ST. LOUIS, May 29, 2012 /PRNewswire/ -- Patriot Coal
Corporation (NYSE: PCX), a leading producer and marketer of coal in
the eastern United States, today
announced a new executive leadership team to improve its operating
and financial structure.
The following appointments by the Patriot Board of Directors are
effective immediately:
- Irl F. Engelhardt has been named
Chief Executive Officer. He succeeds Richard M. Whiting, who is leaving Patriot after
serving as President and CEO since 2007. As CEO, Engelhardt will
have overall responsibility for the Company and will focus on
corporate strategy, financing activities, corporate development and
optimization of the Company's asset portfolio. Engelhardt
will also continue to serve as Chairman of Patriot's Board of
Directors.
- Bennett K. Hatfield has been
named President and will continue to serve as Chief Operating
Officer of Patriot. He will be responsible for overseeing the
execution of Patriot's operations, sales and marketing plans.
To help ensure that Patriot's operations anticipate and respond
effectively to changing market conditions, the Company's marketing
teams will now report directly to Hatfield.
- Michael M. Scharf has been named
Lead Independent Director of the Patriot Board. He has been a
member of the Board since 2007 and currently chairs Patriot's
Nominating & Governance Committee.
Engelhardt said, "Ben and I will immediately focus on improving
Patriot's competitive position as well as its financial structure
to enhance value for our shareholders and all other groups who have
a stake in the Company's success. Our team has successfully
navigated the inherent cycles in the energy industry in the past,
and I am confident Patriot can overcome the industry challenges
that we currently face. As we move forward, I could not have
a better operating partner than Ben, who has demonstrated
outstanding leadership and a deep knowledge of the coal industry in
his 30-year career."
Engelhardt added, "On behalf of the Board and the senior
management team, we thank Rick for his contributions, commitment
and service to Patriot. As President and CEO, he guided Patriot
through a complex spin-off and its emergence as a standalone public
company. We wish him well in his future endeavors."
About Irl F.
Engelhardt
With more than 30 years of experience in the coal and energy
industries, Mr. Engelhardt, 65, will lead Patriot. He has served as
Chairman of the Board of Directors of Patriot since its spin-off
from Peabody Energy in 2007, and previously served as Chairman and
CEO of Peabody from 1990 - 2005. During his career, he has served
as Chairman of Peabody Resources Ltd. (Australia), Chairman of Citizens Power LLC (a
power trading company), Chairman of The Federal Reserve Bank of
St. Louis, Co-CEO and executive
director of The Energy Group (LSE: TEG), Chairman of Suburban
Propane Company and Chairman of Cornerstone Construction &
Materials. He also previously served as a member of the Boards of
Directors of Valero Energy Corporation and The Williams Companies,
Inc. In addition, he served as Chairman of the National Mining
Association, the Coal Industry Advisory Board of the International
Energy Agency, the Center for Energy and Economic Development, and
the Coal Utilization Research Council, as well as Co-Chairman of
the Coal Based Generation Stakeholders Group.
About Bennett K.
Hatfield
Bennett K. Hatfield, 55, has
served as Patriot's Executive Vice President & COO since
September 2011. He previously served as President, CEO and a
Director of International Coal Group, from 2005 until the
June 2011 sale of that company.
He has held a number of other key executive operating and
commercial positions during his 30-plus years in the coal industry,
including President, Eastern Operations of Arch Coal, Inc.,
Executive Vice President and COO of Massey Energy Company, and
Executive Vice President & Chief Commercial Officer of Coastal
Coal Company.
Mr. Hatfield is a board member of the West Virginia Coal
Association and has held leadership positions in a variety of other
industry associations. He is a Licensed Professional Engineer with
a Bachelor of Science degree in mining engineering from
Virginia Polytechnic Institute and State
University.
About Patriot Coal
Patriot Coal Corporation is a leading producer and marketer of
coal in the eastern United States,
with 13 active mining complexes in Appalachia and the Illinois
Basin. The Company ships to domestic and international
electricity generators, industrial users and metallurgical coal
customers, and controls approximately 1.9 billion tons of proven
and probable coal reserves. The Company's common stock trades
on the New York Stock Exchange under the symbol PCX.
Forward-Looking Statements
Certain statements in this press release are forward-looking as
defined in the Private Securities Litigation Reform Act of
1995. These statements involve certain risks and
uncertainties that may be beyond our control and may cause our
actual future results to differ materially from expectations.
We do not undertake to update our forward-looking statements.
Factors that could affect our results include, but are not limited
to: worldwide financial, economic and political conditions; coal
price volatility and demand, particularly in higher margin
products; geologic, equipment and operational risks associated with
mining; reductions of purchases or deferral of shipments by major
customers; changes in general economic conditions, including coal,
power and steel market conditions; the availability and prices of
competing energy resources; changes in the interpretation,
enforcement or application of existing and potential laws and
regulations affecting the production and use of our products; risks
associated with environmental laws and compliance, including
selenium-related matters; failure to comply with debt covenants;
availability and costs of credit; weather patterns and conditions
affecting energy demand or disrupting coal supply; developments in
greenhouse gas emission regulation and treatment; the outcome of
pending or future litigation; the impact of the restatement for the
years ended December 31, 2011 and
2010 and the related material weakness associated with the
accounting treatment for the Apogee and Hobet water treatment
facilities; changes in the costs to provide healthcare to eligible
active employees and certain retirees under postretirement benefit
obligations; increases to contribution requirements to
multi-employer retiree healthcare and pension plans; negotiation of
labor contracts, labor availability and relations; customer
performance and credit risks; inflationary trends; downturns in
consumer and company spending; supplier and contract miner
performance and the availability and cost of key equipment and
commodities; availability and costs of transportation; the
Company's ability to replace coal reserves; the outcome of
commercial negotiations involving sales contracts or other
transactions; our ability to respond to changing customer
preferences; and the effects of mergers, acquisitions and
divestitures. The Company undertakes no obligation (and
expressly disclaims any such obligation) to publicly update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise. For additional
information concerning factors that could cause actual results to
materially differ from those projected herein, please refer to the
Company's Form 10-K and Form 10-Q reports.
SOURCE Patriot Coal Corporation
