Business Context and Reporting Period
This Form 8-K is filed by Hawaiian Electric Industries, Inc. on April 6, 2026. The report discloses a significant change in executive leadership and the subsequent engagement of the departing officer as a consultant.
Key Financial Metrics
The filing does not report operational financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The financial data provided relates exclusively to executive compensation and consulting fees.
- Monthly Consulting Fee: $200,000
- Special Projects Fee: $1,350,000 (payable at the end of the term)
- Previously Reported Compensation: $800,000 (for services through March 1, 2027)
Material Changes
Executive Departure: Scott T. DeGhetto's term as Executive Vice President and Chief Financial Officer (Principal Financial Officer) ended on April 1, 2026.
New Engagement: On April 6, 2026, the Company entered into a one-year Consultant Services Agreement with Mr. DeGhetto (via Emberstone, LLC) to advise on debt/equity financing and corporate dispositions.
Compensation Structure: The new agreement adds a monthly fee and a special projects fee to the previously disclosed $800,000 compensation package approved in November 2024.
Outlook, Risks, and Management Commentary
Term and Termination: The consulting agreement runs until April 5, 2027. Fees are prorated if terminated early by the Company for Cause or by Mr. DeGhetto for any reason.
Scope of Services: Mr. DeGhetto will advise on market-related projects reasonably requested by the Chief Executive Officer.
Risks/Contingencies: The filing notes that fees are subject to applicable general excise or use taxes. The Company will also reimburse reasonable out-of-pocket business expenses.
Investor Verification Checklist
- Verify the total aggregate cost of the new consulting agreement ($200,000/month + $1,350,000 special fee) against the previously reported $800,000 package.
- Confirm the identity of the new Principal Financial Officer, as Paul K. Ito signed this report in that capacity.
- Review the November 8, 2024 Form 10-Q (Item 5) for details on the original compensation package referenced in this filing.
- Assess the impact of the CFO departure on the Company's ongoing debt and equity financing strategies.