Joy Global Inc. Announces Leadership Succession Plans
MILWAUKEE -- March 14, 2013
Joy Global Inc. (NYSE: JOY) today announced that Michael W. Sutherlin,
President and Chief Executive Officer, has set plans to retire at the end of
this year. In accordance with the company’s succession plan, the board has
designated Edward (“Ted”) L. Doheny II, currently President and Chief
Operating Officer of the Underground Mining Equipment division, to succeed Mr.
Sutherlin. At that time, the Company will create a new position of corporate
Chief Operating Officer to be assumed by Randal W. Baker, currently President
and Chief Operating Officer of the Surface Mining Equipment division. In this
role, Mr. Baker will oversee both the Surface Mining Equipment and the
Underground Mining Equipment divisions.
Mr. Sutherlin commented, “I have thoroughly enjoyed my time at Joy Global, and
appreciate the support from the Joy Global team, our customers and our
shareholders. I believe that I leave the company with a strong team, with a
commitment to performance excellence and well positioned for the future. Both
Ted and Randy have been an instrumental part of our success to date, and they
share the commitment to our strategy. As such, this will be a smooth and
orderly transition. I feel that now is right for me to leave this wonderful
company to spend long overdue time with my family and to work on some
Mr. Sutherlin, 66, expects to formally retire on February 1, 2014. However,
the transition in responsibilities to Mr. Doheny will be completed by December
2013 immediately following publication of the Company’s fiscal 2013 full year
Mr. Doheny, 50, has served as Executive Vice President of Joy Global and as
President and COO of the Underground Mining Equipment division since 2006.
Prior to joining Joy Global, he spent 20 years with Ingersoll-Rand Corporation
in a series of senior executive positions of increasing responsibility. While
there, Mr. Doheny served as President of Industrial Technologies from 2003 to
2005, President of Shared Services in 2003, and previously as President of the
Air Solutions Group. Mr. Doheny holds a Bachelor’s degree in Engineering from
Cornell University and a Master’s degree in Management from Purdue University.
Mr. Baker, 49, has served as Executive Vice President of Joy Global and as
President and COO of the Surface Mining Equipment division since 2009. Before
coming to Joy Global, Mr. Baker had 23 years of domestic and international
marketing, operations, service support and quality systems experience in the
construction, mining and agricultural equipment industries. Prior to joining
Joy Global, Mr. Baker was President and CEO of Case IH Agriculture Inc. from
2004 to 2009, and from 2000 to 2004 he served as Vice President and General
Manager of Komatsu Mining Systems. Mr. Baker holds a Bachelor of Science
degree in mining engineering from South Dakota School of Mines and Technology.
About Joy Global Inc.
Joy Global Inc. is a worldwide leader in manufacturing, servicing and
distributing equipment for surface mining through P&H Mining Equipment and
underground mining through Joy Mining Machinery.
This press release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Terms such as
“anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,”
“indicate,” “intend,” “may be,” “objective,” “plan,” “potential” “predict,”
“will be,” and similar expressions are intended to identify forward-looking
statements. The forward-looking statements in this press release are based on
our current expectations and are made only as of the date of this press
release. In addition, certain market outlook information is based on
first-party sources that we cannot independently verify, but that we believe
reliable. We undertake no obligation to update forward-looking statements to
reflect new information. We cannot assure you the projected results or events
will be achieved. Because forward-looking statements involve risks and
uncertainties, they are subject to change at any time. Such risks and
uncertainties, many of which are beyond our control, include, but are not
limited to: (i) risks of international operations, including currency
fluctuations, (ii) risks associated with acquisitions, (iii) risks associated
with indebtedness, (iv) risks associated with the cyclical nature of our
business, (v) risks associated with the international and U.S. coal and copper
commodity markets, (vi) risks associated with access to major purchased items,
such as steel, castings, forgings and bearings, and (vii) risks associated
with labor markets and other risks, uncertainties and cautionary factors set
forth in our public filings with the Securities and Exchange Commission.
Joy Global Inc.
James M. Sullivan, +1 414-319-8509
Executive Vice President and
Chief Financial Officer
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