Published On: Wed, May 28th, 2014

Hawaiian Electric Co Inc (OTCMKTS:HAWEL): CEO Announced Retirement Plans

Hawaiian Electric Co. Inc. (OTCMKTS:HAWEL)’s President and Chief Executive Officer Richard M. Rosenblum today notified the company about his intention to retire within a year. Rosenblum joined the company back in 2009 after more than three decades of career with Southern California Edison. Since then he has been serving as the company’s President and Chief Executive Officer as well as a member of the company’s board of directors.

Rosenblum expressed that in 2008 he decided to come out of retirement to take up the challenge of leading an organization readying to establish itself in clean energy segment. Over past six year, the company is now meeting over 18% of energy needs as compared to 8% energy needs with renewable energy in 2008. This is mainly attributed to collaborative efforts with number of partners. The company has now established itself as the industry leader in the integration of renewable energy and it tops the list in terms of rooftop solar photovoltaic systems per customer in Hawaii. Moreover, Rosenblum ensure to accomplish the development plans towards next stage of transformation.

Chairman of Hawaiian Electric Co. Inc. (OTCMKTS:HAWEL)’s Board of Directors and Chief Executive Officer of the parent company, Constance H. Lau expressed that Hawaiian Electric has been fortunate to benefit from Mr. Rosenblum’s knowledge and operational expertise which has laid a solid foundation for the company’s utilities. He has significantly contributed towards ensuring a culture of safety for employees while improving customer service and reliability as well as building management strength.

Mr. Lau is working with Mr. Rosenblum and his team to help with the transition and assured to have strong leadership so as to continue the journey toward a clean energy future. The parent company, HEI supplies power to almost 95% of Hawaii’s population through its utilities Hawaii Electric Light Company, Hawaiian Electric Co. Inc. (OTCMKTS:HAWEL) and Maui Electric Co. Ltd.

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