Jeanne M. Dressel

About Jeanne M. Dressel

Jeanne M. Dressel served as Senior Vice President, Controller, and Principal Accounting Officer (PAO) of Bank of Hawaii Corporation from November 18, 2022, until her resignation effective November 1, 2024; she was appointed at age 61 and is listed at age 62 in BOH’s 2023 Form 10‑K executive officer roster . As PAO, she signed SEC filings including the 2023 Form 10‑K and multiple 2024 registration statements, reflecting primary responsibility for external reporting controls and disclosures . Company performance during her tenure (company-level context): BOH’s Pay-Versus-Performance tables show net income of $225.8m (2022), $171.2m (2023), and $150.0m (2024), total shareholder return (value of $100) of 91 (2022), 89 (2023), and 92 (2024), and ROCE of 17.83%, 13.89%, and 10.85%, respectively .

Past Roles

Organization	Role	Years
Bank of Hawaii Corporation	SVP, Controller & Principal Accounting Officer	Nov 18, 2022 – Nov 1, 2024
Blockchain.com	Global Controller	Sep 2021 – Oct 2022
First Interstate Bank	Senior Vice President & Controller	Oct 2018 – Sep 2021
Ethos Lending LLC	Corporate Controller	Feb 2017 – Oct 2018

Fixed Compensation

Item	Detail	Source
Base Salary	$225,000 upon appointment as SVP, Controller & PAO
Benefits Eligibility	Entitled to participate in incentive compensation and benefit plans available to senior executives

Performance Compensation

Company disclosures do not provide Dressel-specific targets or payouts; her 8-K states eligibility to participate in senior executive incentive plans. Below is the 2024 design for NEOs (context for the executive program); Dressel’s individual targets/payouts are not disclosed .

Short-Term Incentive (STI) – 2024 NEO framework | Metric | Weighting | Target | Actual | Payout | Vesting | |---|---|---|---|---|---| | Profitability (PPNR) | 20% | Not disclosed | Not disclosed | Not disclosed | Cash (annual) | | Asset Quality (Non‑Performing Assets vs peers) | 20% | Not disclosed | Not disclosed | Not disclosed | Cash (annual) | | Financial Returns (ROCE vs peers) | 20% | Not disclosed | Not disclosed | Not disclosed | Cash (annual) | | Strategic (Customer Experience score) | 20% | Not disclosed | Not disclosed | Not disclosed | Cash (annual) | | Individual Performance | 20% | Not disclosed | Not disclosed | Not disclosed | Cash (annual) |
Long-Term Incentive (LTI) – 2024 NEO framework | Metric | Weighting | Measurement Window | Payout Curve | Vesting | |---|---|---|---|---| | ROCE (relative) | 70% | Three-year, 2024–2026 | 50% threshold at 25th percentile; 100% at target; 200% max at 75th percentile (interpolated) | 3-year cliff, performance units | | Total Shareholder Return (relative) | 30% | Three-year, 2024–2026 | Same as above | 3-year cliff, performance units |

Notes:

2024 program eliminated P/B ratio, added TSR to LTI, and adopted a balanced STI scorecard; incentives remain 100% performance-based for NEOs .

Equity Ownership & Alignment

Item	Status	Source
Common Shares Beneficially Owned at Appointment	630 shares, Direct (Form 3, 11/22/2022)
Derivative Securities at Appointment	None reported on Form 3 Table II
Hedging/Pledging	Company policy prohibits hedging and pledging; policy states no officers or directors are parties to such transactions
Stock Ownership Guidelines	CEO 5x salary; Vice Chairs 2x salary. Guidelines disclosed for CEO and Vice Chairs; no PAO-specific multiple disclosed

Implication: Initial ownership of 630 shares and no disclosed derivative holdings suggests minimal near-term selling pressure from vesting; company-wide anti‑hedging/pledging further reduces alignment risk .

Employment Terms

Term	Detail	Source
Appointment	Appointed SVP, Controller & PAO effective Nov 18, 2022
Resignation	Resigned effective Nov 1, 2024
Compensation Eligibility	Eligible to participate in senior executive incentive compensation and benefit plans
Clawback	Executive officers (including PAO) subject to clawback for erroneously awarded incentive-based compensation under SEC/NYSE rules
Code of Ethics	Executive officers (incl. PAO and Controller) subject to BOH Code of Business Conduct and Ethics
Change-in-Control (Company program context)	BOH Retention Plan provides double-trigger benefits for NEOs/Vice Chairs: 2x base+bonus severance; additional 1x base+bonus for 12‑month non-compete; equity vesting accelerates on double trigger; no excise-tax gross‑ups (eligibility not disclosed for PAO)

Company Performance During Dressel’s Tenure (Context)

Metric	2022	2023	2024
Net Income ($)	225,804,000	171,202,000	149,994,000
ROCE (%)	17.83%	13.89%	10.85%
TSR – Value of $100	91	89	92

Additional evidence of PAO responsibilities: Dressel signed BOH’s 2023 Form 10‑K (as PAO) and 2024 S-3/S-8 registration statements .

Investment Implications

Alignment and trading signals: Initial ownership was modest (630 shares), with no derivatives reported at appointment; combined with anti‑hedging/pledging policies and no disclosed equity grants for Dressel, near-term insider selling pressure tied to vesting appears limited from her holdings .
Compensation levers: While Dressel was eligible for senior executive incentive plans, BOH’s 2024 redesign tied NEO incentives to diversified scorecards and relative ROCE/TSR, reinforcing pay-for-performance; Dressel-specific targets/payouts were not disclosed, limiting precision on her incentive alignment .
Retention/transition risk: Appointment and resignation dates indicate ~23.5 months in role; a planned handoff occurred with a successor PAO effective Nov 1, 2024, reducing reporting continuity risk .
Governance and controls: Clawback and ethics policies explicitly cover the PAO; Dressel’s signatures on the 10‑K and registration statements during 2023–2024 reflect accountability for financial reporting integrity amid earnings normalization and lower ROCE in 2024 .