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Hawaiian Electric's new money man took the short circuit to success

In the early ’70s, the demand for power in Hawaii more than doubled over the previous decade, igniting a flurry of new projects for Hawaii’s dominant utilities company, Hawaiian Electric Co. Today, several of the executives who worked on those projects sit at the helm of HECO’s parent company, Hawaiian Electric Industries Inc.

Eric Yeaman was just a toddler back then, but today, HEI’s newly appointed financial vice president, treasurer and chief financial officer holds his own among the company’s top ranks, alongside the same men who’ve spent three decades with the company. But working with peers 20 to 30 years his senior doesn’t bother Yeaman, HEI’s youngest-ever corporate executive. The 35-year-old father of two has earned his stripes, and chalks it up to hard life experiences.

Fast Track: At 35 years old, Eric Yeaman is Hawaiian Electric Industries Inc.s' youngest-ever corporate executive.

A Big Island native whose parents were divorced when he was barely 10 years old, Yeaman was the oldest sibling in a large family. He learned the value of a strong work ethic at a very early age, working on macadamia nut and coffee farms to assist the family. “Working on farms, you quickly realize that not very many people want to do that for the rest of their lives, because it is very, very hard work,” says Yeaman. “The financial rewards are not commensurate with the physical effort that’s involved. That’s actually what convinced me I should get a college degree.”

But Yeaman experienced further hardship during his college years on Oahu. When he lost a sister, his father and his stepmother, in a drunk-driving accident at the age of 20, he was forced to grow up quicker than most of his peers. “Being the oldest of my dad’s children, I was faced with a reality that not many people have to face at that age,” says Yeaman. “Taking responsibility for my family and growing up so quickly really shaped my life.”

Something else that shaped his life was the decision to forego a professional life in the ministry for a career in finance. Yeaman recalls, “In college I was faced with two desires: to go into Christian ministry full time, or pursue what I had studied to do ... accounting.” He chose the latter, and, fresh out of college, began what would be an 11-year career with Arthur Andersen LLP – and the start of his life on the fast track. In 2000, he left the company as an audit and advisory services senior manager to become Kamehameha Schools’ first chief financial officer under its new CEO-based management structure. For the young executive, it was a vote of confidence. Yeaman received further validation, when, two-and-a-half years later, he left the nonprofit organization to replace 14-year veteran Robert Mougeot as HEI’s top money man.

He went from safeguarding a $5.5 billion endowment for a private nonprofit organization, to managing $8.9 billion in assets for Hawaii’s largest corporation. Although not quite culture shocked, Yeaman says he is still getting used to the different environments.

“The organizations have very different purposes and missions,” he says. “Hawaiian Electric is a great, solid company that is in business for profit, to bring value to its shareholders, whereas Kamehameha Schools measures profits very differently. It’s how many kids do you reach and how do you enhance their lives. I think that’s a very touching mission. It’s one that I can get emotional about.”

When pressed about long-term career goals, Yeaman says he’s leaving it to fate. “So far, my life has been blessed with great opportunities. Sometimes I’ve created them, sometimes they just happen,” he says. “But because I’m 35 years old and I have many years ahead of me, I really would like to focus on learning as much as I can in this position and contributing as much as I can to the company and its success.”

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