Bank of Hawai‘i CEO Peter Ho to retire; President James Polk named successor

Peter Ho, who has served as chairman and chief executive officer of Bank of Hawai‘i since 2010, will retire effective March 31, the bank announced Tuesday.

The bank’s Board of Directors has unanimously selected current President and Chief Banking Officer James Polk to succeed Ho as president and chief executive officer upon Ho’s retirement. Polk will also join the Board of Directors.

Raymond Vara Jr., the president and chief executive officer of Hawai‘i Pacific Health and the bank’s current lead independent director, will assume the new role of non-executive chairman of the board on April 1.

The leadership changes mark a transition for the state’s second-largest bank, which operates multiple branches across Maui County, including locations in Kahului, Wailuku, Kīhei, Lahaina and Pukalani.

Ho, who has been with the bank since 1993, is the third-longest tenured chief executive officer in the financial institution’s 128-year history. He will remain with the company as a consultant through the end of 2027 to assist with the transition.

“To serve as CEO at Bank of Hawai‘i has been the greatest honor of my professional life,” Ho said. “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.”

Polk is a 35-year veteran of the financial services industry and joined Bank of Hawai‘i in 1999. Over the years, he has overseen commercial banking, retail lending, deposits, mortgage banking and the private bank. In 2006, he was promoted to executive vice president and Pacific Islands division manager, overseeing the bank’s West Pacific region. He was named president in July 2024.

“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,” Polk said. “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.”

Vara thanked Ho for his decades of service, describing his career as “remarkable.”

“As we look ahead, we are thrilled to welcome Jim as the next CEO,” Vara said. “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.”

Under Ho’s leadership, the bank was recognized as one of “America’s Best Banks” by Forbes magazine for 15 consecutive years. Ho also championed modernization initiatives, including the “Branch of Tomorrow” concept and updates to mobile and online banking platforms.

During the COVID-19 pandemic, Ho launched the “Bankoh-Meals-To-Go” program, which supported the company’s cafeteria staff while providing meals to employees and donations to Aloha Harvest. He also served two terms as a director of the Federal Reserve Bank of San Francisco.

Polk currently serves on the boards of the Hawaii Medical Service Association and AfterSchool AllStars Hawai‘i. He is the executive sponsor of the bank’s employee-resource group, Nā ‘Ōiwi Aloha. Polk earned a bachelor’s degree in economics from the University of Michigan and is a graduate of the Pacific Coast Banking School at the University of Washington.