Eric Yeaman
About Eric K. Yeaman
Eric K. Yeaman (age 57) has served on ALEX’s Board since 2012 and as independent, non‑executive Chairman since October 2020. He is an Audit Committee Financial Expert and currently chairs the Nominating & Corporate Governance Committee, reflecting deep finance/operations credentials and Hawai‘i market knowledge. Prior roles include President/COO at First Hawaiian, Inc., CEO at Hawaiian Telcom, COO at HECO, and CFO at Hawaiian Electric Industries; he now leads Hoku Capital LLC as Founder & Managing Partner . The Board affirms his independence under NYSE rules .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Hoku Capital LLC | Founder & Managing Partner | Aug 2019–present | Strategic advisory leadership |
| First Hawaiian, Inc. (FHB) | President & COO | Aug 2016–Aug 2019 | Led public company operations |
| First Hawaiian Bank | President, COO & Director | Jun 2015–Aug 2019 | Bank leadership/governance |
| Hawaiian Telcom Holdco, Inc. | President & CEO; Director | Jun 2008–Jun 2015; director Jun 2008–Jul 2018 | Turnaround/telecom operations |
| Hawaiian Electric Company (HECO) | Chief Operating Officer | Jan–Jun 2008 | Utility operations |
| Hawaiian Electric Industries (HEI) | Financial VP, Treasurer & CFO | Jan 2003–Jan 2008 | Corporate finance oversight |
| The Kamehameha Schools | COO & CFO | 2000–Jan 2003 | Institutional operations |
External Roles
| Company | Role | Start | Notes |
|---|---|---|---|
| Alaska Air Group, Inc. (NYSE: ALK) | Director | Nov 2012 | Current public company directorship |
| Par Pacific Holdings, Inc. (NYSE: PARR) | Director | Apr 2024 | Current public company directorship |
| Hawaiian Telcom Holdco, Inc. | Director | Jun 2008–Jul 2018 | Prior public board service |
Board Governance
- Independence: The Board determined Yeaman and all directors other than the CEO are independent under NYSE rules .
- Leadership: Non‑executive Chairman (Yeaman), CEO (Parker), and Lead Independent Director (Pasquale) structure deemed appropriate for oversight; independent directors meet in executive session at all regularly scheduled meetings .
- Committees: Yeaman is a member of the Audit Committee and Chair of the Nominating & Corporate Governance Committee; Audit has a majority of financial experts including Yeaman .
- Attendance: In 2024 the Board held 7 meetings; all directors attended at least 75% and 5 of 6 nominees attended 100% of Board/committee meetings .
- Shareholder governance signals: Majority voting in uncontested elections, no poison pill, shareholders can call special meetings at 10%, meaningful director ownership guidelines .
Fixed Compensation
| Component (2024) | Amount ($) | Notes |
|---|---|---|
| Cash fees (Yeaman) | 127,500 | Sum of Chairman cash retainer ($100,000) + Audit member ($12,500) + Nominating & Corporate Governance member ($7,500) + Nominating & Corporate Governance chair ($7,500) . |
| Equity award (Yeaman) | 160,001 | Chairman annual RSU grant (grant-date fair value) . |
| Total (Yeaman) | 287,501 | Fees + stock awards . |
| Board cash retainer (policy) | 60,000 | Annual director retainer . |
| Chairman cash retainer (policy) | 100,000 | Annual Chairman retainer . |
| Lead Director cash retainer (policy) | 85,000 | Annual Lead Independent Director retainer . |
| Committee member cash retainers | Audit: 12,500; Compensation: 10,000; Nominating: 7,500 | In addition to Board retainer . |
| Committee chair cash retainers | Audit: 14,000; Compensation: 10,000; Nominating: 7,500 | In addition to committee member retainers . |
| Per‑meeting fee | 750 | Paid when meetings attended exceed thresholds (Board: >7; Audit: >6; Compensation: >5; Nominating: >4) . |
- Director RSU vesting: Annual RSUs vest on the earlier of 1‑year grant anniversary or immediately before the next regular annual meeting; accelerated vesting for death, disability or retirement .
Performance Compensation
Directors do not receive performance‑based cash or PSU awards; equity is delivered as time‑based RSUs with policy‑defined vesting (see above) . For 2024, Yeaman’s Chairman equity award fair value was $160,001 and he held 9,816 RSUs at year‑end .
| Equity Detail (Director) | Metric | 2024 |
|---|---|---|
| Chairman equity grant | Grant‑date fair value ($) | 160,001 |
| RSUs held (year‑end) | Units (#) | 9,816 |
| RSU vesting policy | Term | Vest on earlier of 1‑year anniversary or pre‑AGM; accelerated for death/disability/retirement |
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Public board count limit | A&B guidelines cap directors at ≤4 public boards (incl. A&B); Committee reviewed and confirmed compliance for nominees . |
| Current public boards | Alaska Air Group (ALK); Par Pacific Holdings (PARR) . |
| Potential interlocks/conflicts | No related‑party transactions requiring disclosure since the beginning of fiscal 2024; prior proxy also reported none since the beginning of fiscal 2023 . |
Expertise & Qualifications
- Skills: Commercial real estate/REIT, executive leadership, finance/accounting, other public boards, Hawai‘i market knowledge, risk management; Yeaman is marked “Extensive” in these categories in the skills matrix .
- Financial Expert: Designated Audit Committee Financial Expert by the Board .
Equity Ownership
| Holder | Beneficial Ownership (#) | % of Class | Notes |
|---|---|---|---|
| Eric K. Yeaman | 62,198 | 0.1% | As of Feb 13, 2025; excludes RSUs/PSUs not acquirable prior to Apr 13, 2025 . |
| RSUs held (Director year‑end) | 9,816 | — | RSU units at end of 2024 for Yeaman . |
| Hedging/Pledging | Hedging and speculative transactions are prohibited by policy; no pledging disclosed in related‑party section . | ||
| Ownership guidelines | Chairman required ownership value of $500,000; directors $300,000; all current directors met or are on track within five years . |
Governance Assessment
- Board effectiveness: Yeaman’s dual roles as independent Chairman and Nominating Chair strengthen oversight, refreshment, and evaluation processes; Audit membership with “financial expert” designation enhances risk and financial controls .
- Independence & engagement: Board affirms his independence; 2024 attendance thresholds achieved across the Board, with frequent executive sessions led by independent directors—supports robust oversight .
- Alignment & incentives: Director pay is modest and balanced, with time‑based RSUs and clear ownership guidelines; Yeaman’s compensation reflects his leadership roles (Chairman equity/cash retainers plus committee fees) .
- Conflicts/related‑party risk: No related‑party transactions reported for 2024 (and none for 2023), and hedging is prohibited—low apparent conflict risk; monitor any evolving intersection with energy sector matters given PARR directorship, though no transactions are disclosed .
- Shareholder signals: Strong advisory vote support on executive compensation (Say‑on‑Pay 96% in 2024; 97% in 2023) indicates investor confidence in governance practices overseen by the Board and its leadership .
- Capacity risk: Public board cap policy (≤4) and annual review mitigate overboarding; Yeaman’s two current external boards remain within limits .
Monitoring items and RED FLAGS to watch:
- Any future related‑party transactions involving entities tied to Yeaman’s external boards (ALK, PARR) .
- Attendance slippage or committee composition changes that reduce financial expertise on Audit .
- Changes to director compensation structure that increase guaranteed cash or introduce option repricing (company currently does not grant options to directors) .