MDU Resources Group Inc. announced the anticipated board of directors for Knife River Holding Co., effective upon completion of the planned separation of MDU Resources’ construction materials subsidiary into an independent, publicly traded company. The separation is expected to be completed in the second quarter of 2023.
Knife River’s post-separation board is expected to consist of six directors, including five independent directors. These individuals are anticipated to move from MDU Resources’ board of directors to Knife River’s board:
- Karen B. Fagg, former vice president of DOWL HKM and former chair, CEO and majority owner of HKM Engine ering Inc. Fagg is expected to chair Knife River’s board.
- German Carmona Alvarez, global president of applied intelligence of Wood PLC and formerly a senior vice president and global digital practice leader of NEORIS and executive vice president of finance, information technology and shared services at CEMEX.
- Thomas Everist, president and chair of The Everist Co., an investment and land development business that until 2017 was a construction materials company, and a former director of Raven Industries Inc.
- Patricia L. Moss, formerly vice chair, president and CEO of Cascade Bancorp and Bank of the Cascades, and a director of First Interstate BancSystem Inc.
These individuals are anticipated to be new directors on Knife River’s board:
- William J. Sandbrook, former chairman, president and CEO of U.S. Concrete. Sandbrook currently is a director of Comfort Systems USA and chairman and co-CEO of Andretti Acquisition Corp.
- Brian R. Gray, president and CEO of Knife River.
“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,” said Dennis W. Johnson, chair of the board of MDU Resources.
Fagg, who is expected to become chair of the board of Knife River, said, “We are excited that we have talented, experienced directors ready to strategically guide Knife River as it becomes a stand-alone, publicly traded company, and look forward to the addition of Bill Sandbrook, with his deep knowledge of the construction materials industry.”