Hawaiian Electric President and CEO Announces Retirement Plans

HONOLULU--(Business Wire)--
Hawaiian Electric Company, utility subsidiary of Hawaiian Electric
Industries, Inc. (NYSE:HE), today announced that President and CEO T.
Michael May has notified the company of his plans to retire. Although
his last day as President and CEO will be August 1, 2008, he will
remain engaged with the company to assist in the transition until his
retirement at year-end. May has served as President and CEO and a
member of the company's board of directors for over 13 years. An
executive search process will commence for May's replacement.

"Our company has been working for quite some time to chart a
strategic course that is focused on achieving a clean energy future
for Hawaii. I am confident the company is now well positioned to meet
the challenges of this changing energy marketplace. I had earlier
advised the board of my desire to retire, but as requested, stayed on
to help coordinate strategic planning. Now, after a 36-year business
career, the time is right for me to retire," said May.

During May's tenure, the utility has implemented state-of-the-art
systems including a new Dispatch and System Operations center and
worked to increase the utility's use of renewable energy sources,
including an upcoming request for proposals to add 100 megawatts of
renewable energy on Oahu and plans to use renewable bio-energy for
power generation. The company has also been a leader in developing
energy efficiency programs that have reduced electricity demand by
over 152 megawatts, the equivalent of a power plant.

"Unquestionably, it's been a privilege to lead an outstanding team
of employees who demonstrate such a daily commitment to serving our
customers. The opportunities and responsibilities of this job have
been a tremendous experience for which I will always be grateful,"
said May.

Constance H. Lau, Chairman of the utility's board of directors and
President and CEO of parent company HEI, said, "Under Mike's
leadership, our utilities have built a strong customer-focused
organization, developing innovative customer partnerships and
programs. His national industry expertise and relationships have been
invaluable resources and we will truly miss his leadership on our
management team." As board chair, Lau will work closely with May and
the utility's senior management to ensure a smooth transition.

May, age 61, joined Hawaiian Electric Company in 1992 as Senior
Vice President and was promoted to President and CEO in 1995. He
serves on the board of directors of the James Campbell Company, Edison
Electric Institute, the Electric Power Research Institute, Blood Bank
of Hawaii, Aloha United Way, Enterprise Honolulu, Chamber of
Commerce of Hawaii - Military Affairs Committee, as a Director of the
Boy Scouts of America - Aloha Council, and is a former Trustee of the
Academy of the Pacific. He has chaired the annual Aloha United Way
annual campaign for Oahu and was honored, along with his wife Carol,
as "Distinguished Citizens" by the Boy Scouts of America - Aloha
Council.

Following his retirement, May stated he plans to take some time
off and later pursue other business opportunities.

HEI supplies power to over 400,000 customers or 95% of Hawaii's
population through its electric utilities, Hawaiian Electric Company,
Inc., Hawaii Electric Light Company, Inc. and Maui Electric Company,
Limited and provides a wide array of banking and other financial
services to consumers and businesses through American Savings Bank,
F.S.B., the state's third largest financial institution based on
year-end asset size.

FORWARD-LOOKING STATEMENTS

This release may contain "forward-looking statements," which
include statements that are predictive in nature, depend upon or refer
to future events or conditions, and usually include words such as
expects, anticipates, intends, plans, believes, predicts, estimates or
similar expressions. In addition, any statements concerning future
financial performance (including future revenues, expenses, earnings
or losses or growth rates), ongoing business strategies or prospects
and possible future actions, which may be provided by management, are
also forward-looking statements. Forward-looking statements are based
on current expectations and projections about future events and are
subject to risks, uncertainties and assumptions about HEI and its
subsidiaries, the performance of the industries in which they do
business and economic and market factors, among other things. These
forward-looking statements are not guarantees of future performance.

Forward-looking statements in this release should be read in
conjunction with the "Forward-Looking Statements" discussion (which is
incorporated by reference herein) set forth on page iv of HEI's
Quarterly Report on Form 10-Q for the quarter ended March 31, 2008 and
in HEI's future periodic reports that discuss important factors that
could cause HEI's results to differ materially from those anticipated
in such statements. Forward-looking statements speak only as of the
date of this release.

Hawaiian Electric Company
Lynne T. Unemori, 808-543-7972
Vice President, Corporate Relations
Facsimile: 808-543-4476
Lynne.Unemori@heco.com

Copyright Business Wire 2008