Business - Massey Energy Co. Chief Executive Officer Don Blankenship will retire as of Dec. 31, the company said in an e-mailed statement. Massey President Baxter F. Phillips Jr. will succeed him as CEO, the company said.
BLast month, Massey, owner of the Upper Big Branch mine in West Virginia where 29 people died in April, said its board of directors ordered a review of strategic alternatives “to enhance shareholder value,” a process that may lead to sale of the company
Blankenship, who began his career with the company as an office manager in 1982, has expressed reservations about the company’s potential sale. Last month, he said merger and acquisition options would be “fully vetted” when the board met at the Greenbrier Resort in White Sulphur Springs, West Virginia, Nov. 21.
he has worked at Massey for almost three decades and served as chairman and chief executive since Nov. 30, 2000, the Richmond, Virginia-based company said. Admiral Bobby Inman, 79, lead independent director on the Massey board, will become non-executive chairman.
“After almost three decades at Massey it is time for me to move on,” Blankenship said in a statement. “Baxter and I have worked together for 28 years and he will provide the company great executive leadership.” (bloomberg)
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