Great Plains Energy, Inc. (ticker: GXP, exchange: New York Stock Exchange (.N))
News Release -
Aquila Proposes Slate of Three for Election to Board of Directors
KANSAS CITY, Mo.--(BUSINESS WIRE)--April 1, 2005--Aquila, Inc.
(NYSE:ILA) said its Board of Directors will recommend a slate of two
current directors and a nominee to an open seat for election at the
utility's annual shareholder meeting on May 4, 2005.
Herman Cain and Patrick J. Lynch are the current directors up for
election to the nine-member board. Cain, Lead Director, is Chief
Executive Officer of T.H.E. Inc., a leadership consulting company, and
former Chairman of the Board of Directors of Godfather's Pizza, Inc.,
Omaha, Nebraska. He has been an Aquila Director since 1992. Lynch,
former Senior Vice President and Chief Financial Officer of Texaco,
Inc., has served on Aquila's Board since May 2004.
Nominated as a new Director is Nicholas J. Singer, a Senior
Partner at Cyrus Capital Partners, L.P. Prior to co-founding Cyrus
Capital Partners, Singer was a Principal at OZF Management, L.P. Cyrus
Capital, in its capacity as an investment manager to a number of
investment funds, beneficially owns 3.4 percent of Aquila common
stock, or 8,228,920 shares. This total includes Cyrus's holdings of
Aquila's mandatorily convertible securities. The nomination of
Nicholas Singer follows the decision of John R. Baker to retire from
the Board of Directors after 34 years of service. Baker has held a
wide range of senior executive positions at Aquila over the years,
retiring as Vice Chairman in 1995.
Based in Kansas City, Missouri, Aquila operates electric and
natural gas distribution utilities serving customers in Colorado,
Iowa, Kansas, Michigan, Minnesota, Missouri and Nebraska. The company
also owns and operates power generation assets. At December 31, 2004,
Aquila had total assets of $4.8 billion. More information is available
George Minter, 816-467-3772
Media Relations, 816-467-3000
Neala Clark, 816-467-3562