FARGO, N.D., May 20, 2013 (GLOBE NEWSWIRE) -- Otter Tail Corporation (OTTR) announced today that Mark Olson has submitted his resignation from its Board of Directors, effective May 14, 2013.
In his letter of resignation, Olson stated, "My resignation is required because my company, Treliant Risk Advisors, of which I am a principal, is about to enter into a significant engagement with Deloitte and Touche. Because Deloitte & Touche serves as the independent auditors for Otter Tail Corporation, that engagement would be contrary to the SEC (SCUR) rules governing the independence of auditors if I were to stay on the Board."
Olson went on to say, "I have great confidence in both the management and strategic direction of Otter Tail Corporation and wish the company every success."
Nathan Partain, Chair of the Otter Tail Corporation Board added, "We will miss Mark and his keen understanding of the issues facing our Board and company. He brought a rare combination of business intelligence and common sense that greatly added to the mix of talent on our Board of Directors."
Partain indicated that a search for a replacement Director would begin immediately.
About Otter Tail Corporation: Otter Tail Corporation has interests in diversified operations that include an electric utility, manufacturing and infrastructure businesses. 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.
CONTACT: Investor Relations (800) 664-1259
Source: Otter Tail Corporation 2013 GlobeNewswire, Inc.