| Posted in: News Releases
SIOUX FALLS, SOUTH DAKOTA – Merlin Sawyer, senior vice president and chief financial officer at Missouri River Energy Services (MRES), has announced his retirement effective May 6, 2022.
Sawyer joined the organization in 1987 as Manager of Finance and Accounting. In 1989, that department merged with the Administrative Services Department and became the Administration and Finance Department. Since then, Sawyer has managed the department under various titles and increasing areas of responsibility, which include finance, accounting, investment, administration, human resources, credit, rates, risk management and internal audit activities.
He is a member of, and has previously chaired, the Business and Finance Section of the American Public Power Association. Sawyer is an assistant secretary of Western Minnesota Municipal Power Agency (WMMPA) and represents WMMPA on the Missouri Basin Power Project Audit Committee.
During his tenure, Sawyer guided MRES and WMMPA in achieving increasingly greater financial strength and stability. When he started in 1987, the total assets of WMMPA were $298 million, compared to the $1.1 billion today. Operating revenues of MRES were $50 million, compared to 2020 operating revenues of $245 million. And, WMMPA’s bond ratings were A2 and A-, compared to Aa3 and AA- in 2021.
“I have been blessed to have been associated with this great organization for almost 35 years,” Sawyer said. “One thing I look back on with a certain amount of pride is that we are one of a handful of joint action agencies in the entire country with bond ratings in the double-A category from both Moody’s and Fitch. These ratings are a tribute to the staff and board of directors of MRES. Without their hard work and vision, MRES would not have the reputation as one of the premier joint action agencies in the country. I have been honored to play a role in enhancing the financial strength of MRES. It has been a great ride, but all good things must come to an end. I look forward to seeing MRES continue to thrive.”
“Merlin’s leadership and dedication to MRES is unparalleled,” said Tom Heller, MRES president and CEO. “His broad understanding of finance and the electric industry, and his vision for the future have helped guide the direction of MRES for these many years. It is with tremendous appreciation that we wish Merlin a happy and rewarding retirement.”
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For more information, contact MRES Vice President of Member Services and Communications Joni Livingston, phone: 605-261-3637; e-mail: joni.livingston@mrenergy.com.