<< [Back to News Releases]
Spokane, Wash., May 11// -- The shareholders of Avista Corp. (NYSE: AVA) today approved a proposal to proceed with a share exchange, which would change the company's organization to a holding company structure. The proposal has been approved by the Federal Energy Regulatory Commission, and pending state regulator approvals, the company anticipates moving ahead with the share exchange in the later half of 2006.
Shareholders elect directors
In other actions, Avista directors John Kelly and John Taylor were re-elected for three-year terms, Lura Powell was re-elected for a two-year term, and Heidi Stanley, nominated to the board in February 2006, was elected to a three-year term.
Kelly is the former chairman, president and chief executive officer of the Alaska Air Group, Seattle, Wash. Taylor is the chairman and chief executive officer of AIA Services Corp., Lewiston, Idaho. Powell is president and chief executive officer of Advanced Imaging Technologies, Richland, Wash. Stanley is director, vice chair and chief operating officer of Sterling Savings Bank, Spokane, Wash.
"We are very fortunate to have a woman of Heidi's talents and broad experience on our board," said Gary Ely. "She brings leadership skills and business acumen that will be valuable to us as we take our company forward."
Stanley has held progressively responsible positions of leadership at Sterling during her 20-year career. In 2004, U.S. Banker Magazine named Ms. Stanley one of the "Twenty-Five Women to Watch in Banking."
"To be a successful director of a company, I think you have to have a passion about the company and what it does," said Stanley. "Part of my role will be to provide strategic advice on the direction of the company, input on company initiatives and support for management in identifying and managing through critical issues."
Clack retires from board of directors
With this, his last annual meeting as an Avista director, Dave Clack leaves the Avista Corp. board following 18 years of service. Clack's retirement comes as he reaches the mandated board retirement age of 70 years old.
"It has been a great experience," Clack said recently. "When (former Avista chairman and president) Paul Redmond invited me to join the board, I saw it as a wonderful opportunity to be involved with a company that has been integral to the economic vitality of this region for over 100 years. The positive community impact that WWP/Avista has provided in its service area is inestimable."
"Avista has tremendous people," Clack said "No matter what the challenge, Avista employees have demonstrated their unique ability to overcome difficult situations. The company is in very good hands, and I am confident in its leadership."
Avista Corp. is an energy company involved in the production, transmission and distribution of energy as well as other energy-related businesses. Avista Utilities is a company operating division that provides service to 338,000 electric and 297,000 natural gas customers in three western states. Avista's non-regulated subsidiaries include Avista Advantage (www.avistaadvantage.com) and Avista Energy (www.avistaenergy.com). Avista Corp.'s stock is traded under the ticker symbol "AVA." For more information about Avista, please visit www.avistacorp.com.
Avista Corp. and the Avista Corp. logo are trademarks of Avista Corporation.
<< [Back to News Releases]