Hawaiian Electric CFO Sekimura to retire, succeeded by Moelis banker DeGhetto (NYSE:HE)
Hawaiian Electric (NYSE:HE) said Monday it named Scott DeGhetto of the Moelis investment banking firm as its new CFO effective October 1, as part of a leadership shakeup in the wake of the deadly Maui wildfire that destroyed the town of Lahaina.
DeGhetto will take over from Paul Ito, who will become CFO of the Hawaiian Electric (HE) utility, replacing the utility’s current CFO Tayne Sekimura, who will retire after 32 years of service.
DeGhetto brings more than 30 years of experience and significant expertise in the power, utility and renewable energy sectors, the company said.
The company’s stock price has been slashed by two-thirds since the August 8 fire, and it has been forced to suspend its dividend and draw down its credit lines.
Potential liabilities could reach ~$4.9B if the utility is deemed negligent, according to investment research firm Capstone LLC.