Otter Tail Corporation Appoints Charles S. MacFarlane President and Chief
Otter Tail Power Company to Name Successor to MacFarlane in the Second Quarter
FERGUS FALLS, Minn., Feb. 6, 2014 (GLOBE NEWSWIRE) -- Otter Tail Corporation
(Nasdaq:OTTR) today announced the appointment of Charles (Chuck) S.
MacFarlane, current president and CEO of Otter Tail Power Company, to the role
of president and chief operating officer of Otter Tail Corporation, effective
April 14, 2014. In his new role, MacFarlane will advance the growth and
profitability strategies in place at both Otter Tail Power Company and the
manufacturing and infrastructure businesses under Varistar, while current
Otter Tail Corporation President and CEO, Edward J. (Jim) McIntyre will
continue to guide corporate strategy. McIntyre expects to retire at the
corporation's annual shareholder meeting in 2015. MacFarlane is expected to be
named as McIntyre's successor at that time. Otter Tail Power Company intends
to name MacFarlane's successor in the second quarter 2014.
"I am delighted to announce Chuck's new role at Otter Tail Corporation," said
McIntyre. "His achievements and wide-ranging management experience, insights
into the corporation's culture, and appreciation for its diversified business
model, make him ideally qualified for this new role. Under his leadership,
Otter Tail Power Company has produced consistently strong financial results,
while keeping rates low and maintaining good relationships with customers and
"The opportunity to help further increase the value of our corporation is
invigorating," said MacFarlane. "Otter Tail Corporation's approach to
diversification – through our electric platform and through our manufacturing
and infrastructure platform under Varistar– has never been more important to
the long-term success of the company. I am privileged to serve alongside such
a strong executive team, leadership bench and talented, dedicated employees."
McIntyre added, "Naming Chuck president now gives the two of us the chance to
work closely together for a year before I retire, which represents sound
succession planning for the organization. I look forward to collaborating with
Chuck during the coming year to help ensure a smooth transition."
MacFarlane joined Otter Tail Power Company in 2001 and has served as president
of the utility since 2003 and chief executive officer since 2007. During his
tenure, the utility attained industry-leading customer satisfaction levels and
safety records. Further, MacFarlane transitioned the organization toward an
increasingly balanced portfolio of power generation, moving early into wind
generation, and he secured significant transmission-expansion investments. He
played a central role in returning wind tower manufacturer and Varistar
company, DMI Industries, to profitability prior to its sale. He also has
served as an active member of Otter Tail Corporation's executive team, which
focuses on strategic planning.
Prior to joining Otter Tail Power Company, MacFarlane served as director of
electric distribution planning and engineering for Xcel Energy's multi-state
service territory. He also was director of delivery construction and field
operations for Northern States Power Company, prior to its merger with New
Centuries Energy and becoming Xcel Energy.
MacFarlane earned a bachelor's degree in electrical engineering from the
University of North Dakota, Grand Forks, N.D., and his master's degree in
business administration from the University of St. Thomas, St. Paul, Minn. He
is also a graduate of the Minnesota Executive Program at the University of
Minnesota's Carlson School of Management.
About Otter Tail Corporation
Otter Tail Corporation has interests in diversified operations that include an
electric utility, manufacturing and infrastructure businesses. Otter Tail
Corporation stock trades on the NASDAQ Global Select Market under the symbol
OTTR. The latest investor and corporate information is available at
www.ottertail.com. Corporate offices are located in Fergus Falls, Minn., and
CONTACT: Media contact:
Cris Oehler, Vice President of Corporate Communications
Loren Hanson, Manager of Investor Relations
218) 739-8481 or (800) 664-1259
Otter Tail Corporation Logo
Press spacebar to pause and continue. Press esc to stop.