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.

“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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