HAWAIIAN ELECTRIC CO INC

On May 8, 2026, the Company announced leadership structure changes at HEI and Hawaiian Electric to reflect its pure-play utility focus. Effective as of June 1, 2026, Scott W. H. Seu will serve as the Chief Executive Officer (CEO) of both HEI and Hawaiian Electric, and Shelee M. T. Kimura will serve as President of both HEI and Hawaiian Electric.

In furtherance of this leadership restructuring, effective as of June 1, 2026, Mr. Seu will resign as President of HEI and be appointed CEO of Hawaiian Electric. He will continue to serve as HEI’s CEO and his compensation package will not change in connection with this change.

Additionally, effective as of June 1, 2026, Ms. Kimura, 52, will be appointed President of HEI and will resign as CEO of Hawaiian Electric. Ms. Kimura will continue to serve as President of Hawaiian Electric, where she has served as President and CEO since January 2022. Prior to this, Ms. Kimura served as Senior Vice President, Customer Service and Public Affairs of Hawaiian Electric from October 2020 to January 2022, Senior Vice President, Customer Service from February 2019 to October 2020, Senior Vice President, Business Development and Strategy from January 2017 to February 2019, and Vice President, Corporate Planning & Business Development from May 2014 to January 2017. Before joining Hawaiian Electric, Ms. Kimura led HEI’s Corporate Finance, Investor Relations and Strategy groups from August 2004 to May 2014.

Ms. Kimura’s compensation package, described in the Proxy Statement filed with the SEC on April 29, 2026, will not change in connection with her appointment as President of HEI.

There are no arrangements or understandings between Ms. Kimura and any other person pursuant to which she was selected as an officer, no family relationships between Ms. Kimura and any other executive officer or director, and no related person transactions within the meaning of Item 404(a) of Regulation S-K between Ms. Kimura and HEI.