Otter Tail Corporation Strengthens Board with Two Seasoned Utility and Finance Leaders
Otter Tail Corporation has announced a significant leadership transition with the appointment of two highly experienced energy and utility executives—Chris Clark of Minnetonka, Minnesota, and Steve Rasche of St. Louis, Missouri—to its Board of Directors. The appointments will take effect on January 1, 2026, strengthening the company’s governance with deep expertise in regulated energy operations, utility finance, and strategic oversight at a time of ongoing transformation across the power and utilities sector.
The new board appointments coincide with the planned departure of long-serving independent director Steve Fritze, who will conclude his tenure at the company’s Annual Meeting of Shareholders in April 2026. Fritze has served on Otter Tail Corporation’s Board since 2013, contributing more than a decade of leadership and institutional knowledge during a period marked by operational growth, evolving regulatory requirements, and increasing emphasis on financial discipline and governance best practices.
Nathan Partain, Chairman of Otter Tail Corporation’s Board of Directors, expressed appreciation for Fritze’s service while welcoming the incoming directors. “We are grateful for Steve’s contributions and twelve years of dedicated service to the Board,” Partain said. “In particular, his leadership of the Audit Committee, his focus on financial talent development, and his manufacturing expertise have been invaluable to the company. We wish Steve the very best in his next chapter.”
During his tenure, Fritze played a central role in strengthening the company’s financial oversight and governance framework. As chair of the Audit Committee, he helped guide the Board through complex financial reporting requirements, internal controls, and risk management challenges, while also supporting the development of financial leadership talent across the organization. His manufacturing background further provided valuable perspective on operational efficiency, capital investment, and cost management—key considerations for Otter Tail Corporation’s diversified business portfolio.
The appointment of Chris Clark brings to the Board a seasoned leader with decades of experience in the regulated energy industry. Clark retired in 2023 as President of Xcel Energy serving Minnesota, North Dakota, and South Dakota, where he oversaw electric and natural gas operations across multiple jurisdictions. In that role, he was responsible for navigating complex regulatory environments, engaging with policymakers and stakeholders, and advancing long-term infrastructure and energy transition strategies.
“Chris offers extensive knowledge and proven leadership in the regulated energy industry,” Partain said. “His strategic foresight, regulatory insights, and collaborative approach will be instrumental as we execute our corporate strategy.”
Clark’s career has been defined by his ability to balance regulatory compliance, customer needs, and long-term system planning. His experience working closely with public utility commissions and state regulators is expected to be particularly valuable as Otter Tail Corporation continues to invest in its electric utility operations while adapting to evolving regulatory expectations, grid modernization requirements, and sustainability goals.
In addition to his executive leadership experience, Clark brings a strong legal and governance background. He earned his Juris Doctor from Drake University Law School and holds a bachelor’s degree from the University of Iowa. His legal training, combined with his executive leadership experience, equips him to provide informed oversight on regulatory, compliance, and risk-related matters facing the company.
Clark has also demonstrated a strong commitment to community and civic engagement. He has served as a member of the Board of Directors for the University of Minnesota Center for Transportation Studies and the Saint Paul Downtown Alliance, organizations that focus on infrastructure development, economic vitality, and regional collaboration. These roles reflect his broader perspective on the intersection of energy, transportation, and economic development—an increasingly important consideration as utilities play a central role in enabling regional growth and decarbonization.
Joining Clark on the Board is Steve Rasche, who retired earlier this year as Chief Financial Officer of Spire Inc., a major natural gas utility holding company. Rasche brings extensive expertise in utility finance, capital markets, and risk management, making him a valuable addition to Otter Tail Corporation’s financial oversight and strategic planning capabilities.
“Steve brings extensive expertise in utility finance and risk management,” Partain said. “His vast leadership experience and pragmatic decision-making will play a key role in driving our strategic objectives.”
As CFO of Spire Inc., Rasche was responsible for overseeing financial strategy, capital allocation, investor relations, and enterprise risk management across a complex utility organization. His experience managing balance sheet strength, funding large-scale infrastructure investments, and navigating volatile market conditions will support Otter Tail Corporation as it balances growth initiatives with financial discipline.
Rasche holds a master’s degree in business administration from Northwestern University and a bachelor’s degree in Accountancy from the University of Missouri. His strong academic foundation in finance and accounting has underpinned a career focused on disciplined financial management and long-term value creation.
Beyond his executive career, Rasche has been actively involved in civic and industry organizations. He currently serves on the Board of Directors for the St. Louis Equity Fund, Inc. and the Energy Capital Ventures Advisory Board, reflecting his engagement in economic development and energy innovation initiatives. His community involvement also includes service with Greater St. Louis Scouting, the Greater St. Louis YMCA, and the University of Missouri’s Trulaske College of Business, demonstrating a commitment to leadership development, education, and community well-being.
The appointments of Clark and Rasche reflect Otter Tail Corporation’s ongoing focus on maintaining a Board with diverse skills and perspectives aligned with the company’s strategic priorities. With operations spanning regulated electric utility services and manufacturing, the company faces a dynamic operating environment shaped by regulatory change, infrastructure investment needs, evolving customer expectations, and long-term energy transition trends.
By adding directors with deep experience in regulated utilities, finance, and risk management, Otter Tail Corporation aims to further strengthen its governance framework and strategic oversight. The combination of Clark’s regulatory and operational leadership and Rasche’s financial expertise positions the Board to effectively guide the company through both near-term challenges and long-term opportunities.
As Otter Tail Corporation prepares for this transition in Board leadership, the company acknowledged the strong foundation established by outgoing director Steve Fritze and expressed confidence that the new appointments will support continued execution of its corporate strategy. With the additions of Clark and Rasche effective in early 2026, the Board will be well-equipped to provide informed oversight and strategic direction as the company continues to serve customers, communities, and shareholders across its operating footprint.
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