DTE Energy, which is based in Detroit, has appointed David Ruud as senior vice president and CFO, effective May 4. Prior to this appointment, Ruud served as senior vice president of corporate strategy and development at DTE. He succeeds Peter Oleksiak as CFO.
Oleksiak plans to retire, but he will remain with DTE through the end of the year to help with the transition between Ruud and himself. During this time, he will also serve as a special advisor to DTE President and CEO Jerry Norcia.
“Dave has a unique understanding of our company and will bring a diverse set of skills to the CFO role,” Norcia says. “As SVP for corporate strategy and development, Dave has been instrumental in evaluating and pursuing value-enhancing growth opportunities and overseeing our long-term planning. He brings a strong combination of financial, strategic, operational, and engineering experience, which will prove valuable as we continue to deliver on our long-term growth commitments, especially in our two utilities.”
During his 15-year career at DTE, Ruud has served in several senior leadership roles. As CFO, Ruud will be supported by a treasurer and a controller with nearly 30 years of collective experience at the company.
“I am excited to take on the responsibilities of CFO during this important time at DTE,” says Ruud. “I look forward to working with Jerry and the rest of the senior leadership team as we execute on the strategic priorities that will continue our long track record of delivering on our commitments both this year and longer term. “
Oleksiak joined DTE in 1998. He held several roles in the company, progressing from controller and vice president of investor relations to senior vice president of finance.
“It has been an honor to serve as DTE’s CFO and work with such an outstanding team and group of committed employees,” says Oleksiak. “I’m very proud of all we have accomplished and am confident that DTE is well positioned for continued success. Dave is a talented leader, and I look forward to working closely with him over the coming months to advance our goal of driving value creation for shareholders.”
“On behalf of the entire Board and management team, I thank Peter for the significant contributions he has made to our company’s success over his 22-year career at DTE,” Norcia says. “Peter has been a key member of the DTE management team, helping to improve our financial performance and strengthen our position as a diversified energy leader. It is also a testament to Peter’s dedication to DTE that he has agreed to stay on through the end of the year to ensure a smooth and orderly transition.”
In connection with the March 24 announcement of Ruud’s appointment as senior vice president and CFO, DTE reaffirmed its full year 2020 earnings guidance.
“We began 2020 with adequate contingency in our earnings forecast. In light of the economic events that have transpired over the last several weeks, we have started the process of building deeper levels of cash and earnings contingency across all of our operations,” says Norcia. “We will adjust these efforts as we learn more about the economic impact.”