ALLETE Names Donald Shippar President and CEO; Gartzke Remains Chairman of Board until ADESA Spin-off.To download high-resolution, print-ready JPEG JPEG in full Joint Photographic Experts Group Standard computer file format for storing graphic images in a compressed form for general use. JPEG images are compressed using a mathematical algorithm. images, click on the thumbnail image above. WARNING: these images are very large (800K+) Click here for caption To download high-resolution, print-ready JPEG images, click on the thumbnail image above. WARNING: these images are very large (800K+) Click here for caption To download high-resolution, print-ready JPEG images, click on the thumbnail image above. WARNING: these images are very large (800K+) Click here for caption Photo Editors/Business Editors MULTIMEDIA AVAILABLE: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=4557741 DULUTH, Minn.--(BUSINESS WIRE)--Jan. 26, 2004 ALLETE, Inc. (NYSE NYSE See: New York Stock Exchange :ALE) announced that its Board of Directors has named Donald J. Shippar President and Chief Executive Officer of ALLETE. He will have responsibility for all non-automotive operations at ALLETE. Shippar previously was Executive Vice President of ALLETE, and President of Minnesota Power. David G. Gartzke remains Chairman of the Board of ALLETE, with responsibility for the consolidated company. ALLETE has previously announced that it will spin-off Indianapolis-based ADESA into a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. by mid-2004. ADESA will include all of ALLETE's Automotive Services businesses including Automotive Finance Corporation and ADESA Impact, a total-loss vehicle remarketing company. Gartzke, in addition to his responsibility as Chairman of ALLETE, is currently CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of ADESA. It is anticipated that at the time the ADESA separation is completed, Gartzke will become ADESA's Chairman and Chief Executive Officer. Bruce W. Stender will at that time assume the role of ALLETE Chairman and remain an independent member of the ALLETE board. ALLETE also announced that James K. Vizanko was named Senior Vice President and CFO See Chief Financial Officer. of ALLETE. "Don and Jim are both industry veterans with tremendous experience," said Gartzke. "I know they will continue the success we have enjoyed at ALLETE. Bruce has played an important role for the company as a director and we look forward to his continuing leadership." Shippar, 54, joined ALLETE in 1976. His previous positions include Senior Vice President for Customer Service and Delivery, Executive Vice President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Minnesota Power, and President and Chief Operating Officer of Minnesota Power. Stender, 61, has been a Director of ALLETE since 1995. He is the current Chairman of the Audit Committee and a member of the Corporate Governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. and Nominating Committee A nominating committee is a group formed usually from inside the membership of an organization for the purpose of nominating candidates for office within the organization. It works similarly to an electoral college, the main difference being that the available candidates, either . He is President and CEO of Labovitz Enterprises, Inc. which owns and manages hotel properties. Vizanko, 50, joined ALLETE in 1978 and was previously Vice President, Chief Financial Officer and Treasurer of ALLETE. He was named Corporate Treasurer in March of 1993 and Vice President in 2001. ALLETE's corporate headquarters are located in Duluth, Minnesota. ALLETE's holdings include ADESA, the second largest wholesale vehicle auction network in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. ; AFC (1) (Application Foundation Classes) A class library from Microsoft that provides an application framework and graphics, graphical user interface (GUI) and multimedia routines for Java programmers. , the leading provider of independent auto dealer financing; Minnesota Power, a low-cost electric utility that serves some of the largest industrial customers in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. ; and significant real estate holdings in Florida. For more information about ALLETE, visit the company's Web site at www.allete.com. 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 are directed to the risks discussed in documents filed by ALLETE with the Securities and Exchange Commission. MULTIMEDIA AVAILABLE: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=4557741 |
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