Shelee Kimura
About Shelee M. T. Kimura
Shelee M. T. Kimura, age 51, has served on ALEX’s Board since 2023 and is currently President, Chief Executive Officer, and Director of Hawaiian Electric Company, Inc. (HECO) since January 2022; she previously held senior roles at HECO and was Manager, Investor Relations and Strategic Planning at Hawaiian Electric Industries, Inc. (HEI). She has financial and accounting expertise with prior experience as a consulting manager at Arthur Andersen LLP and its successor, and the Board has determined she is independent under NYSE rules . In 2024, independent directors met in executive sessions at all regularly scheduled meetings, and all directors attended at least 75% of Board and committee meetings (five of six nominees attended 100%) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Hawaiian Electric Company, Inc. | President, Chief Executive Officer, and Director | Jan 2022–present | Leads utility serving ~95% of Hawai‘i’s population; complex operational oversight |
| HECO | SVP, Customer Service & Public Affairs | Mar 2021–Dec 2021 | Customer and stakeholder engagement |
| HECO | SVP, Customer Service | Feb 2019–Mar 2021 | Service operations leadership |
| HECO | SVP, Business Development & Strategic Planning | Jan 2017–Feb 2019 | Strategy and growth initiatives |
| HECO | VP, Corporate Planning & Business Development | May 2014–Jan 2017 | Corporate planning |
| Hawaiian Electric Industries, Inc. (NYSE: HE) | Manager, Investor Relations & Strategic Planning | Nov 2009–May 2014 | Capital markets and planning |
| Arthur Andersen LLP (and successor) | Consulting Manager | Not disclosed (prior role) | Financial/accounting expertise |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Hawaiian Electric Company, Inc. | President, CEO, Director | Jan 2022–present | Utility providing energy to ~95% of Hawai‘i’s population |
| Various corporate/non-profit boards | Director | Not specified | Service referenced; specific boards not listed |
Other public company directorships: None specifically disclosed for Ms. Kimura in the proxy .
Board Governance
- Independence: Board determined Ms. Kimura is independent under NYSE rules .
- Committee assignments: Member, Compensation Committee; not on Audit or Nominating & Corporate Governance .
- Attendance/engagement: Board held 7 meetings in 2024; all directors attended at least 75%, and independent directors met in executive sessions at all regularly scheduled meetings; Compensation Committee met 4 times .
- Leadership structure: Independent, non-executive Chairman; Lead Independent Director; CEO separate; majority of Audit Committee Financial Experts .
- Shareholder alignment signals: 2024 Say‑on‑Pay received over 96% support ; robust shareholder engagement program (~70% of stock outreach) .
| Governance Item | Detail |
|---|---|
| Independence status | Independent director |
| Committees | Compensation Committee member |
| 2024 Board meetings | 7 total; executive sessions at all regularly scheduled meetings; all directors ≥75% attendance (five of six at 100%) |
| Compensation Committee meetings | 4 meetings in 2024 |
| Chair roles | None (not a chair) |
| Board diversity (2025 nominees) | 33% women; 66% people of color |
Fixed Compensation
| 2024 Director Compensation | Amount ($) |
|---|---|
| Fees Earned or Paid in Cash | 70,000 |
| Stock Awards (RSUs, grant‑date fair value) | 110,009 |
| Option Awards | N/A; no director options outstanding/granted since 2007 |
| Total | 180,009 |
| RSUs held at year‑end 2024 | 6,749 |
| Director Compensation Structure (effective Jan 2024) | Amount ($) |
|---|---|
| Board cash retainer | 60,000 |
| Compensation Committee member retainer | 10,000 |
| Equity award (annual RSUs) | 110,000 |
| Per‑meeting fee (above predefined count) | 750 |
| RSU vesting schedule | Vest on earlier of one‑year anniversary or immediately prior to next regular annual meeting; accelerated vesting upon death/disability/retirement |
Performance Compensation
- No performance‑based director compensation disclosed (no PSUs/option grants to directors; equity is time‑based RSUs) .
| Equity feature | Design |
|---|---|
| Annual grant | RSUs, time‑based vesting as above |
| Options to directors | None; not granted since 2007 |
Other Directorships & Interlocks
| Item | Detail |
|---|---|
| Public company boards (current) | None disclosed for Ms. Kimura |
| Notable network interlocks | ALEX Chairman Eric K. Yeaman previously COO of HECO (Jan–Jun 2008) and CFO of HEI (2003–2008), creating historical ties to Ms. Kimura’s current employer (HECO/HEI ecosystem) |
| Board service limits | ALEX guidelines cap at ≤4 public boards; 2025 nominees compliant |
Expertise & Qualifications
| Skill Area | Level |
|---|---|
| Executive Leadership | Extensive (X) |
| Finance/Accounting | Extensive (X) |
| Other Public Company Board Experience | Extensive (X) |
| Hawai‘i Market/Community Knowledge | Extensive (X) |
| Technology/Cybersecurity | Moderate (O) |
| Environmental | Extensive (X) |
| Risk Management | Extensive (X) |
Equity Ownership
| Ownership Item | Amount |
|---|---|
| Beneficial ownership (Feb 13, 2025) | 4,410 shares; percent of class “—%” (less than 0.1%) |
| RSUs held (year‑end 2024) | 6,749 RSUs |
| Options | None outstanding |
| Director stock ownership guideline | $300,000 for Board members; $500,000 for Chairman; 5‑year compliance window |
| Compliance status | All current directors met or are on track |
| Hedging/derivative policy | Directors prohibited from speculative transactions and hedging A&B stock |
Governance Assessment
-
Strengths
- Independence and active Compensation Committee role; no Compensation Committee interlocks or insider participation in 2024 .
- Strong director ownership guidelines and hedging prohibitions support alignment; RSU grants with clear, conservative vesting .
- Robust governance architecture (independent Chair/Lead Independent Director), audit committee financial expertise, and meaningful shareholder engagement; high Say‑on‑Pay (>96%) indicates investor support .
- No related person transactions requiring disclosure since FY2024 start, mitigating conflict risk .
-
Potential Conflicts/Risk Indicators
- External role as HECO CEO could present perceived conflicts given ALEX’s Hawai‘i‑centric CRE operations rely on utility services; however, ALEX’s related‑party policy is stringent and no such transactions were disclosed for 2024 .
- Time commitments: HECO CEO responsibilities are significant; ALEX’s Nominating Committee annually reviews director commitment levels and caps public boards at four, with the 2025 nominees compliant .
-
Engagement/Attendance
- Board met 7 times; independent directors held executive sessions each regularly scheduled meeting; all directors ≥75% attendance (five of six at 100%)—consistent with effective oversight .
-
Compensation Structure (Director)
- Cash retainer + modest committee fee + time‑based RSUs; no options or performance‑linked director equity—reduces pay risk and complexity .
Overall signal: Ms. Kimura’s independence, governance experience, and Hawai‘i market expertise bolster board effectiveness. The HECO CEO role is a monitoring point for perceived conflicts, but ALEX’s policies and 2024 disclosures indicate no related‑party exposure; strong shareholder support and governance practices support investor confidence .