ALLETE Management

Management criteria checks 2/4

ALLETE's CEO is Bethany Owen, appointed in Jan 2019, has a tenure of 5.33 years. total yearly compensation is $3.57M, comprised of 21.1% salary and 78.9% bonuses, including company stock and options. directly owns 0.047% of the company’s shares, worth €1.62M. The average tenure of the management team and the board of directors is 5.3 years and 6.5 years respectively.

Key information

Bethany Owen

Chief executive officer

US$3.6m

Total compensation

CEO salary percentage	21.1%
CEO tenure	5.3yrs
CEO ownership	0.05%
Management average tenure	5.3yrs
Board average tenure	6.5yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Bethany Owen's remuneration changed compared to ALLETE's earnings?
Date	Total Compensation	Salary	Company Earnings
Dec 31 2023	US$4m	US$754k	US$247m
Sep 30 2023	n/a	n/a	US$247m
Jun 30 2023	n/a	n/a	US$195m
Mar 31 2023	n/a	n/a	US$181m
Dec 31 2022	US$2m	US$696k	US$189m
Sep 30 2022	n/a	n/a	US$200m
Jun 30 2022	n/a	n/a	US$193m
Mar 31 2022	n/a	n/a	US$184m
Dec 31 2021	US$3m	US$644k	US$169m
Sep 30 2021	n/a	n/a	US$154m
Jun 30 2021	n/a	n/a	US$168m
Mar 31 2021	n/a	n/a	US$160m
Dec 31 2020	US$2m	US$537k	US$165m
Sep 30 2020	n/a	n/a	US$177m
Jun 30 2020	n/a	n/a	US$167m
Mar 31 2020	n/a	n/a	US$181m
Dec 31 2019	US$1m	US$337k	US$186m
Sep 30 2019	n/a	n/a	US$197m
Jun 30 2019	n/a	n/a	US$197m
Mar 31 2019	n/a	n/a	US$194m
Dec 31 2018	n/a	n/a	US$174m
Sep 30 2018	n/a	n/a	US$154m
Jun 30 2018	n/a	n/a	US$169m
Mar 31 2018	n/a	n/a	US$174m
Dec 31 2017	US$702k	US$269k	US$172m

Compensation vs Market: Bethany's total compensation ($USD3.57M) is above average for companies of similar size in the German market ($USD2.59M).

Compensation vs Earnings: Bethany's compensation has increased by more than 20% in the past year.

CEO

Bethany Owen (57 yo)

5.3yrs

Tenure

US$3,574,742

Compensation

Ms. Bethany M. Owen has been Chief Executive Officer of ALLETE, Inc. since February 3, 2020 and has been its Chair since May 11, 2021. Ms. Owen serves as the President at ALLETE, Inc. since January 31, 201...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Bethany Owen	Chair, CEO & President	5.3yrs	US$3.57m	0.047% $ 1.6m
Steven Morris	Senior VP & CFO	2.3yrs	US$1.42m	0.019% $ 646.9k
Margaret Thickens	VP, Chief Legal Officer & Corporate Secretary	5.3yrs	US$1.18m	0.0099% $ 340.1k
Vincent Meyer	Vice President of Investor Relations	no data	no data	no data
Jeffrey Scissons	Director of Corporate Development	no data	no data	no data
Patrick Cutshall	VP & Corporate Treasurer	8.3yrs	US$689.63k	0.020% $ 687.8k
Rob Sandstrom	President of Superior Water	no data	no data	no data
Matthew Hankey	President & CEO of New Energy Equity	1.8yrs	no data	no data
Frank Frederickson	Vice President of Customer Experience- Minnesota Power	no data	no data	no data

5.3yrs

Average Tenure

57.5yo

Average Age

Experienced Management: AEBA's management team is seasoned and experienced (5.3 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Bethany Owen	Chair, CEO & President	5.3yrs	US$3.57m	0.047% $ 1.6m
Madeleine Ludlow	Independent Director	19.6yrs	US$197.50k	0.030% $ 1.0m
Charles Matthews	Independent Director	1.8yrs	US$211.67k	0.0011% $ 38.6k
Robert Powers	Independent Director	6.8yrs	US$212.50k	0.0011% $ 39.6k
Barbara Nick	Independent Director	3.8yrs	US$215.00k	0.017% $ 573.5k
Susan Nestegard	Independent Lead Director	6.3yrs	US$217.50k	0.0012% $ 41.0k
Douglas Neve	Independent Director	16.8yrs	US$215.00k	0.017% $ 588.0k
James Hoolihan	Independent Director	18yrs	US$205.00k	0.025% $ 861.3k
George Goldfarb	Independent Director	11.6yrs	US$217.00k	0.0083% $ 286.4k
Charlene Thomas	Independent Director	2.6yrs	US$215.00k	0.0085% $ 291.2k

6.5yrs

Average Tenure

65yo

Average Age

Experienced Board: AEBA's board of directors are considered experienced (6.5 years average tenure).

ALLETE Management

Management criteria checks 2/4

Key information

Recent management updates

ALLETE, Inc., Annual General Meeting, May 09, 2023

ALLETE, Inc. Promotes Josh Kunkel to the Position of President

ALLETE, Inc. Announces Management Changes

ALLETE Inc. Appoints Charles Matthews to its Board of Directors

ALLETE, Inc. Promotes Steven W. Morris to Senior Vice President

ALLETE, Inc. Announces Board Changes

Recent updates

Fourth quarter dividend of US$0.70 announced

ALLETE, Inc. Declares Quarterly Dividend on Common Stock, Payable on June 1, 2024

ALLETE, Inc. to Report Q1, 2024 Results on May 09, 2024

New minor risk - Earnings quality

Full year 2023 earnings released: EPS: US$4.31 (vs US$3.39 in FY 2022)

ALLETE, Inc. to Report Fiscal Year 2023 Results on Feb 20, 2024

Upcoming dividend of US$0.70 per share at 4.8% yield

Third quarter dividend of US$0.70 announced

Allete, Inc. Raises Quarterly Common Stock Dividend, Payable on March 1, 2024

Now 21% undervalued

Now 20% undervalued

Allete Reportedly Working with Bank to Explore Possible Sale

Upcoming dividend of US$0.68 per share at 4.8% yield

New minor risk - Earnings quality

Third quarter 2023 earnings released: EPS: US$1.50 (vs US$0.59 in 3Q 2022)

ALLETE, Inc. Declares Quarterly Dividend on Common Stock, Payable on December 1, 2023

U.S. Department of Energy Awards $50 Million to Minnesota Power to Increase Reliability and Resilience of Region’s Transmission Grid in Support of A Clean-Energy Future

ALLETE, Inc. to Report Q3, 2023 Results on Nov 02, 2023

Now 20% undervalued after recent price drop

Second quarter 2023 earnings released: EPS: US$0.90 (vs US$0.67 in 2Q 2022)

Upcoming dividend of US$0.68 per share at 4.9% yield

ALLETE, Inc. Declares Dividend on Common Stock, Payable on September 1, 2023

ALLETE, Inc. to Report Q2, 2023 Results on Aug 08, 2023

ALLETE, Inc., Annual General Meeting, May 09, 2023

Upcoming dividend of US$0.68 per share at 4.3% yield

First quarter 2023 earnings released: EPS: US$1.02 (vs US$1.24 in 1Q 2022)

Full year 2022 earnings released: EPS: US$3.39 (vs US$3.23 in FY 2021)

ALLETE, Inc. Provides Earnings Guidance for the Year 2023

Upcoming dividend of US$0.68 per share at 4.2% yield

ALLETE, Inc. Raises Quarterly Common Stock Dividend, Payable on March 1, 2023

ALLETE, Inc. to Report Fiscal Year 2022 Results on Feb 16, 2023

Third quarter 2022 earnings released: EPS: US$0.59 (vs US$0.53 in 3Q 2021)

ALLETE, Inc. Provides Earnings Guidance for the Year of 2022

ALLETE, Inc. Promotes Josh Kunkel to the Position of President

Upcoming dividend of US$0.65 per share

ALLETE, Inc. Declares Quarterly Dividend on Common Stock, Payable on December 1, 2022

ALLETE, Inc. to Report Q3, 2022 Results on Nov 09, 2022

ALLETE, Inc. Announces Management Changes

Upcoming dividend of US$0.65 per share

Second quarter 2022 earnings released: EPS: US$0.67 (vs US$0.53 in 2Q 2021)

ALLETE, Inc. Reaffirms Earnings Guidance for the Year of 2022

ALLETE, Inc. Declares Dividend on Common Stock, Payable on September 1, 2022

ALLETE, Inc. to Report Q2, 2022 Results on Aug 03, 2022

ALLETE Inc. Appoints Charles Matthews to its Board of Directors

Upcoming dividend of US$0.65 per share

ALLETE, Inc. Reaffirms Guidance for the Year 2022

ALLETE, Inc. (NYSE : ALE) completed the acquisition of New Energy Equity, LLC from SmartPitch Ventures, LLC and others.

ALLETE, Inc. to Report Q1, 2022 Results on May 05, 2022

ALLETE, Inc. has completed a Follow-on Equity Offering in the amount of $201.6 million.

Now 22% undervalued

Now 21% undervalued

ALLETE, Inc. (NYSE : ALE) entered into an definitive agreement to acquire New Energy Equity, LLC for approximately $170 million.

ALLETE, Inc. Provides Earnings Guidance for the Full Year 2022

Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat

Allete, Inc. Provides Earnings Guidance for the Full Year 2022

ALLETE, Inc. Promotes Steven W. Morris to Senior Vice President

Upcoming dividend of US$0.65 per share

ALLETE, Inc. Increases Regular Quarterly Dividend, Payable March 1, 2022

ALLETE, Inc. Announces Board Changes

Now 20% undervalued

Third quarter 2021 earnings released: EPS US$0.53 (vs US$0.78 in 3Q 2020)

Upcoming dividend of US$0.63 per share

Independent Lead Director recently sold €193k worth of stock

Upcoming dividend of US$0.63 per share

Allete, Inc. Provides Earnings Guidance for the Full Year 2021

Second quarter 2021 earnings released: EPS US$0.53 (vs US$0.39 in 2Q 2020)

ALLETE, Inc. Reaffirms Earnings Guidance for the Year 2021

First quarter 2021 earnings released: EPS US$0.99 (vs US$1.28 in 1Q 2020)

Upcoming dividend of US$0.63 per share