FERGUS FALLS, Minn., April 12, 2010 (GLOBE NEWSWIRE) -- Otter Tail Corporation (Nasdaq:OTTR) hosted 327 shareholders and guests at its annual meeting of common shareholders on Monday, April 12 in Fergus Falls, Minnesota. Represented by proxy or present in person at the meeting were 82% of the corporation's total shares outstanding. Shareholders reelected Arvid R. Liebe, John C. MacFarlane and Gary J. Spies to serve three-year terms on Otter Tail Corporation's board of directors.
Liebe, Milbank, South Dakota, is retired president of Liebe Drug, Inc. and owner of Liebe Farms, Inc. MacFarlane, Fergus Falls, Minnesota, serves as chair of the board at Otter Tail Corporation, and is the corporation's retired president and chief executive officer. Spies, Fergus Falls, Minnesota, is chairman of Service Food, Inc., and vice president of the Fergus Falls Development Company, Midwest Regional Development Company, LLC.
In his address to shareholders, Otter Tail Corporation President & CEO John Erickson acknowledged another challenging year, but also outlined reasons for optimism. "The economy remained weak in 2009, with the downturn broad, affecting almost all of our operating companies," said Erickson. "On the positive side, over the last six months, we've seen stabilization and maybe even a slight upturn in the economy. There are several bright spots moving forward. We have some of the best investment opportunities in years in the areas of generation, transmission and environmental upgrades. We also believe our early entry into renewable energy and our ongoing investments will position us well in this growing industry."
In a board meeting following the annual meeting, Otter Tail Corporation's board of directors elected Michelle Kommer, vice president of human resources, an executive officer. Kommer joined Otter Tail Corporation in 2006, and leads the organization's human resources function, ensuring people practices are aligned and integrated with the organization's goals, vision, mission, and values. Prior to her position in human resources, Michelle was an attorney for the organization, focusing on employment and corporate matters.
"Developing talented people and creating a workplace environment where they can thrive is central to both our vision and values," said CEO John Erickson. "As a key member of the executive team, Michelle has demonstrated her ability to help keep us true to these principles."
Kommer joins other executive officers John D. Erickson, president and chief executive officer, Lauris Molbert, executive vice president and chief operating officer, Kevin Moug, chief financial officer, and George Koeck, general counsel and corporate secretary.
About The Corporation
Otter Tail Corporation has interests in diversified operations that include an electric utility, manufacturing, health services, food ingredient processing and infrastructure businesses which include plastics, construction and transportation. Otter Tail Corporation stock trades on the NASDAQ Global Select Market under the symbol OTTR. The latest investor and corporate information is available at www.ottertail.com. Corporate offices are located in Fergus Falls, Minnesota, and Fargo, North Dakota.
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Forward-looking Statements
Except for historical information, all other information provided in this presentation consists of "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These "forward-looking statements" are subject to risks and uncertainties which could cause actual results to differ materially from those projected, anticipated, or implied. The most significant of these risks and uncertainties are discussed or identified in Otter Tail Corporation's public filings made with the Securities and Exchange Commission. Otter Tail Corporation undertakes no obligation to publicly update or revise any forward-looking statements.