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Kenergy CEO resigns, accepts new position

Kenergy announces the resignation of its President and Chief Executive Officer Greg Starheim.

Starheim has served in that role since July 2012.

In his notice of resignation, Starheim indicates the reason for his departure from Kenergy is to accept a position as senior vice-president for the National Rural Utilities Cooperative Finance Corporation (“CFC”), a prominent and well-respected national organization that provides debt financing and other financial services to electric cooperatives across the country. CFC is an important lender and business partner to both Kenergy and Big Rivers Electric Corp.

“This was a very difficult decision,” says Starheim. “I have thoroughly enjoyed being at Kenergy and having become part of the western Kentucky community.”

“We accept Greg’s resignation with regret but wish him well in his new position,” says Kenergy Board Chairman Bob White. “We are grateful for his leadership and service over the last three years but support his decision to go to work for such a respected and vital organization to the electric cooperative program.”

CFC was formed in 1969 as a cooperative-owned organization to raise funds from the capital markets in support of electric cooperatives. Their current loan and related-guarantee portfolio exceeds over $22 billion in financing.

“Efforts to find a replacement for Starheim are already under way,” says White. “The Board has established a search committee and has retained the services of an executive recruitment firm to assist in the process of selecting a new CEO. We hope to have our new CEO in place by the end of the summer.”

Starheim will continue to serve at Kenergy until he assumes his new duties at CFC in July 2015.

Kenergy is an electric distribution cooperative serving 56,000 member-owners in a 14 county region in western Kentucky.