Mge Energy, Inc and Madison Gas and Electric Company Announces Management Changes
April 21, 2021 at 08:22 pm
Share
On April 16, 2021, the Boards of Directors of MGE Energy, Inc. and Madison Gas and Electric Company requested that F. Curtis Hastings remain on those Boards beyond his retirement date while the Boards continue their search for a replacement independent director. Mr. Hastings has agreed to remain.Under MGE Energy’s Corporate Governance Guidelines, Mr. Hastings was scheduled to retire on May 18, 2021, which is the date of MGE Energy’s upcoming annual meeting of shareholders, because he has attained age 75. Those Guidelines require that a director retire not later than the date and time of MGE Energy’s annual meeting of shareholders following the date on which that director attains the age of 75, unless requested to remain on the Board by the Board.MGE Energy’s Corporate Governance Committee has been engaged in a search for a replacement director meeting the independence standards in MGE Energy’s Corporate Governance Principles and the similar Nasdaq Stock Market standards. Since that search continues, the Corporate Governance Committee recommended, and the Boards agreed, that Mr. Hastings be requested, as permitted by the Corporate Governance Guidelines, to remain on the Boards until the second board meeting following the new director joining the Boards in order to provide for an orderly transition.Also on April 16, 2021, the Boards of Directors of Madison Gas and Electric Company (MGE) appointed James Lorenz to Vice President – Energy Operations, effective May 1, 2021. In this new role, Mr. Lorenz will be responsible for Electric Operations, Gas Operations, and Electric Production. Mr. Lorenz has been employed by MGE for more than five years, serving in operations capacities. Since October 2018, he has served as Assistant Vice President – Electric Operations. Prior thereto, he was Director Electric Construction and Operations, a position he held since December 2015, and prior thereto was Director Construction and Operations.
MGE Energy, Inc. is a public utility holding company. The Company's segments include Regulated electric utility operations; Regulated gas utility operations; Nonregulated energy operations, and Transmission investments. The Regulated electric utility operations segment is engaged in generating, purchasing, and distributing electricity through Madison Gas and Electric Company (MGE). The Regulated gas utility operations segment is engaged in purchasing and distributing natural gas through MGE. The Nonregulated energy operations segment owns and leases electric generating capacity that assists MGE through MGE Energy's wholly owned subsidiaries MGE Power Elm Road and MGE Power West Campus. The Transmission investments segment includes the investment in American Transmission Company LLC, which is engaged in the business of providing electric transmission services in Wisconsin, and ATC Holdco LLC, which facilitate out-of-state electric transmission development and investments.