DULUTH, Minn.–(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 lastfall announced his plan to retire in the spring of 2017.
“I’ve been very pleased by the thoughtful handoff between these twoleaders and the smooth transition,” said ALLETE Chairman, President andCEO Al Hodnik. “Bob has been directly engaged over the years with ALLETEstrategy formation and positioning. I look forward to Bob fully assumingthe role of CFO and focusing on his new responsibilities, while wecontinue to execute our strategy.”
Adams joined the Duluth-based company in 1987 as a financial analyst. Hewas involved in several successful startups, including EnventisTelecommunications and Split Rock Energy. He also led Reach-AllManufacturing for a period in the early 1990s. He was named chief riskofficer and vice president of business development in 2008, promoted tovice president of energy-centric businesses in 2014 and added the titleof senior vice president of energy-centric businesses in 2015. The roleof CFO is familiar to Adams, having served in that capacity in the pastfor Minnesota Power and Split Rock Energy.
As ALLETE CFO, Adams will have overarching responsibility and broadoversight of all aspects of accounting, financial reporting, internalaudit and controls, treasury, risk, business development and investorrelations.
“I look forward to this exciting new role and believe ALLETE is uniquelypositioned to succeed in the rapidly evolving energy industry by virtueof our solid business platforms, strategies, people and strong financialposition,” Adams said. “We are a highly disciplined company and haveconsistently demonstrated an ability to execute and deliver solidresults and outcomes for all of our key stakeholders, shareholders,customers and employees alike.”
Adams holds an undergraduate accounting degree and an MBA with a financeconcentration from the University of Minnesota. He also is a certifiedpublic accountant and a member of the American Institute of CertifiedPublic Accountants. He has served on a multitude of boards includingLakeshore Assisted Living.
ALLETE is an energy company headquartered in Duluth, Minn. In additionto its electric utilities, Minnesota Power and Superior Water, Light andPower of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth;U.S. Water Services headquartered in St. Michael, Minn.; BNI Energy inCenter, N.D.; and has an eight percent equity interest in the AmericanTransmission Co. More information about ALLETE is available at www.allete.com.ALE-CORP
The statements contained in this release and statements that ALLETEmay make orally in connection with this release that are not historicalfacts, are forward-looking statements. These forward-looking statementsinvolving risks and uncertainties and investors are directed to therisks discussed in documents filed by ALLETE with the Securities andExchange Commission.