Schmid named CFO of the Year by the Minneapolis-St. Paul Business Journal
Elk River, Minn. -- Great River Energy’s Larry Schmid was named CFO of the Year for Large Private Companies by the Minneapolis/St. Paul Business Journal. Schmid has enjoyed a 29-year career with Great River Energy and its predecessor, Cooperative Power.
As Great River Energy’s vice president and chief financial officer since 2002, Schmid is responsible for all of the organization’s finance-related functions. Earlier this year, he led Great River Energy’s entry into the capital markets with a $1.3 billion transaction which enabled Great River Energy to retire all government-guaranteed debt. Just months prior to this transaction, Great River Energy secured a $600 million syndicated credit facility. Schmid directed the organization’s effort to acquire and maintain three investment grade bond ratings and played a significant role in the consolidation of Cooperative Power and United Power Association into Great River Energy in 1999.
“We have a team based culture at our organization that allows us to accomplish great things,” Schmid says. “Great River Energy has a talented, dedicated team of employees throughout the organization. We have an exceptionally skilled and experienced finance staff which successfully conducts our treasury, risk management, audit, billing and other accounting functions on a day-to-day basis.”
Prior to being named Great River Energy’s CFO, Schmid was the organization’s manager, financial services. He previously served as director of finance and administration for Cooperative Power.
Schmid also serves on the board of trustees for the Minnesota Chapter of the National Multiple Sclerosis Society. He is a member of the chapter’s audit committee and will be named treasurer in November. He is also president of the National Generation and Transmission Accounting and Finance Association. Schmid is retired from the Minnesota Air National Guard and served as a captain in the U.S. Air Force.
Schmid holds a master’s in business administration from Central Michigan University and a bachelor’s degree in accounting from the University of St. Thomas.
The Minneapolis/St. Paul Business Journal announced the recipients of its inaugural CFO of the Year awards at an Oct. 31 luncheon. The recognition was given to chief financial officers in Minnesota for outstanding performance in their roles as corporate financial stewards.
Great River Energy is a not-for-profit electric generation and transmission cooperative providing wholesale electric energy and related services to 28 distribution cooperatives in Minnesota and Wisconsin serving more than 600,000 customers, or approximately 1.7 million people. For more information about Great River Energy, visit: www.GreatRiverEnergy.com.
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