Allete Inc., the parent company of Minnesota Power, has named its new chief financial officer.
Bob Adams will take over the role for outgoing CFO Steve DeVinck effective March 4.
"Bob has spearheaded Allete business development initiatives, and his understanding of regulated and nonregulated business units, strategic outlook and financial expertise will play a vital role in ensuring the continued success of Allete and its growth strategy," CEO Al Hodnik said in a news release Tuesday. Adams joined the company in 1987 and most recently served as chief risk officer and senior vice president of energy-centric businesses. Adams had previously been the CFO of Minnesota Power and Split Rock Energy, both Allete holdings.
DeVinck announced his retirement last month; Allete moved to appoint Adams ahead of its next quarterly earnings call, set for 10 a.m. Nov. 4.
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Allete, traded as ALE on the stock market, ended Tuesday's trading up nearly 1 percent at $60.14.
