Hawaiian Electric Industries’ Connie Lau is back on top as the highest-paid CEO in the state at a publicly traded company.
Lau, 66, received a pay package worth $5.9 million in 2017 to overtake First Hawaiian Bank’s Bob Harrison and Bank of Hawaii’s Peter Ho, who had held the top position from 2014 to 2016. Lau, ranked fifth among CEOs in 2016, had topped the list from 2011 to 2013.
Harrison, 57, received a pay package in 2017 worth $5.8 million while Ho, 52,
received $4.7 million and Matson’s Matt Cox, 56, collected $4.4 million, according to recent company filings with the Securities and Exchange Commission.
Lau’s total compensation jumped 93 percent last year from $3.1 million in 2016,
according to a recent regulatory filing.
Lau showed increases in all categories of compensation, with her salary rising to $893,533 from $864,700, stock awards soaring to
$2.2 million from $648,531, nonequity incentive plan compensation (annual cash payment tied to meeting certain corporate goals) nearly doubling to $2.3 million from $1.2 million, and her change in pension value and nonqualified deferred compensation earnings
rising to $531,763 from $364,325.
The company has been
at the forefront in Hawaii
of two major endeavors in recent years.
One of them was Florida-
based NextEra Energy’s failed $4.3 billion acquisition of HEI, which was rejected by the state Public Utilities Commission in July 2016. Lau fought for approval of the sale and would have been paid $12.3 million if it was completed.
Meanwhile, Lau has been leading HEI’s push to meet the state’s goal of 100 percent renewable electric energy by 2045. The company said in its most recent earnings report that 27 percent of electricity on the utility’s grid was from renewable sources in 2017.
HEI, which owns Hawaiian Electric Cos. and American Savings Bank, also reported that HECO President and CEO Alan Oshima received
a 75 percentage increase last year to $2.8 million from
$1.6 million while American Savings President and
CEO Rich Wacker had his compensation more than double to $3.1 million from $1.5 million.
Former Hawaiian Airlines CEO Mark Dunkerley, who retired March 31 from the state’s largest carrier, typically is among the top five compensation earners in
Hawaii, but parent company Hawaiian Holdings Inc. has not reported its executive compensation yet.
The SEC requires companies to list the compensation of their CEO, chief financial officer and the other three most highly compensated employees serving as executive officers at year-end. Companies typically release the information in March or April ahead of their annual shareholder meetings.