Alpha Natural Resources Inc. (ANR) has appointed Paul Vining,
currently the coal company's chief commercial officer, as
president, succeeding Kurt Kost.
The move comes just weeks after the company said its chairman
would retire, and would be succeeded by the company's chief
executive.
Alpha Natural is facing constrained prices and weakened demand
for power-plant coal in the U.S., as cheap natural gas floods the
market.
Vining, 57 years old, will continue to have responsibility for
sales and marketing, as well as taking responsibility for Alpha's
mining operations.
"I firmly believe that combining our mining operations with our
sales and marketing efforts at this time will create the most
effective business model for Alpha and provide new opportunities
for growth and synergy," said Chief Executive Kevin
Crutchfield.
Vining joined Alpha Natural in 2011 after serving in an
executive role at Patriot Coal Corp. (PCX). Vining was also chief
executive at Magnum/Trout Coal, and served in sales and trading
leadership positions at Peabody Energy Corp. (BTU).
The outgoing president, Kost, 55, had been in that role since
2008, and at the company for 31 years. As president, he oversaw the
company's acquisitions of Foundation Coal, the nation's
fourth-largest coal company at the time of the 2009 deal, and
Massey Energy.
He will remain with the company until the end of May in an
advisory role.
Shares were up 2% to $14.55 in premarket trading.
-By Kristin Jones; Dow Jones Newswires; 212-416-2208;
kristin.jones@dowjones.com