The Hawai'i boardroom just became a little less male dominated.

Hawaiian Electric Industries Inc., the state's largest company by sales, said yesterday that Constance Lau will take over as president and CEO on May 2.

The 53-year-old Lau replaces Robert Clarke, 63, who will retire. Lau will be the only woman CEO among the state's publicly traded companies.

Lau has long been considered a star in Hawai'i's business community as she's held a number of high-profile posts at HEI and in several local nonprofit organizations.

Lau, who joined HEI in 1984, has been president and chief executive officer of the company's American Savings Bank subsidiary since 2001. She helped transform the bank from a sleepy savings and loan into a full-service community bank. She will continue to head the bank after taking the top job at HEI.

Lau also serves as on the boards of Alexander & Baldwin Inc., Kamehameha Schools and Punahou School, and is president of the Hawaii Bankers Association.

"Ms. Lau has an outstanding record of achievement at American and is successfully transforming the bank from a retail thrift to a full-service community bank," Clarke said.

Hawaiian Electric Industries is the largest publicly traded company based in Hawai'i, with annual revenues of about $2.2 billion.

Lau joins a growing number of women leaders, including Gov. Linda Lingle and Kamehameha Schools Chief Executive Officer Dee Jay Mailer, who are heading Hawai'i's biggest organizations.

"I think that this is a terrific and exciting development for the state and Hawaiian Electric. It's wonderful that the girls of Hawai'i can imagine this sort future for themselves," said Meda Chesney-Lind, women's studies professor at the University of Hawai'i-Manoa.

"You can see signs of progress with the examples of Ms. Lau's achievements and the fact that we have a woman governor."

Lingle praised Lau, calling her a "proven leader."

"Her achievements in banking and business, as well as her outstanding work in education and the Native Hawaiian community, have made Hawai'i a better place for all of our residents," Lingle said.

"She is a leader who engages her employees and those around her, and motivates them to work toward a common goal and to always strive for excellence."

Lau said, "Obviously I'm honored to be chosen by the board. While I don't think being a female factored into their decision, to the extent that ... I can be a role model for young women, I think that would be terrific."

Kamehameha Schools' Mailer said that Lau brings not only her knowledge and experience, but her passion to lead an organization with so many stakeholders.

"When she first joined our 'ohana as an interim trustee, she showed us that she could lead with noteworthy professionalism and also roll up her sleeves when needed to just plain get the work done," said Mailer.

"That is what a good leader does."

Marcie Bouchard, a 25-year-old special-education teacher at Leihoku Elementary School in Wai'anae, said she was pleased to see Lau take the top spot at HEI and expects it will inspire young women.

"It's important for them to see equality and how it works," said Bouchard. "They still don't see a lot of (women) role models."

"It definitely is something you're pleased to hear about," said 24-year-old Jaslyn Hana-mura, of Kaimuki. "It's good for her, but it's not surprising to me anymore that women are achieving. For me, it's why not? It's not a big surprise."

Katrina Ellis, professor in the Graduate School of Management at the University of California-Davis and co-author of a new study on the shortage of women CEOs in California big companies, said that executives with diverse backgrounds are likely to relate better to their customers and shareholders, who come from a much more diverse base than the average chief executive.

"She (Lau) is coming from a different demographic than the typical white male executive and would bring a different point of view," said Ellis.

Lau's appointment comes at a time when HEI and its Hawaiian Electric Co. utility subsidiary are facing a number of challenges. HECO is in the middle of a major upgrade of its transmission system, which has been strained by the growth in the local economy. The utility also is seeking approval from the state Public Utilities Commission to pass on costs for its energy conservation programs.

"I think the major issue for O'ahu is keeping the lights on," Clarke said yesterday. "Until we can put a new unit in place in 2009, were going to be under stress."

Clarke said he stayed at HEI much longer than he originally intended.

He said that when he signed on as the company's chief executive 15 years ago, he planned to be there for about 10 years.

After retiring, he plans to travel and help out a venture capital fund that invests in local start-ups.

"I looked up at the calendar one day and saw that I had been working for 40 years," he said. "That's quite a long time."

Reach Rick Daysog at rdaysog@honoluluadvertiser.com.