Justin B. Palfreyman Elected CEO of NW Natural Holdings
The Board of Directors of NW Natural Holdings and NW Natural has announced the election of Justin B. Palfreyman as the next President and Chief Executive Officer of Northwest Natural Holdings and Chief Executive Officer of NW Natural. His appointment will officially take effect on April 1, 2025. Palfreyman is set to succeed David H. Anderson, who will be retiring after a distinguished tenure leading the company.
In response to his appointment, Palfreyman expressed his gratitude and enthusiasm for the opportunity to lead NW Natural Holdings into the future. “I am honored to have the opportunity to lead this great company,” Palfreyman stated. “Our employees, customers, and communities have benefited greatly from David’s tremendous leadership since 2016, and I am excited to build off of what he and the team accomplished during his tenure. We are in a strong strategic and financial position, and I am eager to lead NW Natural into its next chapter, marked by growth across our four businesses and a continued focus on our culture of customer service and safety.”
Malia H. Wasson, chair of NW Natural Holdings’ Board, provided high praise for both Palfreyman and Anderson, highlighting their contributions and impact on the company. “Justin has proven that he has the right skills and leadership capacity to succeed as CEO. His many strengths have been evident throughout his time here, beginning with his roles in strategy and business development, as president of NW Natural Water, and especially during his last two years as president of NW Natural Holdings. The Board is very excited to support Justin as he moves into his new role.”
Wasson also took the opportunity to reflect on Anderson’s legacy and the significant progress made under his leadership. “It would be difficult to overstate David’s impact on the company. He built the platform for our water and renewables businesses, expanded our gas utility operations into Texas, and set the vision for decarbonizing while continuing to grow the company. He did all of this despite a number of challenges and without ever wavering in his commitment to the company’s core values. David is leaving the company in both great shape and good hands.”
Anderson has been with NW Natural Holdings since 2004, holding a variety of senior leadership roles before assuming the role of CEO in August 2016. His career with the company has included serving as president and chief operating officer (COO), executive vice president, and senior vice president and chief financial officer. Reflecting on his time at NW Natural Holdings, Anderson expressed his deep appreciation for the opportunity to lead the organization and work alongside its employees.
“I am grateful for the privilege I’ve had to lead NW Natural Holdings and the talented, committed people who work here,” Anderson said. “It is very important to our board and to me that we position the company for future success, and I believe that we have done that with the election of Justin to succeed me. His strong industry experience, strategic mindset, and excellent leadership skills will serve him and the company well. He will be a terrific CEO; our people—my incredible NW Natural colleagues—deserve nothing less.”
Palfreyman brings a wealth of experience to his new role, having joined NW Natural Holdings in 2016. Over the years, he has served in various executive positions overseeing business development, strategy, and NW Natural Water. In May 2023, he was promoted to president of NW Natural Holdings and NW Natural, further solidifying his leadership within the organization.
Prior to joining NW Natural Holdings, Palfreyman held various roles in investment banking, where he specialized in the power, energy, and infrastructure sectors. His educational background includes a Bachelor of Business Administration from Pacific Lutheran University, a Master of Business Administration (MBA) from The University of Chicago Booth School of Business, and a Master of Public Policy (MPP) from The University of Chicago Irving B. Harris School of Public Policy. His extensive experience in both finance and energy-related industries has positioned him well to lead NW Natural Holdings into a new era of growth and innovation.
Leadership Transition and Strategic Direction
As NW Natural Holdings moves forward under Palfreyman’s leadership, the company remains committed to its core values of customer service, safety, and sustainable growth. His strategic vision will focus on expanding the company’s four key business areas: natural gas utility operations, water services, renewable energy initiatives, and infrastructure development. Given the evolving energy landscape, NW Natural Holdings is well-positioned to navigate industry challenges while continuing to provide reliable and sustainable energy solutions.
One of the most significant aspects of Palfreyman’s tenure will be overseeing the company’s approach to decarbonization and renewable energy. Under Anderson’s leadership, NW Natural Holdings laid the foundation for transitioning toward a more sustainable future. With increasing regulatory pressures and changing market dynamics, Palfreyman will play a crucial role in advancing the company’s clean energy initiatives while maintaining financial stability and operational efficiency.
NW Natural’s Legacy and Future Outlook
Founded in 1859, NW Natural has a long history of serving customers in the Pacific Northwest, providing safe, reliable, and affordable energy solutions. Over the decades, the company has expanded its services and adapted to changing industry trends. Today, NW Natural Holdings operates not only as a natural gas provider but also as a key player in water services and renewable energy.
With a focus on safety and customer satisfaction, NW Natural has consistently ranked among the top utilities in the country. The company’s commitment to innovation and sustainability has been a driving force behind its continued growth. Under Palfreyman’s leadership, NW Natural will continue to prioritize investments in clean energy, infrastructure, and customer-centric solutions.
The Transition Process and Employee Engagement
The leadership transition from Anderson to Palfreyman will be carefully managed to ensure continuity and stability within the organization. Over the coming months, Anderson and Palfreyman will work closely together to facilitate a seamless handover of responsibilities. This transition plan includes engaging with employees, customers, and stakeholders to reinforce NW Natural’s strategic direction and company culture.
A key component of Palfreyman’s leadership approach will be fostering a culture of collaboration and innovation. With a strong emphasis on employee engagement and professional development, he aims to empower NW Natural’s workforce to drive the company’s long-term success. His experience in business development and investment banking provides him with a unique perspective on strategic growth opportunities, positioning the company for continued expansion and industry leadership.
