In 1979, Hakimi and Schmeichel considered the problem of maximizing the number of cycles of a given length in an $n$-vertex planar graph. They precisely determined the maximum number of triangles and $4$-cycles and presented a conjecture for the maximum number of pentagons. In this work, we confirm their conjecture. Even more, we characterize the $n$-vertex, planar graphs with the maximum number of pentagons.