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8-K - FORM 8-K - Patriot Coal CORP | c66189e8vk.htm |
Exhibit 99.1
NEWS RELEASE
CONTACT:
Janine Orf
(314) 275-3680
jorf@patriotcoal.com
Janine Orf
(314) 275-3680
jorf@patriotcoal.com
FOR IMMEDIATE RELEASE
PATRIOT COAL ANNOUNCES MANAGEMENT REALIGNMENT
BENNETT K. HATFIELD NAMED EXECUTIVE VICE PRESIDENT
& CHIEF OPERATING OFFICER
& CHIEF OPERATING OFFICER
CHARLES A. EBETINO, JR. NAMED SENIOR VICE PRESIDENT
OF GLOBAL STRATEGY & CORPORATE DEVELOPMENT
OF GLOBAL STRATEGY & CORPORATE DEVELOPMENT
ST. LOUIS, September 14 Patriot Coal Corporation (NYSE: PCX) today announced that it is
realigning its senior management organization to bring additional talent and focus to all areas of
its business, with particular emphasis on current mining operations, organic growth and global
investment opportunities. Effective September 19, 2011, Bennett K. Ben Hatfield will join
Patriot as Executive Vice President & Chief Operating Officer, reporting to President & Chief
Executive Officer Richard M. Whiting. In this role, Hatfield will assume general management
responsibility for all of Patriots mining and other operating activities and will be based in
Charleston, West Virginia. At the same time, Patriot has named Charles A. Chuck Ebetino, Jr. as
Senior Vice President Global Strategy & Corporate Development, reporting to Whiting.
We are elated that Ben Hatfield has chosen to join forces with Patriot Coal to execute on our
near-term opportunities and our long-term growth initiatives, said Whiting. I can think of no
person in this industry whose capabilities are a better match with Patriots current challenges and
future possibilities. Ben is a proven leader with a track record of major value creation in every
step of his career.
Hatfield, 54, previously served for six years as President, Chief Executive Officer and
Director of International Coal Group, a publicly-traded eastern U.S. coal producer, prior to the
June 2011 sale of that company. Hatfield also has held a number of other key executive operating
and commercial positions during a distinguished 30-plus year career in the coal industry, including
President, Eastern Operations of Arch Coal, Inc., Executive Vice President and Chief Operating
Officer of Massey Energy Company, and Executive Vice President & Chief
Commercial Officer of Coastal Coal Company. He is a Licensed Professional Engineer with a
B.S. in mining engineering from Virginia Polytechnic Institute and State University.
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Pursuant to the realignment, in his new role, Chuck Ebetino will assume responsibility for
Patriots overall strategy development, merger and acquisition activities, resource management and
various other strategic initiatives to enhance shareholder value. Ebetino has served as Senior
Vice President & Chief Operating Officer of Patriot for the last year, and he previously held the
position of Senior Vice President Corporate Development since the establishment of Patriot in
2007. Ebetino has more than 30 years of operating and commercial experience in the coal and
utility industries, including prior senior management roles at Peabody Energy and American Electric
Power.
Patriots Board of Directors and senior team are very appreciative of Chuck Ebetinos
contributions to Patriot from Day-1 in 2007, but I would highlight the progress that Chuck has made
with the planning and execution at our mining operations during the past twelve months as his most
meaningful impact on the evolution of our company, stated Whiting. We are equally pleased to
have Chuck spearhead our strategic business development activities going forward.
In addition to Messrs. Hatfield and Ebetino, the senior management team reporting to the CEO
will be configured as follows:
| Mark N. Schroeder will continue as Senior Vice President & Chief Financial Officer | ||
| Robert W. Bennett will continue as Senior Vice President & Chief Marketing Officer | ||
| Joseph W. Bean will continue as Senior Vice President Law & Administration and General Counsel. |
In closing, Whiting stated, Each of my direct reports is uniquely qualified in his primary
area of responsibility to create and execute Patriots plans for the creation of future shareholder
value.
About Patriot Coal
Patriot Coal Corporation is a leading producer and marketer of coal in the eastern United States,
with 14 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
Companys common stock trades on the New York Stock Exchange under the symbol PCX.
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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: price volatility and demand, particularly in
higher margin products; geologic, equipment and operational risks associated with mining; changes
in general economic conditions, including coal, power and steel market conditions; coal mining laws
and regulations; the availability and costs of competing energy resources; legislative and
regulatory developments; risks associated with environmental laws and compliance, including
selenium-related matters; developments in greenhouse gas emission regulation and treatment;
negotiation of labor contracts, labor availability and relations; the outcome of pending or future
litigation; 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; reductions of purchases or deferral of
shipments by major customers; availability and costs of credit; customer performance and credit
risks; inflationary trends; worldwide economic and political conditions; 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 Companys ability to
replace coal reserves; the outcome of commercial negotiations involving sales contracts or other
transactions; our ability to respond to changing customer preferences; failure to comply with debt
covenants; the effects of mergers, acquisitions and divestitures; and weather patterns affecting
energy demand or disrupting coal supply. 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 Companys Form 10-K and Form 10-Q reports.
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