KNIFE RIVER BOARD OF DIRECTORS
ANTICIPATED BOARD OF DIRECTORS
German Carmona Alvarez
Wellington, Florida
German Carmona Alvarez is a member of the board of directors at MDU Resources Group, where he sits on the Compensation and Nominating and Governance Committees. As a director nominee for Knife River Holding Company, Carmona Alvarez is expected to chair the Compensation Committee and be a member of the Audit Committee.
Carmona Alvarez has 15 years of experience in the building materials industry and also brings expertise in human capital management, digital and information technology, and mergers and acquisitions.
He is global president of applied intelligence at Wood PLC and formerly served as executive vice president of finance, information technology and shared services at CEMEX, Inc., a global building materials company.
Thomas Everist
Sioux Falls, South Dakota
Thomas Everist is a member of the board of directors at MDU Resources Group, where he sits on the Compensation and Nominating and Governance committees. As a director nominee for Knife River Holding Company, Everist is expected to chair the Nominating and Governance Committee and also serve on the Compensation Committee.
Everist has had a 44-year career in the construction materials and mining industry and brings deep industry expertise. He was president and chair of L.G. Everist, Inc., an aggregate production company in Sioux Falls, South Dakota, from 1987-2002. From 2002 to present, he has been president and chair of The Everist Company, an investment and land development company; prior to 2017, The Everist Company also was engaged in aggregate, concrete and asphalt production.
Karen B. Fagg
Billings, Montana
Karen Fagg is a member of the board of directors at MDU Resources Group, where she chairs the Compensation Committee and is a member of the Environmental and Sustainability Committee. As a director nominee for Knife River Holding Company, Fagg is expected to be non-executive chair of the board. She also is expected to serve on the Nominating and Governance Committee. Fagg contributes expertise in responsible natural resource development, with expertise in the construction and engineering industries.
She was president, CEO and majority owner of HKM Engineering, a large regional civil and structural firm, from 2000-2008; when that business merged with DOWL LLC, Fagg was named vice president until her retirement in 2011. Prior to that, she was director of the Montana Department of Natural Resources and Conservation, the state agency charged with managing sustainable stewardship of the state’s water, soil, energy and rangeland resources.
Brian R. Gray
Bismarck, North Dakota
Brian Gray was named president of Knife River effective January 1, 2023, and was named its chief executive officer effective March 1, 2023. Prior to these promotions, he was president of Knife River’s Northwest segment, a position he held from 2012 to 2022. While at the Northwest segment, Gray led the acquisition of eight companies and also was instrumental in the development of the Knife River Training Center and corporate-wide safety, training and sustainability programs.
He has 29 years of experience at Knife River and has served on numerous industry boards, including the National Ready Mixed Concrete Association (current) and the Oregon-Columbia chapter of the Associated General Contractors.
Patricia L. Moss
Bend, Oregon
Patricia Moss is a member of the board of directors at MDU Resources Group, where she chairs the Environmental and Sustainability Committee and also is a member of the Compensation Committee. As a director nominee for Knife River Holding Company, Moss is expected to chair the Audit Committee and also serve on the Compensation Committee.
Moss has substantial experience in the finance and banking industry, including service on the boards of public banking and investment companies. She contributes broad knowledge of finance, business development, human resources and compliance oversight, as well as public company governance. Moss was president and CEO of Cascade Bancorp, a financial holding company in Bend, Oregon, from 1998-2012. She was vice chairman of Cascade Bancorp from 2012-2017, at which point she became a director at First Interstate BancSystem.
William J. Sandbrook
Dallas, Texas
William Sandbrook has extensive experience in the construction materials industry. He was president and CEO of U.S. Concrete, Inc., from 2011-2020, and also served as chairman of its board of directors from 2018-2020. Prior to that, Sandbrook served in various roles at Oldcastle Inc.’s Products and Distribution Group, Oldcastle Architectural Products Group, and Oldcastle Materials Inc.
In 2019, he was elected chairman of the National Ready-Mixed Concrete Association. Sandbrook has served as a director of Comfort Systems USA since 2018, where he is a member of the Audit and Compensation committees.
MDU Resources announced April 7, 2023, the anticipated composition of the board of directors for Knife River Holding Company, to be effective upon completion of the planned separation of MDU Resources’ construction materials subsidiary into an independent, publicly traded company. The separation is subject to certain customary conditions, including final approval by MDU Resources’ board of directors and the SEC’s declaration that the Form 10 registration statement is effective. The directors who are currently serving on MDU Resources’ board of directors are expected to resign in connection with their anticipated appointment to Knife River’s board; however, they have not submitted conditional letters of resignation to MDU Resources’ board of directors and are not expected to do so unless and until MDU Resources’ board approves the separation.