DULUTH, Minn.--(BUSINESS WIRE)--
Bob Adams assumes the role of Chief Financial Officer for ALLETE Inc.
(NYSE:ALE) effective March 4, 2017. He succeeds Steve DeVinck, who last
fall announced his plan to retire in the spring of 2017.
"I've been very pleased by the thoughtful handoff between these two
leaders and the smooth transition," said ALLETE Chairman, President and
CEO Al Hodnik. "Bob has been directly engaged over the years with ALLETE
strategy formation and positioning. I look forward to Bob fully assuming
the role of CFO and focusing on his new responsibilities, while we
continue to execute our strategy."
Adams joined the Duluth-based company in 1987 as a financial analyst. He
was involved in several successful startups, including Enventis
Telecommunications and Split Rock Energy. He also led Reach-All
Manufacturing for a period in the early 1990s. He was named chief risk
officer and vice president of business development in 2008, promoted to
vice president of energy-centric businesses in 2014 and added the title
of senior vice president of energy-centric businesses in 2015. The role
of CFO is familiar to Adams, having served in that capacity in the past
for Minnesota Power and Split Rock Energy.
As ALLETE CFO, Adams will have overarching responsibility and broad
oversight of all aspects of accounting, financial reporting, internal
audit and controls, treasury, risk, business development and investor
"I look forward to this exciting new role and believe ALLETE is uniquely
positioned to succeed in the rapidly evolving energy industry by virtue
of our solid business platforms, strategies, people and strong financial
position," Adams said. "We are a highly disciplined company and have
consistently demonstrated an ability to execute and deliver solid
results and outcomes for all of our key stakeholders, shareholders,
customers and employees alike."
Adams holds an undergraduate accounting degree and an MBA with a finance
concentration from the University of Minnesota. He also is a certified
public accountant and a member of the American Institute of Certified
Public Accountants. He has served on a multitude of boards including
Lakeshore Assisted Living.
ALLETE is an energy company headquartered in Duluth, Minn. In addition
to its electric utilities, Minnesota Power and Superior Water, Light and
Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth;
U.S. Water Services headquartered in St. Michael, Minn.; BNI Energy in
Center, N.D.; and has an eight percent equity interest in the American
Transmission Co. More information about ALLETE is available at www.allete.com.
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. These forward-looking statements
involving risks and uncertainties and investors are directed to the
risks discussed in documents filed by ALLETE with the Securities and
View source version on businesswire.com: http://www.businesswire.com/news/home/20170303005721/en/
Source: ALLETE Inc.
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