Construction Materials Veteran Thomas W. Hill Elected to Knife River Corporation Board of Directors
Knife River (NYSE: KNF) has elected Thomas W. Hill to its Board of Directors during the 2024 annual meeting. Hill, a veteran in the construction materials industry, brings over 40 years of experience, having served on the boards of CRH plc and Summit Materials. He founded Summit Materials and led it as CEO from 2009 to 2020. Hill will serve a three-year term on Knife River's Board, including roles on the Compensation and Nominating and Governance committees. His election follows the departure of former Director Tom Everist, who had been with Knife River since its separation from MDU Resources Group. Hill’s vast experience and industry leadership are expected to support Knife River’s long-term, profitable growth goals.
- Thomas W. Hill brings over 40 years of experience in the construction materials industry to Knife River's board.
- Hill's previous roles include CEO of Summit Materials and Oldcastle, Inc., showcasing significant leadership experience.
- Hill will serve on the Compensation and Nominating and Governance committees, potentially influencing key company decisions.
- Knife River aims to leverage Hill’s background for long-term, profitable growth, benefiting shareholders.
- Hill's election was a result of an extensive search, indicating a strategic and thoughtful appointment process.
- Hill's appointment follows the departure of Tom Everist, a long-serving and experienced director, which could lead to transitional challenges.
- The election does not mention immediate financial gains or strategic initiatives, potentially leaving shareholders without short-term performance assurances.
- The PR highlights no specific immediate impact on stock performance, which may lead to uncertainty in the short term.
Gratitude Expressed for Contributions Made by Outgoing Director Tom Everist
He previously served on the boards for CRH plc and Summit Materials, Inc., and has been active in the aggregate, asphalt, ready-mix and contracting services industry for over 40 years.
“Tom Hill is very well respected in our industry and has a wealth of experience to share as we continue to establish Knife River as a leading provider of construction materials and contracting services,” said Brian Gray, Knife River President and CEO. “His background and enthusiasm for the industry – and his success leading growth efforts – is a great fit with the Knife River culture.”
Hill founded Summit Materials and was its president and CEO from 2009-2020. Prior to that, he was at Oldcastle, Inc., including as CEO from 2006-2008. He also served as treasurer of the American Road and Transportation Builders Association, the National Stone Association (now National Stone, Sand and Gravel Association) and the National Asphalt Pavement Association. Hill was elected in March to the Pit & Quarry Hall of Fame during the annual convention of the NSSGA.
“We are excited to welcome Tom to our board of directors,” said Karen Fagg, Knife River’s Board Chair. “In our extensive search for another director, Tom stood out as someone who can bring a tremendous amount of expertise to Knife River, as we focus on delivering long-term, profitable growth for our shareholders.”
Hill was elected to a three-year term and will serve on the Board’s Compensation and Nominating and Governance committees.
“I have followed Knife River’s trajectory for many years and have long shared the belief in the value of being an aggregates-based, vertically integrated company,” Hill said. “I am excited about the opportunity to join Knife River’s Board of Directors, and to be part of a company that puts people first while actively working toward delivering long-term, profitable growth.”
Hill fills the board position previously held by former Director Tom Everist, who had served on Knife River’s board since the company’s separation from MDU Resources Group, Inc., and previously served on the board of MDU Resources.
“I have had the privilege of serving with and knowing Tom Everist for decades, and I appreciate the value he has brought to Knife River through his industry experience and expertise,” Fagg said. “On behalf of the management team and the entire Board, I would like to thank Tom for his guidance and dedication over the years, including as a member of Knife River’s inaugural Board of Directors. We will miss him. We also look forward to working with Tom Hill.”
About Knife River
Knife River Corporation, a member of the S&P MidCap 400 index, mines aggregates and markets crushed stone, sand, gravel and related construction materials, including ready-mix concrete, asphalt and other value-added products. It also distributes cement and asphalt oil. It performs integrated contracting services. For more information about Knife River, visit www.kniferiver.com.
Forward-Looking Statement
The information in this release includes certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements contained in this release, including, but not limited to, statements about Knife River’s growth opportunities and contributions of Mr. Hill, are expressed in good faith and are believed by Knife River to have a reasonable basis. Nonetheless, actual results may differ materially from the projected results expressed in the forward-looking statements. There can be no assurance that the actual results or developments anticipated by Knife River will be realized or, even if substantially realized, that they will have the expected consequences to or effects on Knife River or its business or operations. For a discussion of important factors that could cause actual results to differ materially from those expressed in the forward-looking statements, refer to Item 1A-Risk Factors in Knife River’s Form 10-K and most recent Form 10-Q. All forward-looking statements in this release are expressly qualified by such cautionary statements and by reference to the underlying assumptions. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. Except as required by law, Knife River does not undertake to update forward-looking statements, whether as a result of new information, future events or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240515015376/en/
Media Contact:
Tony Spilde, Knife River senior director of communications, 541-693-5949
Investor Contact:
Zane Karimi, Knife River director of investor relations, 503-944-3508
Source: Knife River Corporation
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