Kingsbury Electric annual meeting update
Wednesday, March 26, 2014
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Thirty KEC veteran Dennis Kruse was recently called out of retirement to replace departing manager Garr Hintz.
“Vital forms and important procedures were not being followed,” said Rommereim. “We made the decision to change management.”
Kruse said that the cooperative’s cash reserves had not been properly maintained, the four-year plan he left had not been followed and three years worth of construction had been completed in one year, leading to a decrease in customer equity.
Kruse said that he has depended greatly on the kindness of his contacts and friends in the power industry to help the cooperative right itself. He ordered an audit of the company’s finances, set about catching up on backlogged work-orders, got a new line of credit and raised rates to pay for a $200,000 new bucket truck.
“Things are coming around,” Rommereim said. “It looks like we are going to be just fine.”
The De Smet News