NuWay-K&H Cooperative has closed its books, as of August 31, on the 2022 fiscal year.
Good news! We were able to achieve all our financial goals, continue to strengthen our balance sheet, continue to reduce our debt, and continue to retire equity. Across the board, we have accomplished what we set out to accomplish for 2022 and are positioned to move into 2023.
You can read a more detailed description of these 2022 achievements in the story by our CFO Tyler Olson, on page 5 of this newsletter.
RETIRING WISDOM
The biggest news I can share with you is that Mike Koppen, our VP of Energy Sales/Marketing, has announced his retirement effective Jan. 1, 2023.
After 43 years with our company and its predecessors, the wisdom and experience Mike has accumulated is truly impressive. I want to publicly congratulate and tell you a little bit about him. I think this will define who Mike is and the company he works for.
Mike was a bit hesitant about the 2018 merger between K&H Cooperative and NuWay Cooperative. He calls himself “a stubborn German.” When we first talked; however, Mike told me that he would give the merger a chance.
Since then, Mike embraced the merger and has been 100% supportive. The union has been successful for both companies. I’ve only worked with Mike for five years, but our friendship and my appreciation of him has been fantastic.
At this point, I will be temporarily assuming Mike’s responsibilities as VP of Energy Sales/Marketing. We’re currently working on how to structure this role going forward. As we decide, we’ll communicate that decision to you.
Well done, Mike!
LOOKING FORWARD
As we move into NuWay-K&H Cooperative’s 2023 fiscal year, we are positioned well and expecting good financial results.
The thing we’re focused on right now is replacing leadership and experience. Two long-time employees have retired recently—Dan Schley and now Mike Koppen. Between them, Dan and Mike can boast almost 90 years of experience. We are sad to see them go but grateful for their service, and we expect more staff to join them in bringing careers to a close. Replacing talent is a priority for the cooperative.
We have adjusted well to change with staffing in the past and are always proactive about staffing change in the future which has helped us stay ahead of the game.
