MDU Resources Chief Financial Officer Vernon A. Raile to Retire
1/6/2010
Bismarck, ND
MDU Resources Group, Inc. (NYSE:MDU) announced that Vernon A. Raile, executive vice president, treasurer and chief financial officer, will retire on Feb. 16.
During his 30-year career with MDU Resources, the company has grown from a small utility with revenues of about $182 million into a Fortune 500 diversified natural resources company with revenues of more than $5 billion.
“Vern has done an outstanding job of ensuring that our accounting and financial expertise have kept pace with the increasingly complex needs that result from this growth,” said Terry D. Hildestad, MDU Resources president and chief executive officer. “He also was instrumental in putting the financing in place to support the two largest acquisitions in our company’s history. Vern and his wife, Jane, have our best wishes in this well-deserved retirement.”
The company has a long-standing policy mandating that officers retire at age 65.
Raile joined the company in 1980 as tax manager, and subsequently was promoted to positions as assistant treasurer, controller and chief accounting officer. He was named to his present position in 2006. Prior to joining MDU Resources, Raile was a supervisor and director in the Iowa Department of Revenue’s Income Tax Division, and a tax auditor for the North Dakota Tax Department.
Raile is a certified public accountant and a member of the American Institute of Certified Public Accountants. He has an associate degree from Bismarck State College, a bachelor’s degree from Drake University and a Master of Business Administration degree from the University of North Dakota. He is a graduate of the financial management program at Stanford University’s Graduate School of Business. He and Jane live in Bismarck.
MDU Resources Group, Inc., a Fortune 500 company and a member of the S&P MidCap 400 index, provides value-added natural resource products and related services that are essential to energy and transportation infrastructure, operating in three core lines of business: energy, utility resources and construction materials. MDU Resources includes natural gas and oil production, natural gas pipelines and energy services, electric and natural gas utilities, construction services, and construction materials and contracting. For more information about MDU Resources, see the company's Web site at www.mdu.com.
Contacts:
Financial:
Phyllis A. Rittenbach
Director - Investor Relations
(701) 530-1057
Media:
Rick Matteson
Director of Communications and Public Affairs
(701) 530-1700