Jaeger Elected to MDU Resources Board of Directors

Rhea-AI Summary

On May 14, 2024, MDU Resources Group shareholders elected Douglas W. Jaeger as a new independent director to the company's board. With over 27 years of industry experience, Jaeger is currently the president and CEO of Ulteig and has held senior leadership roles at Adolfson & Peterson, Xcel Energy, and Exelon Corp. His expertise aligns with MDU's energy delivery and construction services businesses. Jaeger also serves on the boards of Ulteig, Amsoil, and Computype, along with the non-profit Great Plains Institute. He holds an MBA from the University of St. Thomas and a bachelor's degree from St. John's University.

Positive

• Douglas W. Jaeger has 27 years of experience in the electric utility and construction services industries.
• Jaeger is the current president and CEO of Ulteig.
• Jaeger has held senior positions at notable firms like Xcel Energy and Exelon Corp.
• His background aligns well with MDU's focus on regulated energy delivery and construction services.
• Jaeger's experience is expected to complement the board's existing expertise.

Negative

• The press release does not mention any immediate financial benefits or strategic initiatives that Jaeger will bring to MDU Resources.
• There is no information on any potential conflicts of interest given Jaeger's multiple board positions.

BISMARCK, N.D., May 14, 2024 /PRNewswire/ -- Shareholders of MDU Resources Group, Inc. (NYSE: MDU) today at the company's annual meeting of stockholders elected Douglas W. Jaeger as a new independent director to the company's board of directors.

Jaeger, 57, has more than 27 years of experience in both the electric utility and the construction services industries. Jaeger has been president and CEO of Ulteig, Inc., an employee-owned engineering services firm, since 2015. He previously held senior leadership positions with construction services firm Adolfson & Peterson, Inc. and investor-owned utilities Xcel Energy Inc. and Exelon Corp., among others.

"Doug's background is well matched to MDU Resources' regulated energy delivery and construction services businesses," said board Chair Dennis W. Johnson. "His construction-related leadership experience and knowledge of the utility transmission and generation business will complement our board's expertise, and we look forward to the insights he will provide."

Jaeger also serves on the boards of Ulteig, Amsoil Inc. and Computype Inc., as well as the non-profit Great Plains Institute.

"I have great respect for MDU Resources' rich history and the impact it has made in its communities, as well as the broader utility and construction services industries, over the past 100 years," Jaeger said. "I am excited to be joining the MDU Resources board and look forward to working with the leadership team to further drive the business forward."

Jaeger holds a master's degree in business administration from the University of St. Thomas and a bachelor's degree in business administration from St. John's University. He resides in Anoka, Minnesota.

Forward-Looking Statements
Information in this release includes certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release include statements by the chair of MDU Resources and Douglas Jaeger. Actual results may differ materially from the projected results expressed in the forward-looking statements. For a discussion of important factors that could cause actual results to differ materially, refer to Item 1A — Risk Factors in MDU Resources' most recent Form 10-K and Form 10-Q and subsequent filings with the SEC.

About MDU Resources
MDU Resources Group, Inc., a member of the S&P MidCap 400 index, provides essential products and services through its regulated energy delivery and construction services businesses. Founded in 1924, the company is celebrating its 100th anniversary; learn more at www.mdu.com/100th-anniversary. For more information about MDU Resources, visit www.mdu.com or contact the Investor Relations Department at investor@mduresources.com.

Investor Contact: Brent Miller, assistant treasurer, 701-530-1730
Media Contact: Laura Lueder, manager of communications and public relations, 701-530-1095

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SOURCE MDU Resources Group, Inc.

FAQ

Who was elected to MDU Resources' board of directors on May 14, 2024?

Douglas W. Jaeger was elected as a new independent director.

What is Douglas W. Jaeger's professional background?

Jaeger has over 27 years of experience in the electric utility and construction services industries.

What positions has Douglas W. Jaeger held before joining MDU Resources?

Jaeger has been president and CEO of Ulteig and held senior roles at Adolfson & Peterson, Xcel Energy, and Exelon Corp.

What educational qualifications does Douglas W. Jaeger hold?

Jaeger holds an MBA from the University of St. Thomas and a bachelor's degree in business administration from St. John's University.

Why is Douglas W. Jaeger's experience considered beneficial for MDU Resources?

Jaeger's extensive experience in construction-related leadership and utility transmission and generation is expected to complement MDU's board expertise.