Bob Adams to Assume Position of ALLETE Chief Financial Officer
March 03 2017 - 4:15PM
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 relations.
“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.
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. 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 Exchange Commission.
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version on businesswire.com: http://www.businesswire.com/news/home/20170303005721/en/
ALLETE Inc.Investor Contact:Vince Meyer,
218-355-3276vmeyer@allete.com
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