ALLETE appoints new CFO as company transitions

DULUTH, Minn. - ALLETE, Inc. (NYSE: ALE), an energy company based in Duluth, Minnesota, announced the promotion of Jeff Scissons to the position of chief financial officer, effective immediately. Scissons, who has been with ALLETE since 2013, takes over the role from Steven W. Morris, set to retire in July. The company, currently valued at $3.79 billion, has demonstrated solid financial performance with $446.9 million in EBITDA over the last twelve months. According to InvestingPro analysis, ALLETE maintains a FAIR financial health score, with particularly strong cash flow metrics.

Scissons’ ascent to CFO comes after a series of strategic roles within the company, including his most recent position as vice president and corporate treasurer. His contributions have included leading the acquisition of New Energy Equity and the divestiture of U.S. Water. Currently, he is heading the transition committee for ALLETE’s acquisition by the Canada Pension Plan Investments Board (CPPIB) and Global Infrastructure Fund (GIP). The company’s stock trades near its 52-week high of $65.99, reflecting investor confidence in its strategic direction.

ALLETE CEO Bethany Owen expressed confidence in Scissons’ capabilities, particularly highlighting his leadership style and strategic mindset as the company pursues its clean-energy initiatives and the ongoing acquisition process.

With a background that includes 12 years at Northern Asset Management and various strategic and financial roles within ALLETE, Scissons has a track record of financial planning and corporate development. His tenure at ALLETE Clean Energy as chief financial and strategy officer and his role in corporate development underscore his experience in the company’s growth and sustainability strategies.

Scissons, a University of Minnesota Duluth alumnus, has been with ALLETE for over a decade, during which he has significantly contributed to its strategic initiatives. He takes the helm of the financial department as ALLETE prepares for a new phase as a privately held entity, with the backing of CPP and GIP.

ALLETE owns several energy and utility companies, including Minnesota Power and Superior Water, Light and Power of Wisconsin, and holds an 8% equity interest in the American Transmission Co. The company has maintained dividend payments for 55 consecutive years and raised them for 14 straight years, currently offering a 4.47% yield. For detailed analysis and additional insights, investors can access the comprehensive Pro Research Report available on InvestingPro, which covers ALLETE among 1,400+ top US stocks.

This announcement is based on a press release statement from ALLETE, Inc. The company has a history of over a century in providing essential services and employment in its regions of operation. As ALLETE moves forward with its acquisition and transition to a private company, Scissons’ leadership will be central to its continued focus on sustainable energy solutions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.