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," said Engelhardt. "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."
Engelhardt, 65, has served as the chairman of Patriot's board of directors since the company spun off from Peabody Energy Corp. (BTU) in 2007. He served as the chairman and chief executive of Peabody from 1990 to 2005, and has also had executive roles and several other energy companies.
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