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Letter to the Editor
Friday January 9
ADESA Names Cameron Hitchcock CFO
ALLETE, Inc. has announced that Cameron Hitchcock has been named chief financial officer of Indianapolis-based ADESA, which ALLETE intends to spin-off into a publicly traded company by mid-2004. ADESA will include all of ALLETE’s Automotive Services businesses including Automotive Finance Corporation and ADESA Impact, a total-loss vehicle remarketing company.“Cam brings a wealth of public company financial experience to ADESA,” said ALLETE’s Chairman and CEO Dave Gartzke, who will be ADESA’s Chairman and CEO after the spin-off. “We look forward to his leadership and to working with him to help ADESA succeed well into the future.”
Most recently,Hitchcock served as Vice President and Treasurer of Lear Corporation, a $14 billion automotive supplier based in Southfield, Mich. Prior to Lear, Hitchcock held senior finance positions at Dean Foods, and at Deutsche Morgan Grenfell.
“I’m thrilled to be joining ADESA at such an exciting time,” said Hitchcock. “I look forward to working with Dave and the rest of ADESA’s management team to continue its past successes as it becomes a stand-alone company.”
ALLETE Automotive Services, the company that will become ADESA Corporation, had year-to-date revenue of $700 million through the third quarter of 2003. Its ADESA wholesale auctions is a leader in the industry, growing from the initial 12 auctions ALLETE purchased in 1995 into a network of 52 wholesale vehicle auctions, 28 total-loss vehicle auctions, and 82 Automotive Finance Corporation offices, that span the United States and Canada.
Automotive Finance Corporation is the largest provider of floorplanning for independent used-car dealers in North America. ALLETE’s corporate headquarters are located in Duluth, Minnesota. ALLETE’s holdings include ADESA, the second largest wholesale vehicle auction network in North America; AFC, the leading provider of independent auto dealer financing; Minnesota Power, a low-cost electric utility that serves some of the largest industrial customers in the United States; and significant real estate holdings in Florida.
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