First Hawaiian Bank Chairman Don Horner, who overcame opposition last month to be unanimously reappointed head of the state Board of Education, is retiring from his position at the state’s largest financial institution.
Bob Harrison, 53, president and chief executive officer of First Hawaiian, will take on the additional role as chairman while Horner, 63, will remain on the board of directors at both the bank and parent company BancWest Corp., First Hawaiian announced Monday.
Horner said his position with the BOE had nothing to do with his decision to retire as chairman of the bank.
"The passing of the gavel to Bob is part of an orderly succession plan that began over five years ago," Horner said in a text message. "Our bank has a history of promoting from within to ensure that our culture, commitments and core values are well maintained."
First Hawaiian also announced that Matthew Cox, president and CEO of Matson Inc., and Scott Wo, owner/executive team of C.S. Wo & Sons Ltd., were appointed to the bank’s 24-member board. They will replace Dr. Richard T. Mamiya and Robert C. Wo., both of whom retired.
All the changes are effectively immediately.
Harrison already was president when he became CEO on Jan. 1, 2012, upon Horner’s retirement from the post. Harrison has more than 25 years of financial services industry experience, including 18 years at First Hawaiian.
Horner, who has been affiliated with First Hawaiian for 36 years, had been chairman since 2008 and was CEO from Jan. 1, 2005, through Dec. 31, 2011.
"Don is an extraordinary business leader and public servant and we appreciate the significant contributions he has made in working with the board of directors and the bank’s senior management team to oversee First Hawaiian’s development as Hawaii’s leading bank," Harrison said in a statement.
First Hawaiian is coming off a strong first quarter in which it earned $53.2 million and achieved record levels in deposits ($13.8 billion), loans ($9.5 billion) and assets ($17.3 billion).
Horner is making way for Harrison to become chairman in the same way that former First Hawaiian Chairman and CEO Walter Dods stepped aside for Horner. Dods, who still is a member of the bank’s board, retired as CEO at the end of 2004 and as chairman at the end of 2008.
The decision by Horner to retire as chairman comes a month after his appointment for a second term as the volunteer Board of Education chairman was unanimously confirmed by the state Senate. That followed a contentious Senate Education Committee confirmation hearing about two weeks earlier in which gay rights activists and atheist groups blasted Horner for being affiliated with a church that opposed same-sex marriage. He is a volunteer pastor for New Hope Diamond Head and teaches a weekly evening Bible class.
Lawmakers and BOE members came to his defense at that time, and Horner said then that it has been "a sincere privilege to serve all of the children … in the state."
Besides his post with the BOE, Horner also volunteers as vice chairman of the Honolulu Authority for Rapid Transportation, the board overseeing plans for the city’s new rail line.
