DTE Energy (DTE) Appoints David Ruud as CFO, Reaffirms 2020 Guidance

DTE Energy (NYSE: DTE) today announced the appointment of David Ruud as Senior Vice President and Chief Financial Officer, effective May 4. Ruud, who currently serves as Senior Vice President, Corporate Strategy & Development at DTE, will succeed Peter Oleksiak, who will be retiring from his role as Chief Financial Officer.

Oleksiak will remain with DTE through the end of the year as a special advisor to DTE President and Chief Executive Officer Jerry Norcia, and will work closely with Ruud to ensure a seamless transition. Oleksiak will participate on the company’s first quarter earnings call scheduled for April 24.

During his 15-year career at DTE Energy, Ruud has served in several senior leadership roles across the organization, including most recently as Senior Vice President, Corporate Strategy & Development. He has deep experience across DTE’s various businesses and will be supported by a treasurer and controller with nearly 30 years of collective experience at the company.

“Dave has a unique understanding of our company and will bring a diverse set of skills to the CFO role,” said Norcia. “As SVP for Corporate Strategy & 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.

“Dave’s appointment also reflects the deep bench of talent we have cultivated at DTE. Supported by our strong finance team, we look forward to benefitting from Dave’s expertise as we continue to build on our strong financial position,” Norcia added.

“I am excited to take on the responsibilities of CFO during this important time at DTE,” said 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, who joined DTE in 1998, has 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,” Oleksiak said. “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 continued. “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.”

Reaffirms 2020 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,” said Norcia. “We will adjust these efforts as we learn more about the economic impact.”

In connection with today’s announcement, DTE also reaffirmed its 2020 operating EPS guidance of $6.47 - $6.75.

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