Sources: MDU Resources Group Inc., Bismarck, N.D.; CP staff
MDU Resources continues to unveil key appointments and related management details for its Knife River Corp. construction materials subsidiary, a spinoff of which is scheduled by June 30. Knife River Holding Co. will become a separate business, trading on the New York Stock Exchange under the KNF symbol.
Knife River’s post-separation board is expected to consist of six directors, five of them independent. MDU Resources officials propose the appointment of William Sandbrook, who closed a highly successful eight-year tour at the helm of (pre-Vulcan Materials) U.S. Concrete in April 2020, to join current or newly appointed directors subject to Knife River Holding shareholder approval:
• Knife River President and CEO Brian Gray;
• Karen Fagg, majority owner of HKM Engineering Inc. and leading chair candidate;
• German Carmona Alvarez, Wood PLC global president of Applied Intelligence and former Cemex USA executive vice president of Finance, Information Technology and Shared Services;
• Thomas Everist, president and chair of The Everist Co., investment and land development business and former construction materials operator; and,
• Patricia Moss, formerly CEO of Cascade Bancorp and Bank of the Cascades, and present First Interstate BancSystem Inc. director.
“We are pleased to have the future board of directors identified for Knife River as we continue making progress toward the anticipated separation, which is expected to optimize value for shareholders,” says MDU Resources Chair Dennis Johnson.
MDU elevates Knife River NW Region chief, 29-year veteran Gray