Bob Adams to Assume Position of ALLETE Chief Financial Officer
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.