March 14 (Bloomberg) -- Joy Global Inc., the world’s largest maker of underground mining equipment, said Edward L. Doheny II will succeed Michael Sutherlin as chief executive officer.
While Sutherlin, 66, will officially retire Feb. 1, the transition will occur at the year-end, Milwaukee-based Joy said in a statement today. Doheny, 50, has been president and chief operating officer of the company’s underground mining equipment division, its largest unit, since 2006. Before joining Joy, he worked for 20 years at Ingersoll-Rand Corp.
Under Sutherlin, who became CEO in December 2006, Joy’s sales have doubled amid a boom in global demand for commodities such as coal and copper. The company completed five acquisitions worth a combined $2.4 billion in the period, including LeTourneau Technologies Inc. in the U.S. and International Mining Machinery Holdings Ltd. in China, according to data compiled by Bloomberg.
Doheny and Randal Baker, president and chief operating officer of the surface mining equipment division who will take on the underground unit, have been part of developing and driving Joy Global’s strategy in recent years, Sutherlin said.
“We are in sync,” Sutherlin said in a telephone interview today. “I don’t think there will be a dramatic change.”
During his tenure he has worked to improve margins, increase research and development on new products and expand in China, Sutherlin said.
Sutherlin put Joy Global in a “stronger position” by focusing on product development and business discipline and taking advantage of global opportunities, Eli Lustgarten, an Independence, Ohio-based analyst for Longbow Research who has a hold recommendation on the shares, said in an interview today.
Joy rose less than 1 percent to $61.69 at the close in New York. The shares have fallen 22 percent in the past year.
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