Vizanko Announces Retirement
May 19, 2006
DULUTH, Minn.ALLETE, Inc. (NYSE: ALE) James K. Vizanko, Chief Financial Officer of ALLETE, Inc., today announced that he will retire from the Company to accept a teaching position on the faculty of the University of Minnesota, Duluth. Vizanko will stay with ALLETE until early fall, to help ensure an orderly transition of his current duties. "During his almost twenty-nine years with the Company, Jim has made a huge contribution to the Company's diversification effort and its outstanding financial performance," said ALLETE Chairman, President and Chief Executive Officer Donald J. Shippar.
"While Jim will be missed, we know he is looking forward to his new opportunity. Jim has been a key part of this Company and we wish him the very best as he joins the academic world." Shippar added, "We will immediately begin the process to replace Jim on the leadership team. We have a deep financial bench strength, an experienced senior management team, and a proven growth strategy."
Mr. Vizanko stated, "I am grateful for all the opportunities I have had over the years with the Company. ALLETE has made great strides and is very well positioned for the future. I started my professional career teaching, and I'm excited to return to working with students. I'm also looking forward to having more time to devote to my family and to other personal interests."
Vizanko joined ALLETE in 1977. He was named Treasurer in 1993 and CFO in 2001. He was educated at the University of Minnesota, Duluth, and held various financial positions through his many years at ALLETE.
ALLETE's corporate headquarters are located in Duluth, Minnesota. ALLETE provides energy services in the upper Midwest and has significant real estate holdings in Florida. More information about the Company is available on ALLETE's Web site 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. 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.
Contact:
Margaret Hodnik
218-723-3966
mhodnik@allete.com
Investor Contact:
Tim Thorp
218-723-3953
tthorp@allete.com