Alpha Natural Taps Chief Commercial Officer As President

Date : 04/11/2012 @ 9:38AM
Source : Dow Jones News
Stock : Peabody Energy Corp. (PC) (BTUUQ)
Quote : 0.383  0.0 (0.00%) @ 2:08AM

Alpha Natural Taps Chief Commercial Officer As President

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

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