Board of Directors Announces CEO Succession Plan
NW Natural Holding Company (NYSE: NWN) (NW Natural Holdings) and
NW Natural Gas Company (NW Natural) chief executive officer (CEO)
David H. Anderson announced today his intent to retire on April 1,
2025. The Board of Directors designated Justin B. Palfreyman,
president of NW Natural Holdings and NW Natural, as the successor
to Anderson.
"David’s been an exemplary leader for 20 years at the NW Natural
companies,” Malia H. Wasson, chair of NW Natural Holdings’ Board,
said. “As CEO, David set a vision for the gas utility to
decarbonize while continuing healthy growth, built a water and
wastewater utility platform, and started a renewables business.
David’s commitment to the company’s long-held core values,
especially our safety and service ethic, has never wavered. David
has assembled and led an exceptional management team, one that the
Board is confident will continue to thrive as they navigate new
opportunities.”
Wasson continued, "Our selection of Justin as the next CEO is a
reflection of his strong performance as president of NW Natural
Water, leading our company’s strategic efforts and business
development. Over the past year, his responsibilities have expanded
as president of NW Natural Holdings and NW Natural. Justin has
proven he has the vital skills and experience that make him the
right choice to lead the company into the future. For decades, our
board has prioritized succession planning. We are very pleased and
excited to name Justin as David’s successor.”
Anderson became NW Natural Holdings’ CEO in August of 2016 after
serving as president and chief operating officer (COO). He came to
the company in 2004, and his tenure has included service as
executive vice president and senior vice president and chief
financial officer.
"It has been an enormous privilege to lead NW Natural Holdings
and the talented and deeply committed people who work here,"
Anderson said. "This 165-year-old company is in good hands. It has
the leadership and talent to continue to grow across three strong
businesses and continue its legacy of providing essential and
exceptional services to its customers and communities."
Anderson continued, "Justin brings to the CEO position strong
industry experience, a strategic mindset, and excellent leadership
skills. Over the years, he has played a key role in ensuring NW
Natural Holdings has a strong, diversified portfolio of growing
businesses and been instrumental in helping the company continue
its outstanding customer service and safety achievements. It is a
dynamic time for our industry, and Justin is ready to meet the
challenges and capture the opportunities."
"It will be an honor to be the next CEO of a company with such a
long and rich history," Palfreyman said. "David has been an
impactful leader across our industry and will be leaving NW Natural
Holdings in a strong financial position, well poised for continued
growth. He has also led a corporate culture that is focused on
exceptional customer service and safety. NW Natural Holdings’
employees are extraordinary, and I look forward to working with
them to achieve even greater success in the years ahead."
Palfreyman joined the company in 2016 and since then has served
in various executive roles over business development, strategy, and
president of NW Natural Water. In May 2023, he was promoted to NW
Natural Holdings’ and NW Natural’s president. Prior to joining the
company, Palfreyman served in various roles in investment banking
covering the power, energy and infrastructure sector. He graduated
from Pacific Lutheran University with a Bachelor of Business
Administration, holds a Master of Business Administration (MBA)
from The University of Chicago Booth School of Business, and holds
a Master of Public Policy (MPP) from The University of Chicago
Irving B. Harris School of Public Policy.
ABOUT NW NATURAL HOLDINGS
Northwest Natural Holding Company, (NYSE: NWN) (NW Natural
Holdings), is headquartered in Portland, Oregon and has been doing
business for over 165 years in the Pacific Northwest. It owns NW
Natural Gas Company (NW Natural), NW Natural Water Company (NW
Natural Water), NW Natural Renewables Holdings (NW Natural
Renewables), and other business interests.
We have a longstanding commitment to safety, environmental
stewardship and the energy transition, and taking care of our
employees and communities. NW Natural Holdings was recognized by
Ethisphere® for the third consecutive year in 2024 as one of the
World’s Most Ethical Companies®. NW Natural consistently leads the
industry with high J.D. Power & Associates customer
satisfaction scores. Learn more in our latest Community and
Sustainability Report at
nwnatural.com/about-us/the-company/sustainability.
NW Natural is a local distribution company that currently
provides natural gas service to approximately 2 million people in
more than 140 communities through more than 800,000 meters in
Oregon and Southwest Washington with one of the most modern
pipeline systems in the nation. NW Natural owns and operates 21.6
Bcf of underground gas storage capacity in Oregon.
NW Natural Water provides water distribution and wastewater
services to communities throughout the Pacific Northwest, Texas and
Arizona. NW Natural Water currently serves over 180,000 people
through approximately 74,000 meters and provide operation and
maintenance services to an additional 20,000 connections. Learn
more about our water business at nwnaturalwater.com.
NW Natural Renewables is a competitive business committed to
leading in the energy transition by providing renewable fuels to
support decarbonization in the utility, commercial, industrial and
transportation sectors. Learn more at nwnaturalrenewables.com.
Additional information is available at
nwnaturalholdings.com.
“World’s Most Ethical Companies” and “Ethisphere” names and
marks are registered trademarks of Ethisphere LLC
FORWARD-LOOKING STATEMENTS
This press release, and other releases and presentations made by
NW Holdings and NW Natural from time to time, may contain
forward-looking statements within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements can be identified by words such as “anticipates,”
“assumes,” “continues,” “intends,” “plans,” “seeks,” “believes,”
“estimates,” “expects,” “will,” and similar references to future
periods. Examples of forward-looking statements include, but are
not limited to, statements regarding the following: plans,
objectives, assumptions, estimates, expectations, timing, goals,
strategies, commitments, future events, water and wastewater
services and delivery, operations and maintenance support, value
creation, succession planning, executive officer retirements and
promotions, environmental stewardship, the energy transition, and
other statements that are other than statements of historical
facts.
Forward-looking statements are based on our current expectations
and assumptions regarding our business, the economy, geopolitical
factors, and other future conditions. Because forward-looking
statements relate to the future, they are subject to inherent
uncertainties, risks and changes in circumstances that are
difficult to predict. Our actual results may differ materially from
those contemplated by the forward-looking statements. We therefore
caution you against relying on any of these forward-looking
statements. They are neither statements of historical fact nor
guarantees or assurances of future performance. Important factors
that could cause actual results to differ materially from those in
the forward-looking statements are discussed by reference to the
factors described in Part I, Item 1A “Risk Factors,” and Part II,
Item 7 and Item 7A “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” and “Quantitative
and Qualitative Disclosures about Market Risk” in the Company’s
most recent Annual Report on Form 10-K and in Part I, Items 2 and 3
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” and “Quantitative and Qualitative
Disclosures About Market Risk,” and Part II, Item 1A, “Risk
Factors,” in the Company’s quarterly reports filed thereafter.
All forward-looking statements made in this report and all
subsequent forward-looking statements, whether written or oral and
whether made by or on behalf of NW Holdings or NW Natural, are
expressly qualified by these cautionary statements. Any
forward-looking statement speaks only as of the date on which such
statement is made, and NW Holdings and NW Natural undertake no
obligation to publicly update any forward-looking statement,
whether as a result of new information, future developments or
otherwise, except as may be required by law.
New factors emerge from time to time and it is not possible to
predict all such factors, nor is it possible to assess the impact
of each such factor or the extent to which any factor, or
combination of factors, may cause results to differ materially from
those contained in any forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20240523066279/en/
Media Contact: David Roy Phone: 503-610-7157 Email:
david.roy@nwnatural.com
Investor Contact: Nikki Sparley Phone: 503-721-2530
Email: nikki.sparley@nwnatural.com
Northwest Natural (NYSE:NWN)
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