Idacorp Inc.

02/13/2020 | Press release | Distributed by Public on 02/13/2020 16:56

IDACORP and Idaho Power CEO Darrel T. Anderson Announces Retirement

Lisa Grow Named President and CEO of IDACORP and Idaho Power

BOISE, Idaho - IDACORP, Inc. (NYSE:IDA): IDACORP, Inc. President and Chief Executive Officer and Idaho Power Company Chief Executive Officer Darrel T. Anderson announced today his intent to retire on June 1, 2020. Anderson has been with Idaho Power since 1996 and with IDACORP since its inception in 1998.

The Board of Directors of IDACORP, Inc. and Idaho Power Company appointed Lisa Grow to succeed Anderson, effective June 1, 2020, and appointed her to the IDACORP and Idaho Power Board of Directors, effective today. Anderson will remain on the board of directors after his retirement, subject to annual election by IDACORP's shareholders.

'Darrel has done an outstanding job during his tenure, leading IDACORP to a record-setting 11 consecutive years of earnings growth. He also led Idaho Power to its best safety record in its history,' said Richard J. Dahl, Chairman of the Board of Directors of IDACORP and Idaho Power. 'We are grateful for the vision Darrel has had for the company and his ability to successfully balance the needs of customers, employees, and owners.'

'It has been an honor to work at Idaho Power for more than two decades,' Anderson said. 'When I reflect on this company's history, what I am most proud of is the culture we helped create together, especially as it relates to safety, and our employees' commitment to each other, which I witness in action every single day. I am also extremely proud of the experienced leadership team we have in place that will guide the organization into 2020 and beyond.'

Lisa Grow, who has worked for Idaho Power for more than 32 years, was named President of Idaho Power in October 2019. In 2017, she was named the company's Senior Vice President and Chief Operating Officer, where she contributed significantly to the operational and financial management of Idaho Power. Grow held several engineering positions within the company before moving into management. Lisa is a University of Idaho electrical engineering graduate and holds a master's degree in Business Administration from Boise State University.

'Lisa's appointment to her role is a result of purposeful succession planning combined with her hard work and dedication to the organization,' said Dahl. 'Her drive and passion for the company and her vison for the future make her the right choice to lead the company into 2020 and beyond.'

'It has been an honor to work with and learn from Darrel, who inspires me every day with his vision andauthenticity,' said Grow. 'Our company is well positioned to continue to succeed amid a changing energy industry because of his exceptional leadership. Darrel's passion for safety and dedication to employees will be his legacy that will be long remembered.'

Additionally, Tess Park, Vice President of Power Supply for Idaho Power, announced her retirement effective April 1, 2020, after 23 years with the company. The board of directors appointed Tom J. Harvey to replace Park.

Most recently, Harvey was the General Manager of Power Supply, Planning, Production and Operations. He started his39-year career at Idaho Power as an accountant after graduating from Boise State University.

Background Information

IDACORP, Inc. (NYSE: IDA), Boise, Idaho-based and formed in 1998, is a holding company comprised of Idaho Power, a regulated electric utility; IDACORP Financial, a holder of affordable housing projects and other real estate investments; and Ida-West Energy, an operator of small hydroelectric generation projects that satisfy the requirements of the Public Utility Regulatory Policies Act of 1978. Idaho Power began operations in 1916 and employs approximately 2,000 people to serve a 24,000-square-mile service area in southern Idaho and eastern Oregon. Idaho Power's goal of 100% clean energy by 2045 builds on its long history as a clean-energy leader providing reliable service at affordable prices. With 17 low-cost hydropower projects at the core of its diverse energy mix, Idaho Power's more than 560,000 residential, business, and agricultural customers pay among the nation's lowest prices for electricity. To learn more about IDACORP or Idaho Power, visit www.idacorpinc.com or www.idahopower.com.