Patriot Coal Corporation (fka PCXCQ)

[10452km2]

Our new CEO looks very promising.. Great experience and background.

PATRIOT COAL NAMES NEW LEADERSHIP TEAM
TO IMPROVE ITS OPERATING AND FINANCIAL STRUCTURE
IRL F. ENGELHARDT ASSUMES DUTIES OF CHAIRMAN AND CEO
BENNETT K. HATFIELD APPOINTED PRESIDENT AND CHIEF OPERATING OFFICER

ST. LOUIS, May 29 – 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:

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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.


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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.


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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.