Olson resigns from Otter Tail Corp. board [UPDATED]Published 9:16am Tuesday, May 21, 2013 Updated 11:25am Tuesday, May 21, 2013
Only a week after the results of their first quarter were released, the Otter Tail Corporation will be looking for a new board member.
The corporation announced on Monday that Mark Olson has submitted a letter of resignation to its Board of Directors. The resignation was effective as of May 14, 2013.
In the letter, Olson stated the reason for his resignation is because the company, Treliant Risk Advisors, of which he is the principal, will enter an engagement with Deloitte and Touche.
Deloitte and Touche are independent auditors for the Otter Tail Corporation, and SEC rules require his resignation for the move to happen.
“I have great confidence in both the management and strategic direction of Otter Tail Corporation and wish the company every success,” Olson said.
Olson was nominated and confirmed to his position with the board in December of 2011. Before his term with the directors, he had an extensive career as a top-level executive in both the public and the private sector.
Olson spent five years as a member of the Federal Reserve Board of Governors and the Federal Open Market Committee.
He is also a past president of the American Bankers Association and President and CEO of Security State Bank, which was founded by his father in 1957.
“We will miss Mark and his keen understanding of the issues facing our board and company,” said Nathan Partain, Chairman of the Otter Tail Corporation Board. “He brought a rare combination of business intelligence and common sense that greatly added to the mix of talent on our board of directors.”
According to the corporation, the search to replace Olson will begin immediately.