FERGUS FALLS, MINN., (Sept. 9, 12 p.m. ET) – John Erickson has resigned as president and CEO of Otter Tail Corp., a publicly traded company whose holdings include plastic pipe extruders.
Erickson will remain on the Fergus Falls company's board of directors. Current director Jim McIntyre, the retired vice president and chief financial officer of Xcel Energy, will serve as interim CEO.
“After discussions with the board of directors, John and the board determined that Otter Tail Corp. would be best served by new leadership to move the corporation's strategy forward. The task of the CEO is at best difficult; the economic downturn has made it considerably more demanding,” said Chairman John MacFarlane, in a news release.
Erickson has been with Otter Tail for more than 30 years.
Otter Tail recently announced that it will pursue a new strategic direction, which calls on the company to narrow its portfolio of businesses, tighten and enhance oversight in our operations, and pursue investment opportunities in its electric utility.
One of the businesses the company will discontinue will be heavy haul services for the transport of wind turbine components.
Otter Tail's plastics operations reported sales and net profit of $44.4 million and $3.3 million, respectively, for the quarter ended June 30. Total corporate sales were $317 million.