L. Wynn Johnson, one of the founders of independent power company Bonneville Pacific Corp. and president of subsidiary Bonneville Pacific Capital Corp., and Stephen D. Nadauld, vice chairman and chief financial officer, have resigned their positions with Bonneville.
The changes are part of a plan "to exploit synergies available through Bonneville's alliance with Portland General Corp.," announced last fall, said Robert L. Wood, chairman and chief executive officer."We accept these resignations with reluctance," said Wood, noting that both men helped strucutre the deal in which Portland became a major shareholder.
"Over the years, Wynn and Steve have made major contributions to this organization. Every employee here, especially myself, owes a great deal to these gentlemen, whom I hold in the highest regard."
Johnson has been with the company since its inception in 1980. He will remain as a director. Nadauld left the presidency of Weber State University a year ago to join Bonneville as its vice chairman and chief financial officer. He had served as director since July 1986.
Wood said Bonneville has changed the date of its annual meeting, originally scheduled for May 10, to June 6 at 2 p.m., in the Hilton Hotel, 150 W. 500 South. Record date for shareholders to vote at the meeting is not changed.
Wood said the meeting was changed for several reasons, including the need to let shareholders know about the majority position taken by Portland General, progress in securing financing for cogeneration projects under development, and disposing of Bonneville's Alpac food operation.