East River Electric welcomed Scott Shewey as the cooperative’s new Chief Financial Officer on July 26. Scott joins East River with 14 years in public utility experience at Colorado Springs Utilities, a 4-service municipal utility. He spent the last seven years in executive leadership with Colorado Springs Utilities, with the last two as CFO overseeing rates, treasury, financial planning and analysis, accounting, risk management and supply chain.
Prior to Colorado Springs Utilities, Scott managed financial operations for 11 years combined at Ford Financial and Miller-Coors. He was born and raised in the Ormond Beach area of Florida and graduated from Florida State University with degrees in accounting and finance. Scott holds a 6-Sigma Black Belt certification from Ford Financial.
Outside of work, Scott enjoys spending time with his family and is involved in a range of outdoor activities including walking, hiking, trail running, bird watching and fishing. He also enjoys all levels of sports and spent many years coaching youth baseball teams. He has run 11 marathons, including the Boston Marathon in 2014. Scott and his wife, Jennifer, have three children: Jake (24), Ryne (21) and Anna (19).
Eric Fosheim of Madison will be the next Economic Development Manager at East River Electric Power Cooperative. Fosheim will lead East River’s economic development efforts and the organization’s Rural Electric Economic Development (REED) Fund which East River administers on behalf of its member cooperatives. He takes over the role from Linda Salmonson who retired following a 30-year career with East River.
“I’m incredibly excited to join the East River team,” Fosheim said. “They have an incredible reputation of helping to build communities and driving economic development efforts throughout eastern South Dakota and western Minnesota and I’m ready to step in and help continue to advance the goals of the organization.”
The REED Fund was created in 1996 by the region’s electric cooperatives as a revolving loan fund, helping to finance hundreds of projects since its inception. The fund provides financing for businesses, non-profits, communities, health care and other vital services important to rural South Dakota and Minnesota. Fosheim will lead the efforts of the REED Fund as well as work on other economic development efforts on behalf of East River’s 25 member electric distribution systems.
Fosheim’s prior experience includes stints in banking, business development with the Governor’s Office of Economic Development and South Dakota Department of Agriculture and most recently he served as the executive director of the Lake Area Improvement Corporation based in Madison.
Fosheim will begin his role at East River Electric at the end of August.