Hawaiian Electric Industries, Inc. (NYSE: HE) today announced the appointment of Eva Zlotnicka to the Board, effective immediately. In addition, Ms. Zlotnicka has been added to the HEI Board's Compensation Committee.

"We welcome Eva to the HEI Board," said Jeff Watanabe, Chairman of the Board. "Eva's investment experience in environmental, social, and governance initiatives, as well as academic background in environmental science, will complement the diverse experience of our directors. We look forward to her contributions to the Board as we work with management to pursue some of the nation's most ambitious renewable energy goals, serve our customers and communities affordably, sustainably and reliably, and drive long-term value for all of our stakeholders, including our shareholders."

Ms. Zlotnicka is a Managing Director of the Spring Fund and Head of Stewardship at ValueAct Capital. Prior to joining ValueAct Capital in February 2018, Ms. Zlotnicka was an environmental, social and governance equity research analyst and a fixed income and derivatives analyst at Morgan Stanley. Ms. Zlotnicka also serves on the board of Unifi, Inc.

Ms. Zlotnicka said, "I'm honored to be joining the HEI board. ValueAct was first attracted to HEI because of its record of progress supporting Hawaii's commitment to the environment and carbon neutrality. Over the past 18 months, we have established a great appreciation for the State of Hawaii's unique commitment to renewable energy. We look forward to working with the Company's leadership as it continues to do what is right for its customers and communities, and I am excited to work with the Company in support of these important goals."

Jeff Ubben, Founder and Chairman of ValueAct and Co-Portfolio Manager of the ValueAct Spring Fund, said, "We appreciate HEI's collaborative approach and look forward to supporting their efforts going forward."

In conjunction with Ms. Zlotnicka's appointment, HEI has entered into an agreement with ValueAct Capital containing customary terms including a commitment by ValueAct to vote in favor of the HEI Board's nominees at the 2020 annual meeting. In addition to Ms. Zlotnicka, the Board has nominated for re-election current directors Peggy Y. Fowler, Micah A. Kane and Keith P. Russell. The full agreement between HEI and ValueAct will be filed on a Form 8-K with the U.S. Securities and Exchange Commission.