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Arch Coal announces board of directors succession plan

24th April 2015

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

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TORONTO (miningweekly.com) – NYSE-listed Arch Coal on Thursday announced several changes to its board, in keeping with its planned succession process.

President and CEO John Eaves had been elected chairperson and CEO effective immediately, succeeding Wesley Taylor, who would remain on the Arch board.

"We have been planning for this transition and John's election to chairperson is the next logical step as we navigate this dynamic market environment. John has an incredible depth of industry knowledge and a keen ability to execute on our strategy and to guide the company successfully through these unprecedented challenges in coal markets,” Taylor said.

The board had also elected Paul Hanrahan to the position of lead independent director, effective immediately.

Arch also announced that Paul Lang, previously Arch's executive VP and COO, had been elected president and COO with immediate effect.

Despite missing analyst earnings expectations, Arch on Tuesday reported a narrower first-quarter loss, but cut its full-year output outlook as a result of weakening coal prices. Net earnings narrowed to $113.2-million, or $0.53 a share, in the quarter ended March 31, down from a loss of $124.1-million, or $0.59 a share, in the comparable quarter a year earlier.

Edited by Tracy Klückow
Creamer Media Contributing Editor

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