MDU Resources Group Inc. (MDU) said Aug. 16 that Terry Hildestad intends to retire as president and CEO of the company in January 2013.
Hildestad has decided to retire on Jan. 3, 2013, after a 38-year career with the company, according to a news release.
Hildestad began his career in 1974 at Knife River Corp., where he served in several positions before becoming its president in 1991. He was named president and CEO of Knife River in 1993. He became president and COO of MDU in 2005 and was named to his current position in 2006. He will be 63 years old when he retires, MDU said in a statement.
“Terry has led MDU Resources with vision and integrity and we have a larger, stronger company as a result. The value of the company’s assets has grown nearly 50 percent since he became president and chief executive officer,” MDU Chairman Harry J. Pearce said.
Hildestad stated: “MDU Resources is an outstanding company, and I have had a very rewarding and enjoyable career. After 38 years at MDU Resources, I am looking forward to enjoying another chapter of my life.”
Further, MDU said its board of directors has elected David Goodin as president and CEO to succeed Hildestad, effective Jan. 4, 2013. He will become the company’s board member at the same time.
Goodin currently is president and CEO of MDU Resources’ four utility businesses that collectively serve nearly 1 million customers – Montana-Dakota Utilities Co., Great Plains Natural Gas Co., Cascade Natural Gas Corp. and Intermountain Gas Co.
Goodin began his career with the company in 1983. He served in several positions before becoming president of Cascade Natural Gas in 2007. He became president of Montana-Dakota Utilities, Great Plains Natural Gas and Intermountain Gas in 2008.
In addition, MDU said that J. Kent Wells will become a member of the board in January 2013 and will serve as vice chairman.
Wells, who will report directly to Goodin, is president and CEO of Fidelity Exploration & Production Co., MDU’s oil and natural gas production business.
Wells joined Fidelity in March of 2011. He was senior vice president of exploration and production for BP’s U.S. natural gas operations from 2007 until 2010, when he was named BP’s group senior vice president for global deepwater response, MDU said.