Otter Tail Corporation Held Annual Meeting of Shareholders
MacFarlane New Otter Tail Corporation President and COO
Rogelstad New Otter Tail Power Company President
O'Keefe New to the Board
FERGUS FALLS, Minn., April 14, 2014 (GLOBE NEWSWIRE) -- Otter Tail Corporation
(Nasdaq:OTTR)hosted 304 shareholders and guests at its annual meeting of
common shareholders on April 14 in Fergus Falls, Minnesota. This was the
corporation's 104^th annual meeting. Represented by proxy or present in person
at the meeting were 77 percent of the corporation's total shares outstanding.
Shareholders reelected John D. Erickson, Nathan I. Partain, and James B. Stake
to serve three-year terms on Otter Tail Corporation's board of directors.
Erickson, Fergus Falls, Minnesota, has been a director since 2007 and is Otter
Tail Corporation's former president and CEO. Partain, Chicago, Illinois, has
been a director since 1993 and was first appointed as chairman of the board in
2011. He is the president, CEO, and chief investment officer of DNP Select
Income Fund, Inc., and president and chief investment officer of Duff & Phelps
Investment Management Company. Stake, Edina, Minnesota, has been a director
since 2008 and is a retired executive vice president of 3M Company.
During the meeting Otter Tail Power Company president and CEO Chuck
MacFarlane, who assumed new corporate duties later that day, announced that
Timothy J. Rogelstad would replace him as Otter Tail Power Company president.
Rogelstad, who was vice president of the energy delivery, system operations,
and capital budgeting areas at the utility, assumed his new role immediately
and reports directly to MacFarlane. Rogelstad also will serve as senior vice
president of Otter Tail Corporation's electric platform.
"It gives me great pleasure to announce Tim's new role," said MacFarlane. "Tim
has a strong understanding of, and dedication to, Otter Tail Power Company.
His education, experience, and accomplishments make him ideally qualified. Tim
is an excellent thinker and negotiator, and he has honed these traits as he's
accepted greater responsibility during his nearly 25 years with the power
company. Under his leadership, I expect that Otter Tail Power Company will
continue its tradition of providing reliable and economical service while
maintaining good relationships with customers, industry peers, and
According to Edward J. (Jim) McIntyre, Otter Tail Corporation CEO, Rogelstad
has demonstrated through ongoing leadership his ability to position the
company for success. "From leading development of an international power line
from central North Dakota to central Manitoba to leading Otter Tail Power
Company's first large-scale wind generation strategy—and countless
contributions in between—Tim has been pivotal in evolving the utility that we
know today," said McIntyre. "I'm confident that Otter Tail Power Company is in
good hands on a solid path forward."
At a meeting of the board of directors that followed the annual meeting of
shareholders, MacFarlane officially assumed the role of president and chief
operating officer of Otter Tail Corporation as previously announced. 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 McIntyre will continue to guide
corporate strategy as CEO. McIntyre expects to retire as CEO at the
corporation's annual shareholder meeting in 2015. MacFarlane is expected to be
named as McIntyre's successor at that time.
In other action at the board meeting, the board of directors appointed Timothy
O'Keefe as director to fulfill retiring director Gary Spies's remaining term.
Spies, Fergus Falls, Minnesota, retired from the board subject to an orderly
succession plan established by the corporation's governance guidelines.
O'Keefe accepted the role, having retired this spring as the executive vice
president of the UND Alumni Association and chief executive officer of the UND
Foundation in Grand Forks, North Dakota. "Tim is a successful entrepreneur and
senior executive with strong North Dakota and Midwestern connections," said
Nathan Partain, chairman of Otter Tail Corporation's board of directors. "He
has led retail, financial, and non-profit organizations successfully for 35
years. And I'm confident that his skills in team work, governance, recruiting
and developing talent, building relationships, and problem solving will serve
our board well."
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
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