MDU Resources Appoints Two to Board of Directors

Rhea-AI Summary

MDU Resources Group (NYSE: MDU) has appointed Michael S. Della Rocca and Marian M. Durkin to its board of directors. Della Rocca brings 35 years of experience in engineering and construction, including executive roles at AECOM and McKinsey & Company. Durkin previously served as senior VP, general counsel, and chief compliance officer at Avista , an electric and natural gas utility.

The appointments come as MDU Resources prepares to become a pure-play regulated energy delivery business by spinning off its construction services subsidiary, Everus Construction Group, later this year. Board Chair Dennis W. Johnson stated that the new directors' experience will support MDU's strategic initiatives during this transition.

Positive

• Appointment of two experienced directors to strengthen the board
• Strategic move towards becoming a pure-play regulated energy delivery business
• Della Rocca brings extensive engineering and construction industry experience
• Durkin adds expertise in utility sector and legal compliance

Negative

• Potential loss of revenue stream from construction services subsidiary after spinoff

BISMARCK, N.D., Aug. 15, 2024 /PRNewswire/ -- MDU Resources Group, Inc. (NYSE: MDU) announced today that Michael S. Della Rocca and Marian M. Durkin have been appointed to the company's board of directors.

Della Rocca, during his 35-year career, held a number of executive positions within the engineering and construction industry, including as chief executive, Americas, of AECOM. He also was a partner in consulting firm McKinsey & Company, where he provided clients with strategic counsel on capital projects. He has served on a number of boards and owns Della Rocca Enterprises LLC.

Durkin previously was senior vice president, general counsel, secretary and chief compliance officer for Avista Corporation, an electric and natural gas utility headquartered in Spokane, Washington. She also has prior experience as vice president, deputy general counsel and assistant secretary at United Airlines and as an attorney at law firm Briggs and Morgan, which later merged with Taft.

"Marian and Michael bring extensive, relevant experience to our board that will support our efforts to guide MDU Resources' strategic initiatives as the company becomes a pure-play regulated energy delivery business late this year when it spins off Everus Construction Group," said Dennis W. Johnson, chair of the board.

In addition to their general responsibilities on the board, Della Rocca will serve on the Audit and the Environmental and Sustainability committees and Durkin will serve on the Compensation and the Nominating and Governance committees.

Della Rocca holds a bachelor's degree in civil engineering and a master's degree in engineering, transportation, from Rensselaer Polytechnic Institute and a master's degree in business administration from St. John's University. He is a licensed professional engineer.

Durkin holds a Juris Doctor and Master of Laws from Mitchell Hamlin School of Law and a bachelor's degree in political science from Manhattanville College. She is a member of the state bar in Illinois, Minnesota and Washington.

MDU Resources expects to achieve its objective of becoming a pure-play regulated energy delivery business by completing a spinoff of its construction services subsidiary, Everus Construction Group, late this year.

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, including information about the planned spinoff of Everus Construction Group, the timing of the planned spinoff, and statements by MDU Resources' chair, are expressed in good faith and are believed by the company to have a reasonable basis. Nonetheless, 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 Contacts: Byron Pfordte, MDU Resources manager of integrated communications, 208-377-6050
Laura Lueder, Everus director of communications, 701-221-6444

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SOURCE MDU Resources Group, Inc.

FAQ

Who are the new board members appointed to MDU Resources (NYSE: MDU)?

MDU Resources has appointed Michael S. Della Rocca and Marian M. Durkin to its board of directors. Della Rocca has 35 years of experience in engineering and construction, while Durkin was previously a senior executive at Avista , an electric and natural gas utility.

What strategic change is MDU Resources (NYSE: MDU) planning for late 2024?

MDU Resources is planning to become a pure-play regulated energy delivery business by spinning off its construction services subsidiary, Everus Construction Group, late in 2024.

What committees will the new MDU Resources (NYSE: MDU) board members serve on?

Michael S. Della Rocca will serve on the Audit and Environmental and Sustainability committees, while Marian M. Durkin will serve on the Compensation and Nominating and Governance committees.

Why did MDU Resources (NYSE: MDU) appoint new board members in August 2024?

MDU Resources appointed new board members to support its strategic initiatives as the company transitions to become a pure-play regulated energy delivery business, leveraging their extensive and relevant experience in the industry.