ALLETE, Inc. (NYSE:ALE) Chief Risk Officer and Senior Vice President of
Energy-Centric Businesses Bob Adams has been promoted to ALLETE Chief
Financial Officer effective March 4, 2017. He will replace current CFO
Steve DeVinck, who recently announced his intention to retire in the
spring of 2017.
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Bob Adams promoted to ALLETE CFO (Photo: ALLETE, Inc.)
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.
In announcing the promotion, ALLETE Chairman, President and CEO Al
Hodnik cited Adams’ recent success in leading the U.S. Water Services
acquisition and the honing of ALLETE Clean Energy; Superior Water, Light
and Power; and BNI Energy strategies.
“Bob has spearheaded ALLETE business development initiatives, and his
understanding of regulated and non-regulated business units, strategic
outlook and financial expertise will play a vital role in ensuring the
continued success of ALLETE and its growth strategy,” Hodnik said. “I
look forward to working alongside Bob in sharing ALLETE’s compelling
investor relations story.”
In his role, Adams will be responsible for all aspects of accounting and
financial reporting, investor/rating agency relationships,
treasury/finance, risk, internal audit, and controls and information
technology solutions. He will continue to have broad oversight of
energy-centric businesses.
Adams said it is an exciting and transformational time for the energy
and water industries driven by changing regulation, societal
expectations, environmental challenges and emerging technology.
“I am excited to lead in this era and believe we are one of the
best-positioned businesses in our industry to take advantage of
sustainability trends thanks to a world-class team and key positioning
moves we have made over the past decade,” he said.
Adams holds an undergraduate accounting degree and an MBA with 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 the
Leech Lake Watershed Foundation and 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
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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