ALLETE, Inc. announced that Cameron Hitchcock has been named chief financial officer of Indianapolis-based ADESA, which ALLETE intends to spin-off into a publicly traded company by mid-2004. ADESA will include all of ALLETE’s Automotive Services businesses including Automotive Finance Corporation and ADESA Impact, a total-loss vehicle remarketing company.
“Cam brings a wealth of public company financial experience to ADESA,” said ALLETE’s chairman and CEO Dave Gartzke, who will be ADESA’s chairman and CEO after the spin-off. “We look forward to his leadership and to working with him to help ADESA succeed well into the future.”
Most recently, Hitchcock, 42, served as vice president and treasurer of Lear Corporation, a $14 billion automotive supplier based in Southfield, Mich.
ALLETE Automotive Services, the company that will become ADESA Corporation, had year-to-date revenue of $700 million through the third quarter of 2003.
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