By Robb M. Stewart

Allete Chief Financial Officer Steven Morris plans to step down after almost 25 years with the energy company.

The Duluth, Minn., company said on Friday that Morris will retire mid-year as part of a planned succession plan. The search for a successor is underway, and the company expects to identify a new finance chief later this quarter.

The move comes as Allete moves toward closing a deal that will see it being acquired by Canada Pension Plan Investment Board and Global Infrastructure Partners in a deal with an enterprise value of $6.2 billion.

Morris stepped into the CFO role in February 2022. He joined Allete in 2001 as manager of financial reporting and budgeting at its Minnesota Power subsidiary, was appointed director of internal audit for Allete in 2005, director of accounting in 2010, and in 2014 he was promoted to controller.

Allete said Morris, 63, will remain with the company until July.

At the end of last year, the Federal Energy Regulatory Commission, or FERC, approved the deal for CPP Investments and GIP to buy all of Allete's outstanding shares at $67 each.

Allete expects the transaction will be finalized in mid-2025, subject to certain regulatory approvals.

When completed, Allete will remain locally managed and operated and its various utilities will continue to be regulated by the Minnesota Public Utilities Commission, the Public Service Commission of Wisconsin and FERC.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

January 24, 2025 07:16 ET (12:16 GMT)

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