Patriot Coal Names Bennett K. Hatfield Chief Executive Officer
Irl F. Engelhardt to Step Down as Chairman and CEO
Michael M. Scharf Appointed Chairman of the Board of Directors
Patriot Also Announces Corporate Governance Realignment
ST. LOUIS, Oct. 24, 2012
ST. LOUIS, Oct. 24, 2012 /PRNewswire/ --Patriot Coal Corporation (OTC:
PCXCQ), a producer and marketer of coal in the eastern United States, today
announced that Bennett K. Hatfield has been named President and Chief
Executive Officer and has been appointed to the Board of Directors, effective
immediately. As CEO, he succeeds Irl F. Engelhardt, who is stepping down from
his duties as Chairman, CEO and member of the Board of Directors of Patriot.
Michael M. Scharf has been appointed Chairman of the Board of Directors. He
previously served as the independent Lead Director of the Board.
"On behalf of the entire Board, I would like to thank Irl for stepping in at a
critical time and providing a steady hand in leading Patriot through the
initial phase of the restructuring process," said Mr. Scharf. "We appreciate
his many contributions and wish him well."
Mr. Scharf continued, "Ben Hatfield is a respected and proven leader, with the
executive and operating experience required to guide the Company through the
restructuring process. With 30 years of industry experience, Ben has played an
important role in improving the Company's operations and is well-qualified to
lead Patriot. The Patriot Board is confident that his leadership will be
invaluable as we undertake changes necessary to position the Company for
"It is a privilege to be entrusted by the Board to lead this Company," Mr.
Hatfield said. "My goal is to take the actions necessary to restore Patriot's
viability and keep our nearly 4,000 employees working. We want to complete
the reorganization of Patriot as swiftly and effectively as possible."
Patriot will maintain its corporate headquarters in St. Louis, Missouri, and
Mr. Hatfield will continue to split time between his offices in St. Louis and
Charleston, West Virginia.
Patriot today also announced certain changes to the corporate governance
structure of its Board of Directors:
oThe duties of the Finance Committee are being absorbed by the full Board.
oA Special Oversight Committee is being formed to evaluate and provide
oversight on various litigation matters, including claims the Company may
have against third parties. Members of the Special Oversight Committee
include independent directors J. Joe Adorjan, Michael P. Johnson, Janiece
M. Longoria and Robert O. Viets.
oMr. Scharf and Mr. Hatfield are joining B.R. Brown as members of the
Executive Committee, and Mr. Scharf will serve as that Committee's Chair.
Additional Management Change
Patriot also announced that Mark N. Schroeder, Senior Vice President of
Financial Planning, is leaving the Company to take a position with a company
outside the coal industry. "Mark has been a valued member of our management
team since the Company's formation, and we would like to thank him for all his
efforts," said Mr. Scharf.
About Bennett K. Hatfield
Mr. Hatfield, 55, was named Patriot's President and Chief Operating Officer in
May 2012. He joined Patriot as Executive Vice President and COO in September
2011. Prior to that, he served as President, CEO and a Director of
International Coal Group, from 2005 until the June 2011 sale of that company.
He has held a number of other key executive operating and commercial positions
during his 30-plus years in the coal industry, including President, Eastern
Operations of Arch Coal, Inc., Executive Vice President and COO of Massey
Energy Company, and Executive Vice President & Chief Commercial Officer of
Coastal Coal Company.
Mr. Hatfield is a board member of the West Virginia Coal Association and has
held leadership positions in a variety of other industry associations. He is a
Licensed Professional Engineer with a Bachelor of Science degree in mining
engineering from Virginia Tech.
About Patriot Coal
Patriot Coal Corporation is a producer and marketer of coal in the eastern
United States, with 12 active mining complexes in Appalachia and the Illinois
Basin. Patriot 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.
Certain statements in this press release are forward-looking as defined in the
Private Securities Litigation Reform Act of 1995. Actual results may differ
materially from the results suggested by these forward-looking statements.
Patriot 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 Patriot's Form 10-K and
Form 10-Q reports.
SOURCE Patriot Coal Corporation
Contact: Media, Michael Freitag / Aaron Palash, Joele Frank, Wilkinson Brimmer
Katcher, +1-212-355-4449, Investors, Janine Orf, +1-314-275-3680,
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