FARGO, N.D., Jan. 3, 2012 (GLOBE NEWSWIRE) -- Otter Tail
Corporation today announced that its Interim CEO, Edward J.
"Jim" McIntyre, has been named permanent president
and chief executive officer. The company's board of
directors appointed McIntyre as interim CEO in September of
2011. He is a retired vice president and former chief
financial officer of Xcel Energy, and has served on Otter
Tail Corporation's board of directors for the past five
years. McIntyre retains his seat on the board.
A photo accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=11332
"As the search for a new CEO progressed, it became
apparent to the board of directors that we already had the
right person for the job," said Nathan Partain, Otter
Tail Corporation's board chair. "The combination of
Jim's extensive background in the energy sector, his
detailed knowledge of the whole corporation, and his role in
helping to fashion and implement current company strategy
made him a perfect fit."
McIntyre spent nearly 30 years in the utility industry,
including 17 years as a senior officer with Northern States
Power and its successor company, Xcel Energy. He was also
past president and Chief Executive Officer of Northern States
Power, Wisconsin.
"I'm grateful for the board of director's
confidence in me, and the support I've received from
Otter Tail Corporation's executive team and employees
during my time as interim CEO," said McIntyre. "My
experience as interim CEO deepened my appreciation for the
significant potential within this company, as well as the
strength of its executive leadership," McIntyre
continued. "With our strategic realignment underway, I
believe we will ultimately be able to reduce our overall risk
profile, enhance our credit metrics and our ability to
support the dividend, and capitalize on the utility growth
opportunities available to us."
energy services company, wind energy, health services, and
infrastructure businesses that include manufacturing,
construction and plastics. 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, Minnesota, and Fargo,
North Dakota.
The Otter Tail Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4958
The photo is also available at AP PhotoExpress.
CONTACT: Media contact: Michael J. Olsen
Sr. Vice President of Corporate Communications
(701) 451-3580 or (866) 410-8780
Investor contact: Loren Hanson
Manager of Investor Relations
(218) 739-8481 or (800) 664-1259
Edward McIntyre
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