HEI and chairwoman and CEO of American Savings, will temporarily assume the responsibilities of American Savings' president, a position she held prior to Schools being appointed in February 2008.