Walter Energy, Inc. (WLT), a producer and exporter of coking coal, Wednesday, said it has named Victor Patrick as Chief Executive Officer and George Richmond as President and Chief Operating Officer.
The Tampa, Florida-based company further noted that it has also initiated a search to fill the position of Chief Financial Officer, formed as a result of the elevation of Victor Patrick to new responsibilities. Patrick, however, would continue to act as CFO until the new appointment is made.
Consistent with the appointments, Walter Energy also said it intends to relocate its corporate headquarters to the Birmingham, Alaska, most probably in the first half of 2010.
Patrick has been with Walter Energy since 2002, serving in various positions of increasing responsibilities. He was named CFO in 2008. Prior to joining Walter Industries, Patrick was a Deputy General Counsel and Secretary of Honeywell International, Inc.
George Richmond, prior to joining Walter Energy, was the Chief Executive Officer of Jim Walter Resources subsidiary. Joining Jim Walter in 1978, Richmond held various position at the company before being named as CEO. In his new role at Walter Energy, Richmond would also continue to lead the Walter Energy's operating units along with other responsibilities.
Commenting on the appointments, Michael Tokarz Chairman who will continue in his role as non-executive Chairman said, "George has also played a vital role in developing and executing the Company's growth strategy, including our recent metallurgical coal expansion initiatives."
WLT is currently trading at $58.71, up $1.01 or 1.77%, on the NYSE.
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