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Bank of Hawai‘i Announces Planned Retirement of Chairman and CEO Peter S. Ho

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Bank of Hawai‘i Announces Planned Retirement of Chairman and CEO Peter S. Ho
News

News

Bank of Hawai‘i Announces Planned Retirement of Chairman and CEO Peter S. Ho

2026-02-03 19:06 Last Updated At:19:40

HONOLULU--(BUSINESS WIRE)--Feb 3, 2026--

Bank of Hawai‘i announces today that Peter S. Ho, who has served as Chairman and Chief Executive Officer since 2010, will retire effective March 31, 2026. This decision is the culmination of the bank’s long-term succession plan for its CEO designed to ensure stability and continuity for the 128-year-old financial institution. To further support the transition, Ho plans to serve as a consultant to the company following his retirement through the end of 2027.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260203990703/en/

The Board of Directors unanimously selected current BOHC President and Chief Banking Officer James C. Polk to succeed Ho as President and Chief Executive Officer, upon Ho’s retirement. Polk will also join its Board of Directors. Additionally, Hawai‘i Pacific Health President and CEO Raymond P. Vara, Jr., currently BOHC’s Lead Independent Director, will assume the new role of Non-Executive Chairman of BOHC’s Board of Directors on April 1.

“To serve as CEO at Bank of Hawai‘i has been the greatest honor of my professional life,” said Bank of Hawai‘i Chairman and CEO Peter 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 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 Vice President overseeing Corporate Banking, becoming the bank’s youngest SVP. In 2001, Ho was named Executive Vice President of Corporate Banking and Commercial Real Estate Lending. And in 2003, he was promoted to EVP leading the entire Hawai‘i Commercial Banking Group and joining BOH’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, Ho 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.

Ho is the third-longest tenured CEO in Bank of Hawai‘i history (after Clarence Hyde Cooke, CEO from 1909-1937, and Edward Carden, CEO from 1937-1955). Under Ho’s leadership, Bank of Hawai‘i consistently delivered solid results, receiving multiple accolades for its financial performance, including being named one of “America’s Best Banks” by Forbes magazine for 15 consecutive years, and listed among “America’s Most Trustworthy Companies” by Newsweek magazine for the last four years in a row, and is the only company selected in the state.

Ho championed a culture of innovation at Bank of Hawai‘i that embraced transformation initiatives, including its signature Branch of Tomorrow concept, modernization of its mobile and online banking platforms, and enhancements to its Call Center.

Over the years, Ho has been chosen to provide leadership in a variety of capacities, including serving as a director of the Federal Reserve Bank of San Francisco for two consecutive terms from 2013 to 2018. He also served as vice chair of the state of Hawai‘i’s House Select Committee on COVID-19 Economic and Financial Preparedness, and as Chair of the APEC Hawai‘i Host Committee in 2011.

A champion for community involvement and civic duty, Ho serves on the boards of many local nonprofits, including Hawai‘i Community Foundation and Mental Health America of Hawai‘i. He has spearheaded initiatives that strengthen communities. For example, he launched the bank’s annual Live Kōkua Giving Campaign in 2010, which has raised more than $9.4 million since its inception to support nonprofit organizations across Hawai‘i and the West Pacific region. For employees, Ho established the Bank of Hawai‘i College Assistance Program that covers 100% tuition for employees seeking a first degree. And during the pandemic, “Bankoh Meals-To-Go” was Ho’s brainchild, keeping the company’s two café restaurants in business while providing food donations to Aloha Harvest and free weekly meals for employees and their families for nearly 100 consecutive weeks.

In recognition for his service, Ho was named 2003 Young Businessperson of the Year by Pacific Business News, was recognized as the state’s Distinguished Citizen by the Boy Scouts of America–Aloha Council in 2012, and was the recipient of the Naval Heritage Award from the U.S. Navy Memorial Foundation in 2016.

“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 Raymond 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 continued, “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.”

On April 1, President James C. Polk will add the role of Chief Executive Officer to his title, and will join the Board of Directors of Bank of Hawai‘i Corporation. With over 35 years of experience in the financial services industry, Polk will become the 16 th CEO in Bank of Hawai‘i’s 128-year history.

“I’m deeply grateful to assume the role of CEO in April, and I’m immensely appreciative of the trust placed in me by Peter and the Board,” said James Polk. “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 since served in multiple leadership roles, overseeing many major areas, including Commercial Banking, Retail Lending, Deposits, Mortgage Banking, The Private Bank and Branch Banking. In 2006, Polk was promoted to EVP and Pacific Islands Division Manager, overseeing the bank’s West Pacific region. In 2009, he advanced to Senior Executive Vice President and Manager of the bank’s Hawai‘i Commercial Banking Division, and was also named a member of the bank’s Executive Committee. In 2016, Polk was promoted to vice chair, and in 2021 to chief banking officer.

As part of the company’s considered succession plan, Polk was named President in July 2024, becoming responsible for all of the bank’s revenue-generating businesses: Commercial Banking, Merchant Services, Cash Management, Wealth Management and Retail Banking (including Branch Banking and the Contact Center).

A strong community and employee advocate, Polk serves on the boards of the Hawaii Medical Service Association (HMSA) and AfterSchool AllStars Hawai‘i, and he is the executive sponsor of the bank’s employee-resource group, Nā ‘Ōiwi Aloha, which strives to create opportunities for Native Hawaiians and allies to engage in dialogue and culture.

Polk earned his bachelor’s degree in economics from the University of Michigan and is a graduate of Harvard Business School’s Advanced Management Program, as well as a graduate of the Pacific Coast Banking School at the University of Washington.

About Bank of Hawai‘i

Bank of Hawai‘i Corporation is a regional financial services company serving businesses, consumers and governments in Hawai‘i and the West Pacific. The Company’s principal subsidiary, Bank of Hawai‘i, was founded in 1897 and offers customers branch, ATM network, convenient 24-hour telephone, internet and mobile banking services. Bank of Hawai‘i Corporation and its subsidiaries offer a wide range of financial products and services, including deposit and lending services, investments, trust services, private banking, leasing, mortgage, insurance. Bank of Hawai‘i also remains steadfast in its commitment to supporting the communities it serves. Additional information about the bank can be found atwww.boh.com.

Raymond P. Vara, Jr.

Raymond P. Vara, Jr.

James C. Polk

James C. Polk

Peter S. Ho

Peter S. Ho

DUBAI, United Arab Emirates (AP) — Iran's president said Tuesday he instructed the country’s foreign minister to “pursue fair and equitable negotiations” with the United States, the first clear sign from Tehran it wants to try to negotiate as tensions remain high with Washington after the Mideast country's bloody crackdown on nationwide protests last month.

The announcement marked a major turn for reformist President Masoud Pezeshkian, who broadly had warned Iranians for weeks that the turmoil in his country had gone beyond his control. It also signals that the president received support from Iran's Supreme Leader Ayatollah Ali Khamenei for talks that the 86-year-old cleric previously had dismissed.

Turkey had been working behind the scenes to make the talks happen there later this week as U.S. Mideast envoy Steve Witkoff is traveling in the region. Foreign ministers from Oman, Pakistan, Qatar, Saudi Arabia and the United Arab Emirates have also been invited to attend the talks, if they happen, according to a regional official who spoke on condition of anonymity as they did not have permission to speak to journalists.

But whether Iran and the U.S. can reach an agreement remains to be seen, particularly as President Donald Trump now has included Iran's nuclear program in a list of demands from Tehran in any talks. Trump ordered the bombing of three Iranian nuclear sites during the 12-day war Israel launched against Iran in June.

Writing on X, Pezeshkian said in English and Farsi that the decision came after “requests from friendly governments in the region to respond to the proposal by the President of the United States for negotiations.”

“I have instructed my Minister of Foreign Affairs, provided that a suitable environment exists — one free from threats and unreasonable expectations — to pursue fair and equitable negotiations, guided by the principles of dignity, prudence, and expediency,” he said.

The U.S. has yet to acknowledge the talks will take place. A semiofficial news agency in Iran on Monday reported — then later deleted without explanation — that Pezeshkian had issued such an order to Foreign Minister Abbas Araghchi, who held multiple rounds of talks with Witkoff before the 12-day war.

Late Monday, the pan-Arab satellite channel Al Mayadeen, which is politically allied with the Iranian-backed Lebanese militant group Hezbollah, aired an interview with Ali Shamkhani, a top Khamenei adviser on security.

Shamkhani, who now sits on the country’s Supreme National Security Council and who in the 1980s led Iran's navy, wore a naval uniform as he spoke.

He suggested if the talks happened, they would be indirect at the beginning, then moving to direct talks if a deal appeared to be attainable. Direct talks with the U.S. long have been a highly charged political issue within Iran's theocracy, with reformists like Pezeshkian pushing for them and hard-liners dismissing them.

The talks would solely focus on nuclear issues, he added.

Asked about whether Russia could take Iran's enriched uranium like it did in Tehran's 2015 nuclear deal with world powers, Shamkhani dismissed the idea, saying there was “no reason” to do so. Kremlin spokesperson Dmitry Peskov on Monday said Russia had “long offered these services as a possible option that would alleviate certain irritants for a number of countries.”

“Iran does not seek nuclear weapons, will not seek a nuclear weapon and will never stockpile nuclear weapons, but the other side must pay a price in return for this," he said.

Iran had been enriching uranium up to 60% purity, a short, technical step away from weapons-grade levels. The International Atomic Energy Agency had said Iran was the only country in the world to enrich to that level that wasn't armed with the bomb.

Iran has been refusing requests by the IAEA to inspect the sites bombed in the June war.

“The quantity of enriched uranium remains unknown, because part of the stockpile is under rubble, and there is no initiative yet to extract it, as it is extremely dangerous," Shamkhani said.

Witkoff is expected to meet Prime Minister Benjamin Netanyahu and other Israeli security officials on Tuesday, according to a White House official who was not authorized to comment publicly about the talks and spoke on condition of anonymity.

While in Israel, Witkoff will meet with the head of the Mossad intelligence service and the Israeli military's chief of staff, according to another official who was not authorized to speak to the media and spoke on condition of anonymity.

Israel is expected to ask that any agreement with Iran include removing enriched uranium from the country, stopping the enrichment of uranium, limiting the creation of ballistic missiles and ending support for Tehran's proxies.

However, Shakhani in his interview rejected giving up uranium enrichment — a major obstacle in earlier talks with the U.S. In November, Araghchi said Iran was doing no enrichment in the country because of the U.S. bombing of the nuclear sites.

Witkoff later will travel to Abu Dhabi, the UAE capital, later in the week for Russia-Ukraine talks, the official said.

“We have talks going on with Iran, we’ll see how it all works out,” Trump told reporters in the Oval Office on Monday. Asked what his threshold was for military action against Iran, he declined to elaborate.

“I’d like to see a deal negotiated,” Trump said. “Right now, we’re talking to them, we’re talking to Iran, and if we could work something out, that’d be great. And if we can’t, probably bad things would happen.”

Mike Pompeo, a hard-liner on Iran who served as CIA director and secretary of state in Trump's first term, said it was “unimaginable that there can be a deal.”

“I think they may come away with some set of understandings,” Pompeo said at Dubai's World Governments Summit. "But to think that there’s a long-term solution that actually provides stability and peace to this region while the ayatollah is still in power is something I pray for but find unimaginable.”

Also Tuesday, a ship transiting through the Strait of Hormuz, the narrow mouth of the Persian Gulf, reported being hailed on the radio “by numerous small armed vessels,” the British military's United Kingdom Maritime Trade Operations center said.

The vessel continued into the Persian Gulf. The position of the incident appeared to be in Iranian territorial waters, where officials had warned of a naval drill by the paramilitary Revolutionary Guard in recent days.

Associated Press writers Melanie Lidman in Jerusalem, Suzan Fraser in Ankara, Turkey, and Aamer Madhani, Matthew Lee and Konstantin Toropin in Washington contributed to this report.

FILE - Masoud Pezeshkian, the President of Iran, attends the United Nations General Assembly at United Nations headquarters, on Sept. 25, 2025. (AP Photo/Angelina Katsanis, File)

FILE - Masoud Pezeshkian, the President of Iran, attends the United Nations General Assembly at United Nations headquarters, on Sept. 25, 2025. (AP Photo/Angelina Katsanis, File)

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