Patriot Coal Corp., the U.S. coal producer that filed for bankruptcy protection in July, said Chief Executive Officer Irl Engelhardt has been replaced by former Chief Operating Officer Bennett K. Hatfield.
Michael Scharf, the former independent lead director on Patriot’s board, will take over Engelhardt’s role as chairman, the St. Louis-based company said in a statement today. Hatfield, 55, joined Patriot in September 2011, after serving as CEO of International Coal Group from 2005 until Arch Coal Inc. bought the company in 2011.
Engelhardt, a former chairman and CEO of Peabody Energy Corp., served as Patriot’s chairman since the company was spun off from Peabody in 2007. He was named CEO in May, on the same day Hatfield was promoted to president.
Patriot, which listed assets of $3.57 billion and debt of $3.07 billion when it filed for Chapter 11, fell 3.5 percent to 16.2 cents at the close in New York.