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MDU Resources Group, Inc. (NYSE:MDU) president and chief executive officer Terry D. Hildestad announced today he intends to retire on Jan. 3, 2013 after a 38-year career with the company.
“Terry has led MDU Resources with vision and integrity and we have a larger, stronger company as a result. The value of the company’s assets has grown nearly 50 percent since he became president and chief executive officer,” said Harry J. Pearce, board chairman. “Equally important, he has kept us financially strong as the nation’s economy struggled. Under Terry’s leadership we have maintained a strong balance sheet, good liquidity and healthy cash flows that allowed us to both withstand the recession and invest in internal growth that has positioned us to be very competitive as the economy recovers.”
“MDU Resources is an outstanding company, and I have had a very rewarding and enjoyable career,” Hildestad said. “After 38 years at MDU Resources, I am looking forward to enjoying another chapter of my life.”
Hildestad began his career with the company in 1974 at Knife River Corporation, where he served in several positions before becoming its president in 1991. He was named president and chief executive officer of Knife River in 1993. He became president and chief operating officer of MDU Resources in 2005 and was named to his current position in 2006. He will be 63 years old when he retires.
The board of directors unanimously elected David L. Goodin, 50, to succeed Hildestad as president and chief executive officer effective Jan. 4, 2013. He will become a member of the corporation’s board of directors at the same time. Goodin currently is president and chief executive officer of MDU Resources’ four utility businesses that collectively serve nearly 1 million customers
– Montana-Dakota Utilities Co., Great Plains Natural Gas Co., Cascade Natural Gas Corporation and Intermountain Gas Company.
In making the announcement, Pearce said, “This election is the result of our comprehensive succession planning process led by the company’s board of directors. During this process, it became clear to us that Dave Goodin has the strategic vision, operational experience, passion and values to lead the future growth of the company. Dave was instrumental in the successful acquisition and integration of Cascade Natural Gas and Intermountain Gas Company, growing our utility operations to serve nearly 1 million customers.”