Chairman Steve Leer to Retire from Arch Coal's Board Following Long,
Wes Taylor Elected as Next Chair; Paul Lang Joins Board
ST. LOUIS, Feb. 28, 2014
ST. LOUIS, Feb. 28, 2014 /PRNewswire/ -- Arch Coal, Inc. (NYSE: ACI) today
announced several changes to its board of directors.
Chairman Steven F. Leer, 61, will retire from Arch's board following the
company's annual shareholder meeting on April 24. Leer served as the company's
chief executive officer from 1997 to 2012, and as president of Arch Mineral
Corporation, a predecessor company, from 1992 to 1997. He was elected
chairman in 2006.
"It has been a tremendous honor to work with the talented men and women of
Arch Coal for much of the past four decades, and to serve as the company's
board chairman for the past eight years," Leer said. "With Wes Taylor as
incoming chair and John Eaves as CEO, the company is in exemplary hands, and I
am confident that the board and management team are forging a path to
continued success. Arch is a great company with a bright future, and I look
forward to following its progress in the years ahead."
"It has been a privilege to work closely with Steve for the past 20 years,"
said John W. Eaves, Arch's president and chief executive officer. "He has
provided tremendous leadership to Arch and its predecessor organizations, and
we wish him the very best on his long-planned and well-earned retirement from
Wesley M. Taylor, 71, will succeed Leer as chairman. Taylor joined Arch's
board in 2005 and was elected lead independent director in 2013. Prior to
joining the Arch board, Taylor served as president of TXU Generation for 13
years and president of Dallas Power & Light for three years during a 38-year
tenure with TXU.
"I am honored to accept this new role," Taylor said. "Arch Coal has
world-class coal reserves, exceptional mining assets and some of the most
talented people in the U.S. mining sector. I look forward to working with the
board and the management team to ensure that the company realizes its full
potential while generating significant long-term value for its shareholders."
"Wes is a proven leader with great vision and a deep understanding of U.S. and
global energy markets," said Eaves. "He is uniquely equipped to lead the
board during this period of unprecedented change in the U.S. coal industry,
and I look forward to working with him to address the challenges and
capitalize on the opportunities that are sure to arise in such a dynamic
A graduate of Texas A&M University with BS and MS degrees in mechanical
engineering, Taylor currently serves on the board of FirstEnergy Corporation.
He is a past chairman of the National Coal Council and a former member of the
board of the National Mining Association and the Coal-Based Generation
In addition, Arch announced that Paul A. Lang, Arch's executive vice president
and chief operating officer, has been elected to the company's board of
directors, effective immediately.
"Paul has made a significant contribution to Arch's growth and success in
recent years," Eaves said. "He has played a key role in establishing Arch as
the industry leader in safety and environmental stewardship, demonstrated a
passion for continuous improvement across the entire mining platform, and
helped the company penetrate new markets overseas. His election to the board
is a logical next step, and I am confident he will be a great addition."
In his current capacity, Lang has responsibility for the mining and marketing
of all of Arch's coal production, which totaled nearly 140 million tons in
2013, as well as its trading, transportation, corporate procurement and
process improvement efforts.
Prior to assuming his current position, he served as the corporation's
executive vice president of operations and senior vice president of
operations. He has held various other engineering, operations and management
positions in both the eastern and western United States during his 30-year
tenure, including president and general manager of Arch's Powder River Basin
and southern Wyoming operations. He currently serves on the boards of
Advanced Emissions Solutions, Inc. and Knight Hawk Coal Company. Lang also
serves on the development board of the Mining Department of the Missouri
University of Science & Technology, and is chairman of the University of
Wyoming's School of Energy Resources Council. He is a graduate of the
Missouri University of Science & Technology (Rolla) with a bachelor's degree
in mining engineering, and the Advanced Management Program at Harvard Business
U.S.-based Arch Coal, Inc. is one of the world's top coal producers for the
global steel and power generation industries, serving customers on five
continents. Its network of mining complexes is the most diversified in the
United States, spanning every major coal basin in the nation. The company
controls more than 5 billion tons of high-quality metallurgical and thermal
coal reserves, with access to all major railroads, inland waterways and a
growing number of seaborne trade channels. For more information, visit
Forward-Looking Statements: This press release contains "forward-looking
statements" – that is, statements related to future, not past, events. In this
context, forward-looking statements often address our expected future business
and financial performance, and often contain words such as "expects,"
"anticipates," "intends," "plans," "believes," "seeks," or "will."
Forward-looking statements by their nature address matters that are, to
different degrees, uncertain. For us, particular uncertainties arise from
changes in the demand for our coal by the domestic electric generation
industry; from legislation and regulations relating to the Clean Air Act and
other environmental initiatives; from operational, geological, permit, labor
and weather-related factors; from fluctuations in the amount of cash we
generate from operations; from future integration of acquired businesses; and
from numerous other matters of national, regional and global scale, including
those of a political, economic, business, competitive or regulatory nature.
These uncertainties may cause our actual future results to be materially
different than those expressed in our forward-looking statements. We do not
undertake to update our forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required by law. For
a description of some of the risks and uncertainties that may affect our
future results, you should see the risk factors described from time to time in
the reports we file with the Securities and Exchange Commission.
SOURCE Arch Coal, Inc.
Contact: Kim Link, 314-994-2936, firstname.lastname@example.org
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