MDU Resources Group Inc. president and chief executive officer Terry D. Hildestad announced that he intends to retire on Jan. 3, 2013, after a 38-year career with the company. "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."
Harry J. Pearce, board chairman, praised Hildestad. "Terry has led MDU Resources with vision and integrity and we have a larger, stronger company as a result,” he said “The value of the company's assets has grown nearly 50 percent since he became president and chief executive officer. 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."
Hildestad began his career with the company in 1974 at Knife River Corp., 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 Corp. and Intermountain Gas Co.
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."
"I am excited to begin my new role as president and chief executive officer of MDU Resources," said Goodin. "We have a strong management team, and we are well positioned for the future. I appreciate the confidence the board of directors has shown in me with this appointment."