MDU Resources Announces Change in Board Leadership, New Director

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May 08, 2019, 16:20 ET

BISMARCK, N.D., May 8, 2019 /PRNewswire/ -- MDU Resources Group, Inc. (NYSE: MDU) announced that Dennis W. Johnson has been named chair of the board, replacing Harry J. Pearce, who along with William E. McCracken did not stand for re-election during the company's annual stockholder meeting Tuesday. During the meeting, stockholders elected 10 directors to the board, including new director Chenxi Wang.

Johnson has been a director on MDU Resources' board since 2001 and had served for the past year as vice chair of the board. Pearce and McCracken did not stand for re-election because MDU Resources' bylaws state that directors are not eligible for election to the board after their 76th birthday. Pearce served on the board of directors for 22 years, including five as independent lead director and 14 as chair. McCracken had served on the board since 2013.

"Harry has been an invaluable leader of MDU Resources' Board of Directors," Johnson said. "The company's market cap has grown about 600% during his tenure on the board, and he was instrumental in guiding that growth strategy and in implementing corporate governance best practices. Bill also has provided outstanding leadership on the board, significantly influencing our commitment to growth and the company's strategy on technology and critical cybersecurity efforts.

"I look forward, as chair of the board, to ensuring MDU Resources continues to operate with the integrity our investors and communities expect from our company," Johnson said, "and to guiding the strategy that provides the value our shareholders deserve from their investment."

Wang was elected to the board by a majority vote of stockholders. She is founder and managing general partner of Rain Capital Fund, LP, a cybersecurity-focused venture fund. Her former jobs include chief strategy officer at Twistlock, a cybersecurity platform; vice president, cloud security and strategy, at CipherCloud, a cloud security software company; and vice president of strategy at Intel Security, a company providing technology security solutions and services.

"Chenxi has a significant background in cybersecurity and information technology best practices," said David L. Goodin, president and CEO of MDU Resources. "Her expertise will fill the void left by Bill's retirement, and we are pleased to have her on board."

In addition to her general responsibilities on MDU Resources' board of directors, Wang will serve on the board's Audit Committee and Environmental and Sustainability Committee.

Wang has a doctorate in computer science from the University of Virginia and a bachelor's degree in computer science from Lock Haven University.

MDU Resources Group, Inc., a member of the S&P MidCap 400 index and the S&P High-Yield Dividend Aristocrats index, is Building a Strong America^® by providing essential products and services through its regulated energy delivery and construction materials and services businesses. For more information about MDU Resources, see the company's website at www.mdu.com or contact the Investor Relations Department at [email protected].

Financial Contact: Jason Vollmer, vice president, chief financial officer and treasurer, 701-530-1755
Media Contact: Laura Lueder, manager of communications and public relations, 701-530-1095

Media Advisory: Photos of Johnson, Pearce, McCracken and Wang may be requested by emailing [email protected].

SOURCE MDU Resources Group, Inc.