- After almost nine years in the position
- Praise for Anderson
- Justin Palfreyman taking over
- Anderson said 130 words
(exechange) — Portland, Oregon, May 23, 2024 — David Anderson, chief executive of NW Natural, is set to leave his position. His upcoming departure is made public at an early stage. As announced by NW Natural Holding Co. in a news release and in a regulatory filing published on Thursday, May 23, 2024, David H. Anderson leaves his post as chief executive officer at the utility, after almost nine years in the role, effective April 1, 2025.
Long goodbye
It is a long goodbye. The announcement of David Anderson’s move comes up to 10 months prior to his planned departure from the post of CEO.
In general, a top executive who announces the departure particularly early may be considered a lame duck.
David Anderson’s duties as CEO will be taken over by Justin B. Palfreyman, currently president at NW Natural Holdings and NW Natural.
“Succession planning”
The planned management change is explained as follows. Malia H. Wasson, chair of NW Natural Holdings’ Board, stated: “For decades, our board has prioritized succession planning. We are very pleased and excited to name Justin as David’s successor.”
Precise information regarding David Anderson’s future plans was not immediately available.
“Retire”
NW Natural said: “David H. Anderson announced today his intent to retire on April 1, 2025.”
NW Natural further said: “David H. Anderson, Chief Executive Officer … of Northwest Natural Holding Company … and Northwest Natural Gas Company … informed the Board at its May 23, 2024 meeting of his decision to retire from his position as CEO of NW Holdings and NW Natural effective April 1, 2025.”
Share price decline since May 2019
The announcement follows a decline in NW Natural Holding Co.’s share price of 43% since May 2019.
In the position of CEO since 2016
David Anderson became CEO of the Company in 2016.
Anderson began serving as NW Natural’s President and CEO in July 2016 and began serving as President and CEO of NW Holdings from its inception in 2018.
As of May 2023, as part of the Company’s ongoing succession planning, Anderson relinquished his position as President but continued to serve as NW Holdings and NW Natural’s Chief Executive Officer.
Anderson previously held positions at NW Natural, including as President and Chief Operating Officer from August 2015 to July 2016, as Executive Vice President and Chief Operating Officer from February 2014 to July 2015, as Executive Vice President of Operations and Regulation from February 2013 to February 2014, and as Senior Vice President and Chief Financial Officer from when he joined NW Natural in 2004 to February 2013.
Before joining NW Natural, Anderson was Senior Vice President and Chief Financial Officer at TXU Gas.
He previously held executive positions within TXU Corporation (formerly Texas Utilities) including Senior Vice President and Chief Accounting Officer, and Vice President of Investor Relations and Shareholder Services.
Anderson currently serves as Chair of the Board for all of NW Holdings’ and NW Natural’s wholly owned subsidiaries.
Anderson holds a Bachelor of Business Administration in Accounting from Texas Tech University and is a retired Certified Public Accountant and Chartered Global Management Accountant.
130 words by David Anderson
In the release announcing his departure as CEO of NW Natural Holding Co., David Anderson received praise.
In the release announcing his departure as CEO, David Anderson said 130 words.
“Meet the challenges and capture the opportunities”
David Anderson stated: “It has been an enormous privilege to lead NW Natural Holdings and the talented and deeply committed people who work here. 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. 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.”
The above text is an excerpt from the exechange report 22.2024 ($), publication date May 27, 2024.