MDU Resources Reveals Future Board for Everus Construction Group
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MDU Resources Announces Future Board of Directors for Everus
MDU Resources Group, Inc. (NYSE: MDU) has shared exciting news concerning the future board of directors for Everus Construction Group, which will take effect upon completing the spin-off of its construction services subsidiary into an independent, publicly traded entity. This transition is projected to conclude in late 2024.
Post-Spin-off Board Composition
The newly formed board of Everus is anticipated to feature seven members, of which six will be independent directors. This diverse board aims to bring a wealth of experience to the newly standalone company.
Directors Transitioning from MDU Resources
Several distinguished individuals are expected to transfer from the MDU Resources board to the Everus board:
- Dale S. Rosenthal, who served as a strategic director and was the chief financial officer at Clark Construction Group, will likely chair the Everus board.
- Michael S. Della Rocca, previously chief executive for the Americas at AECOM, is also moving to liaison with Everus.
- Edward A. Ryan, the former executive vice president and general counsel of Marriott International, will join as well.
- David M. Sparby, who was the former senior vice president and group president of revenue at Xcel Energy, is expected to play a crucial role.
New Appointments to Everus Board
In addition to these seasoned members, the following individuals will join as new directors:
- Clark A. Wood, who is retiring soon from his position as market president for US Bank in two western states.
- Betty R. Wynn, who previously held the role of senior vice president and CFO at MYR Group, Inc.
- Jeffrey S. Thiede, who serves as president and CEO of Everus, will play a central role in this transformation.
Goals of the Spinoff
The announcement regarding the new board is a significant step towards achieving MDU Resources' objective of debuting Everus as a solitarily governed entity. Dennis W. Johnson, MDU Resources' board chair, remarked, "Identifying the future board of directors for Everus is another milestone toward completing the spinoff of the construction services subsidiary, which is expected to optimize value for shareholders while achieving MDU Resources' strategic objective of becoming a pure-play regulated energy delivery business." This aligns with MDU's broader vision to streamline its operations towards regulated energy delivery.
Conclusion and Outlook
Rosenthal, who is anticipated to lead as chair of the new board at Everus, expressed enthusiasm for the future direction of the company. He mentioned, "With this highly experienced slate of directors who are familiar with the construction industry and markets served by Everus, we look forward to providing strategic guidance to Everus as it becomes a stand-alone company." The upcoming spinoff is also expected to be tax-free for MDU Resources and its shareholders, ensuring a smooth transition.
Frequently Asked Questions
What is the significance of the spinoff for MDU Resources?
The spinoff allows MDU Resources to focus exclusively on regulated energy delivery while providing Everus with its own dedicated board and operational independence.
Who will be leading the Everus board?
Dale S. Rosenthal is expected to chair the Everus board, bringing extensive industry experience to the position.
What changes will occur after the spinoff?
Post-spinoff, Everus will operate as a separate publicly traded company, enabling it to focus on its construction services more effectively.
Who are the new members of the Everus board?
New board members include Clark A. Wood, Betty R. Wynn, and Jeffrey S. Thiede, alongside several transitioning directors from MDU Resources.
What are MDU Resources' plans after the spinoff?
MDU Resources aims to enhance its strategic focus on the regulated energy delivery sector and maximize shareholder value.
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