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Inkinen is assisting Hawaiian Electric with their search for a Senior Vice President, Chief Financial Officer & Treasurer.
ABOUT THE ORGANIZATION
Established in 1891, Hawaiian Electric is committed to empowering its customers and communities by providing affordable, reliable, clean, and sustainable energy. Hawaiian Electric is an SEC registrant and a subsidiary of Hawaiian Electric Industries (HEI), a publicly traded company (NYSE:HE). With 2,500 employees and $2.5 billion in revenue, it is one of Hawaii’s largest employers and most influential companies. Hawaiian Electric serves 95 percent of Hawaii’s 1.4 million residents on the islands of Oahu, Maui, Hawaii, Lanai, and Molokai.
As the nation’s leader in rooftop solar and battery storage, Hawaiian Electric is an evolving, complex organization. Its aggressive Climate Change Action Plan is to reduce carbon emissions in 2030 by as much as 70 percent below 2005 levels and achieve net-zero carbon emissions by 2045.
In 2021, Hawaiian Electric set a strategic plan stating their highest priority is “to build a sustainable Hawaii in which our children and grandchildren, our communities, our customers, and employees will thrive, together.” To do this, Hawaiian Electric set out to be one of the most progressive and high-performing companies in the world, serving the energy needs of each person in Hawaii with purpose, compassion, empathy, and aloha. The strategic plan framework focuses on three areas to create a positive cycle to strengthen the company and earn the trust of its many stakeholders:
- create customer value by continuously improving the customer experience, expanding service offerings, and achieving affordability and equity;
- strengthen the company foundation by reinforcing a safety culture, developing a high-performance workforce, and managing financial stability and efficiency;
- build a stronger Hawaii by driving climate change mitigation and adaptation, activating community leadership and alignment, and strengthening infrastructure.
By 2025, Hawaiian Electric will be recognized as a driver of economic and societal change, a decarbonized and resilient energy system, a strong company culture, a trusted energy partner, and a pillar of financial strength.
ABOUT THE OPPORTUNITY
A member of the senior executive team, the Chief Financial Officer (CFO) plays a critical role in the development of Hawaiian Electric’s strategic, operating, and financial plans, and serves as a strategic partner to the CEO. With six direct reports, the CFO leads a large finance & accounting team of 80+ members.
The CFO develops the forward-looking financial strategies needed to meet the expectations of investors, rating agencies, customers, and regulators in a dynamic and everchanging environment. As the functional owner of Hawaiian Electric’s financial plans and budgets, the CFO is accountable for anticipating, understanding and forecasting the impacts of a rapidly evolving regulatory regime, market dynamics, and business model. The CFO supports the CEO and executive team in sound decision making with accurate, timely and relevant financial information, analysis and recommendations.
The CFO is also the Chief Risk Officer, charged with assessing and managing emerging financial and reputational risks to the organization. As Treasurer, the CFO is responsible for the capital structure of the company, credit ratings, liquidity and cash flow. The CFO oversees Hawaiian Electric’s issues of public and private debt, supports HEI’s equity investor relations activities, communicates with institutional investors and bond rating agencies, and contributes to SEC filings.
The CFO candidate will be an effective communicator who builds strong relationships and credibility with the executive team, Board of Directors, and investors. The selected candidate must demonstrate leadership success in the areas of financial strategies, markets and compliance, treasury and risk management.
Hawaiian Electric seeks a highly collaborative and candid finance leader who has unquestioned integrity. The ideal candidate is a strategic thinker that works well under pressure and welcomes challenges, complexity and ambiguity. Strong interpersonal skills and an appreciation of Hawaii’s culture are a must. Public company and regulatory finance experience are preferred.
The incumbent CFO’s scheduled retirement in the summer sets the stage for a well-coordinated transition plan for the next CFO.