By Saabira Chaudhuri
Peabody Energy Corp. (BTU) has named mining executive Glenn
Kellow to be its president and chief operating officer.
"Glenn brings more than a quarter century of distinguished
experience in the global resource industry, where he has served in
multiple executive, operational and financial roles in coal and
other commodities," Chief Executive Gregory H. Boyce said.
Peabody said Mr. Kellow will be responsible for all aspects of
the company's global operations including safety, production,
sales/marketing, environmental, productivity improvement,
engineering and planning.
Mr. Kellow most recently served as president of the
multinational Aluminum and Nickel business for BHP Billiton Ltd.
(BHP.AU, BHP)
His coal industry experience includes responsibilities as
president and COO of New Mexico Coal. He is also is a former
director of the World Coal Association and the National Mining
Association.
On Wednesday, Moody's Investors Service lowered Peabody a notch
further into junk, saying the coal miner likely will continue to be
hurt by a weak market for steel-making and power-plant coal.
And in July, Peabody reported its second-quarter profit shrank
56% as the coal company's revenue per ton slid in both its U.S. and
Australia operations.
Shares closed Wednesday at $16.59 and were inactive premarket.
The stock has dropped 21% in the past three months.
Write to Saabira Chaudhuri at saabira.chaudhuri@wsj.com
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