Joy Global Inc. (JOY) said Thursday that its President and Chief Executive Officer, Michael Sutherlin, has set plans to retire at the end of this year.
In accordance with the company's succession plan, the company's board has designated Edward Doheny II, currently President and Chief Operating Officer of the Underground Mining Equipment division, to succeed Sutherlin.
At that time, the company said it will create a new position of corporate Chief Operating Officer to be assumed by Randal Baker, currently President and Chief Operating Officer of the Surface Mining Equipment division. In that role, Baker will oversee both the Surface Mining Equipment and the Underground Mining Equipment divisions.
According to the company, Sutherlin, 66, expects to formally retire on February 1, 2014. However, the transition in responsibilities to Doheny will be completed by December 2013 immediately following publication of the company's fiscal 2013 full year results.
Doheny has served as Executive Vice President of Joy Global and as President and COO of the Underground Mining Equipment division since 2006.
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