Former U.S. Rep. Tim Penny plans to retire later this year from the economic development foundation he’s led for close to two decades.
Penny announced Monday he’s going to step down as CEO of the Southern Minnesota Initiative Foundation, which is based in Owatonna and serves the south central region.
Penny served in Congress from 1983-1995. He joined the foundation in April 2007.
The foundation offers grants and development programs for businesses, child care and community revitalization, among other issues. It has put more than $170 million toward southern Minnesota communities since 1986, dedicating about $5 million annually.
Penny plans to stay on as the foundation board searches for a new CEO, then transition out of the role over the next few months.