8-K: IDACORP and Idaho Power Appoint Scott W. Madison to Board of Directors

Scott W. Madison has been appointed to the boards of directors of IDACORP and Idaho Power, effective immediately, and Angelique Rood has been promoted to Vice President of Corporate Services and Communications at Idaho Power.

Summary

• IDACORP and Idaho Power have appointed Scott W. Madison to their boards of directors, effective February 13, 2025.
• Mr. Madison will serve until the next annual meeting of IDACORP shareholders in May 2025 and will be subject to annual election thereafter.
• He has also been appointed to the Audit Committee of the boards.
• Mr. Madison will receive a stock grant of approximately $140,000 in value of IDACORP common stock around March 1, 2025.
• Idaho Power also announced the promotion of Angelique Rood to Vice President of Corporate Services and Communications.
• Debra Leithauser will retire effective October 31, 2025, and will remain a Vice President working on special projects until that time.

Sentiment

Score: 7

Explanation: The announcement is generally positive, highlighting new appointments and promotions. The tone is optimistic about the future and the contributions of the new board member.

Positives

• The appointment of Scott W. Madison brings extensive experience in the public utility and natural gas industries to the boards of IDACORP and Idaho Power.
• Mr. Madison's background includes leadership roles at Intermountain Gas Company, Cascade Natural Gas Corporation, and Montana Dakota Utility Company.
• Angelique Rood's promotion reflects her 18 years of service and leadership within Idaho Power.
• The company is highlighting its commitment to providing reliable, affordable, clean energy.

Future Outlook

The companies will provide vital infrastructure for continued growth and prosperity in Idaho and Oregon.

Management Comments

• Lisa Grow, IDACORP and Idaho Power President and CEO, stated that they are excited to welcome Scott Madison to their leadership team and that his ties to Idaho and deep knowledge of the public utility industry make him a great addition to their board.
• Dennis Johnson, Chair of the IDACORP and Idaho Power Board of Directors, stated that Scott brings a wealth of experience to their board, as well as valuable insights into the natural gas industry, and that they are looking forward to the leadership he will bring in the areas of business strategy, finance, team building, and customer service in addition to his utility expertise.
• Scott Madison stated that he is honored and humbled to have the opportunity to serve on the Board of Directors of IDACORP and Idaho Power and that these companies have a rich and distinguished history in Idaho and Oregon.

Industry Context

The appointment of Mr. Madison, with his extensive background in the natural gas industry, suggests a continued focus on this sector for IDACORP and Idaho Power.

Comparison to Industry Standards

• The director compensation, including the $140,000 stock grant, appears to be in line with compensation packages offered to non-employee directors at similar publicly traded utility companies.
• Companies like Black Hills Corporation (BKH) and Northwest Natural Holding Company (NWN) also have board members with experience in the natural gas sector, reflecting the importance of this expertise in the utility industry.

Management Changes

Stakeholder Impact

• Shareholders may view the appointment of an experienced director positively.
• Employees may be impacted by the management changes, particularly those in the Corporate Services and Communications departments.
• Customers may benefit from the expertise and leadership brought by the new director and vice president.

Next Steps

• Mr. Madison will receive a stock grant around March 1, 2025.
• Mr. Madison will stand for election at the next annual meeting of IDACORP shareholders in May 2025.
• Debra Leithauser will retire effective October 31, 2025.

Key Dates