updated 10/4/2010 5:46:46 PM ET 2010-10-04T21:46:46

FARGO, N.D., Oct. 4, 2010 (GLOBE NEWSWIRE) -- Otter Tail Corporation announced today that its Executive Vice President and Chief Operating Officer (COO) Lauris Molbert has resigned from the company, effective December 30, 2010. The company is evaluating plans to replace the COO role and its responsibilities. In the interim, Molbert's duties will be shared by members of the executive and senior management team.

"Lauris has been an integral part of our diversification strategy, helping to build our corporation, and we are grateful for his many years of service," said Otter Tail Corporation Chief Executive Officer John Erickson. "Lauris will be missed, and we wish him all the best." Erickson also said he is pleased that Molbert will be staying on to complete projects and help with an orderly transition of his duties. "We are fortunate to have talented people in our organization prepared to step in to key roles and who share a commitment to moving the company forward."

"Otter Tail Corporation has been my business home for the last 15 years, and that made the decision to leave a difficult one," said Molbert. "There is a great deal of ability and skill at the corporation, and in our twelve operating companies, and I believe that the work ethic and sincerity of these people will ensure the future success of the company. I am honored to have been a part of building this team."

About The Corporation: Otter Tail Corporation has interests in diversified operations that include an electric utility, manufacturing, health services, food ingredient processing, and infrastructure businesses, which include plastics, construction, and transportation. Otter Tail Corporation stock trades on the NASDAQ Global Select Market under the symbol OTTR. The latest investor and corporate information is available at www.ottertail.com. Corporate offices are located in Fergus Falls, Minnesota, and Fargo, North Dakota.

The Otter Tail Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4958

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved


Discussion comments


Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 3.79%
$30K home equity loan FICO 4.99%
$75K home equity loan FICO 4.69%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.83%
Cash Back Cards 17.80%
Rewards Cards 17.18%
Source: Bankrate.com