ALLETE Senior Vice President and Chief Financial Officer Robert Adams Announces Retirement Plans as Part of Orderly Transition
11 Januar 2022 - 10:15PM
Business Wire
ALLETE (NYSE:ALE) today announced Senior Vice President and
Chief Financial Officer Robert Adams will retire from the company
later this year. As part of a planned transition, Adams will remain
at the company until June 2022.
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Robert J. Adams - ALLETE CFO (Photo:
Business Wire)
Adams has held a variety of roles in his more-than-35-year
career with ALLETE, working directly with both rate-regulated and
non-rate-regulated/diversification activities, since joining the
Duluth-based company in 1987 as a financial analyst. He was named
vice president of finance of Minnesota Power in 1997, chief risk
officer and vice president of business development in 2008, and
promoted to senior vice president of energy-centric businesses in
2015, where he had responsibility for three of ALLETE’s operating
units: Superior Water, Light and Power; BNI Energy; and U.S. Water
Services, Inc. In 2017, he advanced to senior vice president and
CFO of ALLETE. He was also heavily involved in several successful
company startups and was CEO of Reach-All Manufacturing for a
period in the early 1990s.
"Bob led many of ALLETE’s successful diversification initiatives
during his long career, and his strategic financial leadership has
been integral to ALLETE’s clean-energy transformation," said ALLETE
Chair, President and CEO Bethany Owen. "Bob has recruited and
developed strong, talented, and experienced finance and accounting
teams, who will continue to serve ALLETE with disciplined,
strategic, and values-based leadership well into the future. ALLETE
is a stronger, more resilient company because of Bob’s many
contributions throughout his distinguished career, and we wish him
the very best in his upcoming retirement."
Owen said Adams’ financial discipline serves the company well,
evident in the 2015 acquisition of U.S. Water Services, Inc., an
integrated water-solutions company, and its sale in 2019 to
strategically redeploy capital into the growing renewable energy
sector. That strategically reinvested capital helped secure
ALLETE’s rank as the second-largest investor in renewable energy
among North American investor-owned utilities, relative to company
size, in a recent study.
"I’ve always said ALLETE’s people, through their engagement,
collaborative nature and highly innovative capabilities, are a
unique and key ingredient to the ‘special sauce’ behind the
company’s achievements,” Adams said. “Today’s energy industry has
such tremendous opportunity and growth potential. With a great team
in place executing its sustainability in action strategy, ALLETE is
well-positioned to thrive by taking full advantage of the
opportunities in clean energy.”
Owen said Adams’ planned retirement is part of an orderly
succession plan, and that ALLETE has initiated steps to identify a
new chief financial officer and expects to do so in February
2022.
ALLETE, Inc. is an energy company headquartered in Duluth,
Minnesota. In addition to its electric utilities, Minnesota Power
and Superior Water, Light and Power of Wisconsin, ALLETE owns
ALLETE Clean Energy, based in Duluth; and BNI Energy in Bismarck,
N.D.; and has an eight percent equity interest in the American
Transmission Co. More information about ALLETE is available at
www.allete.com.
ALE-CORP
The statements contained in this release and statements that
ALLETE may make orally in connection with this release that are not
historical facts, are forward-looking statements. Actual results
may differ materially from those projected in the forward-looking
statements. These forward-looking statements involve risks and
uncertainties and investors are directed to the risks discussed in
documents filed by ALLETE with the Securities and Exchange
Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20220111005989/en/
Investor Contact: Vince Meyer 218-723-3952 vmeyer@allete.com
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