Hawaii

In another sign of economic rebound, average Hawaii CEO pay rose 20% last year

Published

2 years ago

April 26, 2022

In another sign of economic rebound, average Hawaii CEO pay rose 20% last year

HONOLULU (HawaiiNewsNow) – In one other signal that Hawaii’s financial system is rebounding, the CEOs who run Hawaii’s largest corporations bought hefty pay will increase final 12 months.

A Hawaii Information Now overview of firm proxy statements filed with the Securities and Change Fee exhibits that the highest executives of Hawaii’s largest publicly traded corporations obtained a mean pay improve of greater than $750,000 in 2021. Their common take-home pay: $4.5 million.

Rev. David Gierlach, rector of the St. Elizabeth Episcopal Church in Kalihi and a staunch advocate for growing Hawaii’s minimal age, stated the pay hikes are worrisome when so many are struggling.

The common pay for the CEO at Hawaii’s largest pubicly traded firm elevated to about $4.5 million final 12 months.(none)

“It’s immoral. Neglect in regards to the financial unsustainability of all of it and the truth that there’s no rational justification for it. It’s greed personified,” Gierlach stated.

However enterprise teams and the businesses level out that the chief pay is performance-based and the rise displays Hawaii’s rebounding financial system.

“When revenues on the rise with corporations doing higher with the financial system opening up, I believe that’s the most important purpose why we’re seeing the rise in pay,” stated Trevor Abarzua, affiliate vp of enterprise advocacy for the Chamber of Commerce of Hawaii.

In line with firm filings with the SEC:

Financial institution of Hawaii Corp.’s CEO Peter Ho earned probably the most final 12 months with $7.3 million;
Matson Inc. CEO Matt Cox and former Hawaiian Electrical Industries CEO Constance Lau have been subsequent with each receiving $5.9 million;
First Hawaiian Inc.’s CEO Robert Harrison took house $4.4 million;
Alexander & Baldwin Inc. CEO Christopher Benjamin earned $4.1 million and Central Pacific Monetary’s Corp.’s CEO Paul Yonamine took house $3.5 million;
Hawaiian Holdings Inc.’s CEO Peter Ingram obtained $3.1 million;
And Allan Kitagawa, CEO of Territorial Bancorp Inc. was paid $1.7 million.

Critics complained that the common CEO pay in Hawaii is now greater than 40 instances the median household revenue for the state.

“It’s merely outrageous. Have a look at the battles we’ve had making an attempt to get a minimal wage as much as one thing that’s approaching a livable wage and nonetheless not attending to that,” stated Gierlach.

However enterprise organizations level out that staff wages are rising, too.

“Wage will increase are performed by market, they take a look at the market and say okay we’re seeing the will increase and that’s why these executives see that improve,” stated Abarzua.

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Hawaii

UCLA vs. Hawaii: Live updates, start time, how to watch and betting odds

Published

4 hours ago

August 31, 2024

Press Room

UCLA vs. Hawaii: Live updates, start time, how to watch and betting odds

From NCAA Division III to the Big Ten: The unlikely rise of UCLA’s Luke Schuermann

UCLA defensive lineman Luke Schuermann takes part in a drill earlier this month during fall training camp.

(Isabella Serafini / UCLA Athletics)

Luke Schuermann often gets “the look” whenever he mentions his last football stop. It can be a quizzical expression or a blank stare based on the level of knowledge of the words just spoken.

Johns Hopkins? Wait, give me a second. Oh, you mean the school known for producing renowned journalists, doctors and scientists?

That’s right. That one. Among its most famous alumni are CNN anchor Wolf Blitzer, former President Woodrow Wilson and film director Wes Craven.

Something the Baltimore-based private research institution is not known for is its football program. Its first team, in 1882, had to play as the Clifton Athletic Club because of the school’s contempt for the emerging sport. For its first 13 seasons, students served as coaches.

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Hawaii

Kusch chosen to succeed Rep. Nakashima – West Hawaii Today

Published

14 hours ago

August 31, 2024

Press Room

Kusch chosen to succeed Rep. Nakashima – West Hawaii Today

HONOLULU — Gov. Josh Green on Friday announced the appointment of Matthias Kusch to fill the House District seat left vacant by the death of Rep. Mark Nakashima, who was unopposed in the recent primary election.

Kusch was among three candidates sent to the governor by the state Democratic Party, in accordance with state law. The other two were former state lawmaker Dwight Takamine and Kristen Alice Apruzzese, director of community relations for Hope Services.

Kusch is a retired Hawaii Fire Department Battalion Chief, a coffee and citrus farmer, affordable housing advocate, president of Hilo Bayfront Trails, Windward Planning Commission member and maintains a variety of other business and volunteer ventures.

In a press release, Green extended “a special appreciation” to Takamine for his “extensive history of service and his willingness to serve once more. We are considering asking him to serve in a different and perhaps more fitting role.”

After interviewing all three candidates, the governor selected Kusch given his experience as a firefighter and the state’s need to have someone with that experience and voice in the Legislature, according to the press release.

Kusch will represent House District 1 (Hamakua and a portion of Hilo, Kaumana).

“I am grateful to Governor Green for appointing me to this seat and will do my utmost to uphold the values and deep respect that the late Rep. Nakashima brought to our district,” Kusch said in the release. “As a former PTA and SCC president of EB deSilva Elementary School in Hilo, our team worked closely with Rep. Nakashima and Sen. (Lorraine) Inouye in their successful effort to secure nearly $3 million for classroom and related improvements and design.

“I have served my community during my career, and this is the next step to continue that service, on a larger canvas.”

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