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Hawaiian Electric, activist investor reach agreement over board nominees

San Francisco-based hedge fund ValueAct Capital Management LP reached an agreement with Hawaiian Electric Industries Inc. to vote in favor of the company's board nominees at the 2020 annual meeting.

The development came after Hawaiian Electric Industries, or HEI, appointed Eva Zlotnicka to its board of directors, effective immediately.

Zlotnicka is a managing director of the Spring Fund and head of stewardship at ValueAct Capital, which in November 2019 questioned the company's commitment to renewable energy and called for HEI to replace long-time CEO Constance Lau with someone outside of the company.

In December 2019, HEI subsidiary Hawaiian Electric Co. Inc. named Scott Seu as president and CEO of the utility, effective Feb. 15. Seu will succeed Alan Oshima, who would transition from his role as president and CEO of Hawaiian Electric to that of senior executive advisor.

The utility's board also nominated for reelection current directors Peggy Fowler, Micah Kane and Keith Russell, according to a Feb. 12 news release.