ST. LOUIS, Sept. 14, 2011 /PRNewswire/ -- 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 Patriot's
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 Patriot's 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.
Pursuant to the realignment, in his new role, Chuck Ebetino will assume responsibility for
Patriot's 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.
"Patriot's Board of Directors and senior team are very
appreciative of Chuck Ebetino's
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 Patriot's 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
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: 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 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; 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
Company's Form 10-K and Form 10-Q reports.
SOURCE Patriot Coal Corporation