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Hawaiian Electric CEO to Retire

Robert Clarke will step down after 15 years.

Hawaiian Electric

(HE) - Get Free Report

said CEO Robert F. Clarke will retire effective May 2, the scheduled date for the company's annual shareholder meeting.

Clarke, who had been CEO, president and chairman since 1991, will be replaced by Constance H. Lau, president and CEO of its American Savings Bank unit. Lau will retain her position as president and CEO of American Savings Bank, in addition to getting nominated to the company's board.

"Ms. Lau has an outstanding record of achievement at American and is successfully transforming the bank from a retail thrift to a full service community bank. Her prior service at HEI, Hawaiian Electric Company, Inc. and American has prepared her well for her new responsibilities," the company said.

On Monday, Hawaiian Electric was flat at $26.25.

This story was created through a joint venture between and IRIS.