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Granite Falls Energy CEO joins Karian Peterson in Montevideo, Minn.

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news Willmar, 56201

Willmar Minnesota 2208 Trott Ave. SW / P.O. Box 839 56201

GRANITE FALLS -- Tracey Olson has resigned as chief executive officer of Granite Falls Energy to accept a management position with Karian Peterson Powerline Contracting of Montevideo, the ethanol company announced Monday.

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Granite Falls Energy's board of governors accepted the resignation and announced plans to recruit a successor on Monday.

Olson will remain as CEO through mid-February, according to information from Granite Falls Energy.

Karian Peterson is a construction company specializing in the installation of electrical utility infrastructure.

Olson has served as CEO of Granite Falls Energy since De-cember 2006 and had been an adviser to the company previous to that. He was vice president of electrical en-gineering with Fagen Engineering, of Granite Falls, prior to accepting his position with Granite Falls Energy.

Olson has been leading the company as it expands its production capacity from 49.9 million to 70 million gallons annually. It is currently operating at a rate of 60 million gallons per year. It employs 37 workers full time and its revenues for the fiscal year ended Oct. 31 were in excess of $156,000,000.

Paul Enstad, chairman of the Granite Falls Energy board, said Olson's leadership will be missed but noted that he will assist the company in assuring a smooth transition.

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