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MDU Resources CEO Hildestad plans retirement

BISMARCK, N.D. (AP) -- MDU Resources CEO Terry Hildestad will retire in January and be replaced by company executive David L. Goodin.

The Bismarck, N.D., energy, mining and construction company said Goodin, 50, also will serve on the company's board. He is currently president and CEO of MDU Resources' four utility businesses, which serve nearly 1 million customers. He will take over for Hildestad Jan. 4.

Hildestad, who will turn 63 when he retires, has served as CEO since 2006 and has been with the company since 1974. Chairman Harry J. Pearce said in a statement the value of the company's assets has grown nearly 50 percent since Hildestad become president and CEO.

"Under Terry's leadership we have maintained a strong balance sheet, good liquidity and healthy cash flows that allowed us to both withstand the recession and invest in internal growth that has positioned us to be very competitive as the economy recovers," Pearce said.

MDU Resources also said J. Kent Wells will become a board member in January and serve as vice chairman. Wells is president and CEO of the company's oil and natural gas production business.

Shares of MDU Resources Group Inc. climbed 15 cents to $22.24 in afternoon trading.