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Paul Vining, president of Alpha Natural Resources, is moving on to new opportunities. The company announced Tuesday that Vining will step down effective January 31 to begin as CEO with a Cline Group affiliate.
Paul Vining, president of Alpha Natural Resources (NYSE:ANR), is moving on to new opportunities. The company announced Tuesday that Vining will step down effective January 31 to begin as CEO with a Cline Group affiliate.
That company will focus on the acquisition and operation of coal mines outside of the US. In light of his departure, Alpha’s executive vice president and chief commercial officer, Brian Sullivan, and newly appointed executive vice president, mining operations, Keith Hainer, will take on expanded responsibilities. Specifically, Hainer will oversee operational management of the company’s 60 affiliated coal mines.
“Both Brian and Keith have deep experience with a proven track-record of success at Alpha, and we are confident they will be successful in their expanded roles,” said Alpha CEO Kevin Crutchfield. “As Alpha and the broader industry continue to navigate challenging market conditions, the infusion of talent from next-generation coal mining leaders like them will strongly guide our path forward and help us advance our business.”
The news follows recent announcements of other management changes for Alpha – company CFO Frank Wood recently announced his retirement, with vice president and chief strategy officer Philip J. Cavatoni to take on additional duties.
One of the largest coal suppliers in the United States, Alpha’s stock has been battered over the past year, losing nearly 80 percent as weakness persisted for both thermal and metallurgical coal prices. The company recently closed the sale of substantially all of the assets owned by its subsidiary, AMFIRE Mining, to Rosebud Mining Company for roughly $86 million at the end of December; it also idled 11 of its mines earlier last year, laying off over 1,000 workers.
Back in September at the Coal Association of Canada Conference and Trade Show, Vining expressed his regret at the closures.
“The fact is there’s been a lot of pain,” he said. “It’s a huge social issue that I take very seriously and very personally.”
However, he predicted that coal-fired electrical capacity and demand for coal will continue to be eroded due to the implementation of new carbon emissions regulations by the US Environmental Protection Agency.
At close of day on Tuesday, shares of Alpha were down a little over 5 percent, trading at $1.19.
Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
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