Westmoreland Promotes Joseph E. Micheletti to Chief Operating Officer; Appoints Jeffrey S. Stein as Chief Investment Officer;...
October 19 2017 - 4:15PM
Westmoreland Coal Company (Nasdaq:WLB) today announced that it has
promoted Joseph E. Micheletti to Chief Operating Officer. Mr.
Micheletti joined Westmoreland in 1998 and has held various
positions of increasing responsibility including, most recently,
Executive Vice President and Chief Technical Officer. During
his nearly 20 years with Westmoreland, Mr. Micheletti has also
served as Senior Vice President of Coal Operations and has led the
company’s production, maintenance, processing, and engineering
functions. Mr. Micheletti also proudly serves as a director
of the Rocky Mountain Coal Mining Institute.
“This is a well-deserved promotion for Joe, who has been
essential to Westmoreland’s success,” said Kevin Paprzycki,
Westmoreland’s Chief Executive Officer. “Joe has extensive
experience and an outstanding track record as a leader at
Westmoreland during the last two decades. He has led the
teams responsible for over-achieving our expectations on the
acquisitions we have made in the past several
years.”
Mr. Micheletti replaces Westmoreland’s former President and
Chief Operating Officer, John Schadan. Paprzycki said, “I am
thankful to John for his contributions to Westmoreland and wish him
well as he pursues other opportunities.”
Separately, the board has engaged Jeffrey S. Stein to serve as
Chief Investment Officer to help lead shareholder value
initiatives. Mr. Stein will continue serving on
Westmoreland’s board of directors, a position as he has held since
August 2016. Mr. Stein is the Founder and remains the Managing
Partner of Stein Advisors LLC, a financial advisory firm that
provides consulting services to institutional
investors.
“Jeffrey’s significant capital markets expertise and his depth
of understanding of capital allocation and structure makes him the
ideal candidate to serve as our Chief Investment Officer,” said Jan
B. Packwood, Chairman of the Board of Westmoreland. “We are
confident in his ability to lead our efforts as we seek to optimize
Westmoreland’s capital structure and maximize shareholder
value.”
In addition, the board of directors has formed an Operations
Committee to assist Westmoreland in fulfilling its responsibilities
pertaining to matters most likely to affect shareholder value,
including capital structure optimization, oversight of operational
leadership and harnessing internal opportunities to drive greater
value potential. To this end, Westmoreland recently engaged
an external management consulting firm to review its business
processes, make recommendations aimed at creating further
efficiencies, and identify opportunities for driving greater
value.
About Westmoreland Coal Company
Westmoreland Coal Company is the oldest independent coal company
in the United States. Westmoreland’s coal operations include
surface coal mines in the United States and Canada, underground
coal mines in Ohio and New Mexico, a char production facility, and
a 50% interest in an activated carbon plant. Westmoreland
also owns the general partner of and a majority interest in
Westmoreland Resource Partners, LP, a publicly-traded coal master
limited partnership (NYSE:WMLP). For more information, visit
www.westmoreland.com.
For further information please contact
Gary Kohn Chief Financial
Officer1-720-354-4467gkohn@westmoreland.com