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Adams has held a variety of roles in his more-than-35-year career with ALLETE, working directly with both rate-regulated and non-rate-regulated/diversification activities, since joining the Duluth-based company in 1987 as a financial analyst. Minnesota Power named him vice president of finance in 1997, then chief risk officer and vice president of business development in 2008. He advanced to senior vice president of energy-centric businesses in 2015, taking responsibility for three of ALLETE’s operating units: Superior Water, Light and Power; BNI Energy; and U.S. Water Services, Inc. In 2017, he moved up to senior vice president and CFO of ALLETE. He also played a heavy role in several successful company startups and served as CEO of Reach-All Manufacturing for a period in the early 1990s.
A Career Built on Strategic Financial Leadership
“Bob led many of ALLETE’s successful diversification initiatives during his long career, and his strategic financial leadership has been integral to ALLETE’s clean-energy transformation,” said ALLETE Chair, President and CEO Bethany Owen. “Bob has recruited and developed strong, talented, and experienced finance and accounting teams, who will continue to serve ALLETE with disciplined, strategic, and values-based leadership well into the future. ALLETE is a stronger, more resilient company because of Bob’s many contributions throughout his distinguished career, and we wish him the very best in his upcoming retirement.”
Financial Discipline in Action
Owen pointed to Adams’ financial discipline as a key strength, citing the 2015 acquisition of U.S. Water Services, Inc., an integrated water-solutions company, and its 2019 sale, which strategically redeployed capital into the growing renewable energy sector. That reinvested capital helped secure ALLETE’s rank as the second-largest investor in renewable energy among North American investor-owned utilities, relative to company size, in a recent study.
Adams Reflects on ALLETE’s People and Opportunity
“I’ve always said ALLETE’s people, through their engagement, collaborative nature and highly innovative capabilities, are a unique and key ingredient to the ‘special sauce’ behind the company’s achievements,” Adams said. “Today’s energy industry has such tremendous opportunity and growth potential. With a great team in place executing its sustainability in action strategy, ALLETE is well-positioned to thrive by taking full advantage of the opportunities in clean energy.”
Succession Plan Underway
Owen said Adams’ planned retirement forms part of an orderly succession plan. ALLETE has already initiated steps to identify a new chief financial officer and expects to name one in February 2022.
About ALLETE
ALLETE, Inc. is an energy company headquartered in Duluth, Minnesota. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth, and BNI Energy in Bismarck, N.D. The company also holds an eight percent equity interest in the American Transmission Co. Find more information about ALLETE 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. Actual results may differ materially from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties, and investors should review the risks discussed in documents ALLETE has filed with the Securities and Exchange Commission.
