Peter Ho to Retire as Bank of Hawai‘i CEO
He will be succeeded by bank President James Polk. Ray Vara to take leading role on the bank's board.
Peter Ho will retire as CEO of Bank of Hawai‘i on March 31 and be succeeded by James Polk, currently president and chief banking officer, the bank announced Tuesday morning.
Ho has been the bank’s chairman and CEO since 2010. After retirement, he plans to serve as a consultant to the bank until the end of 2027, according to a statement from the bank.
In another major move, Raymond P. Vara, Jr., Hawai‘i Pacific Health’s president and CEO and currently the lead independent director of Bank of Hawai‘i Corp.’s board of directors, will assume the new role of non-executive chairman of the board on April 1. Polk will also join the board.
The bank said the changes are the culmination of the bank’s long-term succession plan for its CEO that was designed to ensure stability and continuity. In addition to becoming CEO, Polk will remain as president.
“To serve as CEO at Bank of Hawai‘i has been the greatest honor of my professional life,” said Ho. “I’ve had the privilege of leading this wonderful organization with a vision of serving our employees, customers and communities to the fullest. Our success is built on a shared commitment to the values that unite us, and a legacy of trust and service that continues to guide us forward. I’ll depart confident that Bank of Hawai‘i is in exceptional hands under Jim’s leadership.”
Ho was the subject of Hawaii Business Magazine‘s September cover story in which he said he had “the best job in the world.” In a far-ranging interview, he told Hawaii Business about his thoughts on the growth trajectory of Hawai‘i’s economy, the future of Bank of Hawai‘i and the role of technology and AI.
Ho began his banking career at Manufacturers Hanover in New York City, and in 1993, he returned home to join Bank of Hawai‘i, where he advanced through senior leadership roles. In 1999, he was promoted to senior VP overseeing corporate banking, becoming the bank’s youngest senior VP. In 2001, Ho was named executive VP of corporate banking and commercial real estate lending.
In 2003, he was promoted to executive VP leading the Hawai‘i commercial banking group and joining the bank’s executive committee. One year later, he became vice chair of investment services. In 2006, Ho was named chief banking officer. In 2008, he was named president; and in 2010, he was appointed Chairman and CEO.
He holds a bachelor’s degree and an MBA in business administration from the University of Southern California and is a graduate of the Advanced Management Program at Harvard Business School.
“On behalf of the Bank of Hawai‘i board of directors, I want to express our deepest gratitude to Peter for decades of unwavering leadership and dedication,” said Vara. “His remarkable career, spanning more than 30 years, has been defined by progressive roles that strengthened the company and a steadfast commitment to community causes that have touched countless lives.”
Vara also praised Polk. “As we look ahead, we are thrilled to welcome Jim as the next CEO. He brings a strong foundation of continuity and strategic execution, coupled with deep institutional knowledge of the bank as well as the business landscape here in Hawai‘i. His experience will be invaluable as we continue to build on the bank’s legacy of excellence and service to our customers and communities.”
“I’m deeply grateful to assume the role of CEO in April,” Polk said, “and I’m immensely appreciative of the trust placed in me by Peter and the board. I look forward to building upon the strategy that has served this company well for decades, and driving forward a culture of innovation, trust and commitment to the communities who rely upon us.”
Polk joined the bank in 1999, and has served in multiple leadership roles, overseeing many areas, including commercial banking, retail lending, deposits, mortgage banking, the private bank and branch banking. He was named president in July 2024.
