Todd Wahlund Becomes CFO and Vice President of Otter Tail following Kevin Moug’s Retirement

Otter Tail Corporation (Nasdaq: OTTR) announced the retirement of Kevin Moug from his role at the company on December 31 after 27 years. Effective January 1, 2024, Todd Wahlund will step into the position of Vice President and Chief Financial Officer, succeeding Moug.

Charles MacFarlane, Chief Executive Officer of Otter Tail, expressed his appreciation for Moug’s contributions, saying, “Kevin leaves the company in excellent financial position with outstanding financial performance, a strong balance sheet and long-term growth strategy. As Otter Tail’s CFO, he guided the Corporation through portfolio development and alignments, the Great Recession, COVID-19, and significant utility rate base expansion. Kevin has worked tirelessly to develop high-performance accounting, treasury, financial planning, investor relations, internal audit and business risk management, and information technology teams that will serve the company for years to come. This well-established succession plan should ensure a successful and smooth transition period. We again thank Kevin for all his contributions to Otter Tail’s success and wish him all the best in retirement.”

Reflecting on his retirement, Moug shared, “It has been an honor to work for Otter Tail Corporation alongside the employees across our electric and manufacturing platforms. I am proud of what our team has accomplished. I am also looking forward to this next chapter in my life, knowing the company is in good hands.”

As the new Chief Financial Officer, Todd Wahlund will oversee Otter Tail’s finance organization and financial activities. For the past five years, Wahlund has served as the Chief Financial Officer and Vice President of Finance at Otter Tail Power Company, the Corporation’s electric utility. Prior to this role, Wahlund held positions as Vice President of Financial Planning and Treasurer at the Corporation, as well as Vice President of Finance and Planning for the Varistar Manufacturing Platform. He brings over 20 years of experience, including accounting, resource planning, risk management, energy trading, and renewable energy development and operations at Otter Tail Power Company.

MacFarlane commented on Wahlund’s appointment, saying, “Todd has the unique combination of both depth and breadth of experience, having served in significant financial and business roles across the Corporation. Having served 31 years with Otter Tail has allowed him the opportunity to develop experience across the business while also honing expertise in financing and strategic planning. Todd is a driven analytical, and financially focused leader and has consistently delivered on key financial initiatives and projects across our operating companies. I am excited to see him assume this new role upon Kevin’s retirement.”

Mr. Wahlund holds a BS in Accounting from Minnesota State University-Moorhead and an MBA from the University of North Dakota. He is a Certified Management Accountant, Certified in Financial Management, and holds an inactive CPA license.

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