NorthWestern Energy Welcomes New Board Member

Rhea-AI Summary

NorthWestern Corporation, also known as NorthWestern Energy (Nasdaq: NWE), has announced the election of Kent T. Larson to its board of directors, effective immediately. Larson brings over 38 years of experience in the utility sector, having previously served as executive vice president at Xcel Energy, overseeing $45 billion in assets and 8,000 employees. His expertise in utility operations is expected to enhance the board's strength and governance. With this addition, the board now comprises nine members, with only the CEO being a company employee.

Positive

• Kent T. Larson's extensive utility experience enhances board strength.
• Increased board diversity with a focus on utility operations.

Negative

• Potential concerns regarding continuity with the new board member.

BUTTE, Mont. and SIOUX FALLS, S.D., Aug. 01, 2022 (GLOBE NEWSWIRE) -- NorthWestern Corporation d/b/a NorthWestern Energy (Nasdaq: NWE) today announced that its board of directors recently elected Kent T. Larson as a director to a term commencing immediately. Larson brings extensive utility operations and executive experience to the independent board.

Larson has over 38 years of experience in the utility industry with Xcel Energy, retiring in 2020 as its executive vice president and group president. He directed overall operations for Xcel Energy, including overseeing $45 billion of assets and 8,000 employees, as well as providing strategic direction and leadership to the company’s generation, transmission, distribution, gas, energy trading and supply chain businesses. Along with Larson’s experience with Xcel Energy, he currently serves on the board of directors of Adolfson & Peterson Construction Company, a construction company, Quanta Services West, a utility construction company and subsidiary of Quanta Services, and Regions Hospital, a hospital based in St. Paul, Minnesota, and providing specialty care across the Twin Cities and western Wisconsin.

The addition of Larson will increase the NorthWestern Energy board to nine members. Only one board member, CEO Bob Rowe, is an employee of the company, with the others representing a broad range of experience across the utility industry.

“NorthWestern Energy is recognized for its diverse board of directors and strong corporate governance,” said CEO Bob Rowe. “Kent will continue that tradition and bring additional bench strength in utility operations after his lengthy and successful career at Xcel Energy. His prior leadership experience in every facet of the utility business will be an asset for our board as we take another important step in the ongoing process of board renewal.”

About NorthWestern Energy

NorthWestern Corporation, doing business as NorthWestern Energy, provides essential energy infrastructure and valuable services that enrich lives and empower communities while serving as long-term partners to our customers and communities. We are working to deliver safe, reliable, and innovative energy solutions that create value for customers, communities, employees, and investors. This includes bridging our history as a regulated utility safely providing low-cost and reliable service with our future as a globally-aware company offering a broader array of services performed by highly-adaptable and skilled employees. We provide electricity and / or natural gas to approximately 753,000 customers in Montana, South Dakota, Nebraska and Yellowstone National Park. We have provided service in South Dakota and Nebraska since 1923 and in Montana since 2002. More information is available on the company's Web site at www.northwesternenergy.com.

Investor Relations Contact:		Media Contact:
Travis Meyer (605) 978-2967		Jo Dee Black (866) 622-8081
travis.meyer@northwestern.com		jodee.black@northwestern.com

FAQ

What is the significance of Kent T. Larson joining NorthWestern Energy's board?

Kent T. Larson's election to the board enhances its expertise in utility operations, potentially benefiting NorthWestern Energy's strategic direction.

How will Kent T. Larson's experience impact NorthWestern Energy?

Larson brings over 38 years of experience in the utility industry, which may strengthen governance and operational strategies at NorthWestern Energy.

When did Kent T. Larson join the board of NorthWestern Energy?

Kent T. Larson was elected to the board on August 1, 2022.

How many members are currently on NorthWestern Energy's board?

With the addition of Kent T. Larson, NorthWestern Energy's board now consists of nine members.

What was Kent T. Larson's role at Xcel Energy?

Kent T. Larson served as executive vice president at Xcel Energy, where he oversaw operations and directed a large workforce.