Business Context and Reporting Period
This Form 8-K Current Report was filed by First Hawaiian, Inc. on June 28, 2023. The filing primarily addresses significant executive departures and the associated compensatory arrangements under the company's Executive Severance Plan.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses on corporate governance and personnel changes rather than financial performance data.
Material Changes
The material change reported is the departure of two senior executives:
- Ralph M. Mesick: Vice Chairman and Chief Risk Officer. Separation effective July 1, 2023.
- Lance A. Mizumoto: Vice Chairman and Chief Lending Officer, Wholesale Banking Group. Separation effective October 1, 2023.
Management Commentary, Risks, and Unusual Items
Compensatory Arrangements: Both executives are entitled to payments under the First Hawaiian, Inc. Executive Severance Plan. The severance package includes a lump sum payment calculated as the sum of:
- The individual's highest base salary earned during 2020, 2021, and 2022.
- The average bonus payments actually received for 2021 and 2022.
Restrictions: Both executives remain subject to one-year non-competition and employee/customer non-solicitation provisions. Their departures constitute a "retirement" under the Omnibus Incentive Compensation Plan.
Disclosure: A press release announcing these retirements was issued on June 29, 2023, and is attached as Exhibit 99.1.
Investor Verification Checklist
- Verify the specific dollar amounts of the severance payments by reviewing the 2023 Proxy Statement referenced in the filing.
- Confirm the interim leadership appointments for the Chief Risk Officer and Chief Lending Officer roles.
- Review the attached press release (Exhibit 99.1) for additional context on the transition plans.
- Monitor future filings for any impact on the company's risk management or lending strategies following these departures.