Spire Inc. announces chief financial officer retirement, successor

Rhea-AI Summary

Spire Inc. (NYSE: SR) announced leadership changes in its financial team. Steve Rasche will step down as executive vice president and CFO on January 1, 2025, serving as senior adviser until his retirement on April 1, 2025. Adam Woodard, current vice president and treasurer, will succeed as CFO. Since joining in 2009 and becoming CFO in 2013, Rasche helped transform Spire into one of the largest publicly traded natural gas companies. Woodard, who has served as VP and treasurer since 2018, will oversee accounting, treasury, investor relations, financial planning, and supply chain functions. Additionally, Tim Krick, vice president and controller, will become chief accounting officer.

Positive

• Strong succession planning with internal candidates demonstrating organizational stability
• Experienced leadership team with Woodard bringing 21 years of energy sector investment banking experience
• Company growth achievement becoming one of the largest publicly traded natural gas companies

Negative

• None.

Insights

Financial Analyst

This CFO transition appears well-planned and orderly, with internal succession indicating strong leadership development at Spire. Adam Woodard brings valuable experience from both his treasury role and utility CFO position, plus extensive investment banking background in energy. The retention of Steve Rasche as advisor through April 2025 should ensure a smooth handover.

Under Rasche's tenure since 2013, Spire has grown significantly in the natural gas utility sector. The promotion of Tim Krick to Chief Accounting Officer further strengthens the financial leadership team. While executive transitions can create uncertainty, this appears to be a thoughtfully orchestrated succession that maintains continuity in financial strategy and operations.

ST. LOUIS, Nov. 18, 2024 /PRNewswire/ -- Spire Inc. (NYSE: SR) today announced that Steve Rasche will step down as executive vice president and chief financial officer effective Jan. 1, 2025. He will continue to serve as a senior adviser until his retirement on April 1, 2025.  Adam Woodard, Spire's vice president and treasurer, will succeed him as executive vice president and chief financial officer effective Jan. 1, 2025.

After joining Spire in 2009 and becoming CFO in 2013, Rasche helped drive significant growth, leading Spire to become one of the largest publicly traded natural gas companies in the country.

"On behalf of the Board of Directors and all of Spire, I want to thank Steve for his many contributions to Spire. He has built an incredibly solid team and under his leadership, he has guided Spire through a remarkable growth trajectory," said Steve Lindsey, Spire president and chief executive officer. "Having a seasoned leader like Adam in place to succeed Steve positions Spire well for continued success."

As CFO, Woodard will have oversight of the company's accounting and treasury, investor relations, financial planning and analysis, and supply chain functions. Woodard will also continue to oversee strategy and corporate development.

Woodard steps into the role after serving since 2018 as vice president and treasurer. In 2019, he took on added responsibility as chief financial officer of Spire's utility businesses.

Prior to joining Spire, Woodard worked for 21 years at A.G. Edwards & Sons, which later became Wells Fargo Securities. As an investment banker, he worked with companies across the energy sector. 

In addition, Tim Krick, vice president and controller, will become chief accounting officer for Spire. Krick brings extensive experience to the role, with almost 11 years as part of Spire's finance team and another decade in accounting leadership roles at St. Louis-based Sigma-Aldrich.

About Spire
At Spire Inc. (NYSE: SR) we believe energy exists to help make people's lives better. It's a simple idea, but one that's at the heart of our company. Every day we serve 1.7 million homes and businesses making us one of the largest publicly traded natural gas companies in the country. We help families and business owners fuel their daily lives through our gas utilities serving Alabama, Mississippi and Missouri. Our natural gas-related businesses include Spire Marketing and Spire Midstream. We are committed to transforming our business through growing organically, investing in infrastructure, and advancing through innovation. Learn more at SpireEnergy.com.

Investor Contact:
Megan McPhail
314-309-6563
Megan.McPhail@SpireEnergy.com

Media Contact:
Jason Merrill
314-342-3300
Jason.Merrill@SpireEnergy.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/spire-inc-announces-chief-financial-officer-retirement-successor-302307808.html

SOURCE Spire Inc.

FAQ

When will Steve Rasche step down as CFO of Spire (NYSE: SR)?

Steve Rasche will step down as executive vice president and CFO of Spire on January 1, 2025, and will serve as senior adviser until his retirement on April 1, 2025.

Who will be the new CFO of Spire (NYSE: SR)?

Adam Woodard, current vice president and treasurer, will become the new executive vice president and CFO of Spire effective January 1, 2025.

What are Adam Woodard's responsibilities as the new CFO of Spire (NYSE: SR)?

As CFO, Woodard will oversee accounting and treasury, investor relations, financial planning and analysis, supply chain functions, and continue to oversee strategy and corporate development.