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Otter Tail Corporation Held Annual Meeting Of Shareholders

Stocks in this article: OTTR

MacFarlane New Otter Tail Corporation President and COO Rogelstad New Otter Tail Power Company President O'Keefe New to the Board 

FERGUS FALLS, Minn., April 14, 2014 (GLOBE NEWSWIRE) -- Otter Tail Corporation (Nasdaq:OTTR) hosted 304 shareholders and guests at its annual meeting of common shareholders on April 14 in Fergus Falls, Minnesota. This was the corporation's 104 th annual meeting. Represented by proxy or present in person at the meeting were 77 percent of the corporation's total shares outstanding.

Shareholders reelected John D. Erickson, Nathan I. Partain, and James B. Stake to serve three-year terms on Otter Tail Corporation's board of directors. Erickson, Fergus Falls, Minnesota, has been a director since 2007 and is Otter Tail Corporation's former president and CEO. Partain, Chicago, Illinois, has been a director since 1993 and was first appointed as chairman of the board in 2011. He is the president, CEO, and chief investment officer of DNP Select Income Fund, Inc., and president and chief investment officer of Duff & Phelps Investment Management Company. Stake, Edina, Minnesota, has been a director since 2008 and is a retired executive vice president of 3M Company.

During the meeting Otter Tail Power Company president and CEO Chuck MacFarlane, who assumed new corporate duties later that day, announced that Timothy J. Rogelstad would replace him as Otter Tail Power Company president. Rogelstad, who was vice president of the energy delivery, system operations, and capital budgeting areas at the utility, assumed his new role immediately and reports directly to MacFarlane. Rogelstad also will serve as senior vice president of Otter Tail Corporation's electric platform.

"It gives me great pleasure to announce Tim's new role," said MacFarlane. "Tim has a strong understanding of, and dedication to, Otter Tail Power Company. His education, experience, and accomplishments make him ideally qualified. Tim is an excellent thinker and negotiator, and he has honed these traits as he's accepted greater responsibility during his nearly 25 years with the power company. Under his leadership, I expect that Otter Tail Power Company will continue its tradition of providing reliable and economical service while maintaining good relationships with customers, industry peers, and regulators."

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