Patriot Coal Transitions to Publicly Traded Company and Names Board of Directors
October 10 2007 - 6:47PM
PR Newswire (US)
ST. LOUIS, Oct. 10 /PRNewswire-FirstCall/ -- Patriot Coal
Corporation (NYSE:PCX) today announced that it is transitioning to
an independent, public company to be traded on the New York Stock
Exchange under the ticker symbol PCX. Distribution of Patriot stock
to Peabody Energy shareholders is expected to occur on October 31,
2007 at a ratio of one share of Patriot Coal stock for every 10
shares of Peabody held. The distribution is contingent upon
Patriot's registration statement on Form 10 being declared
effective by the Securities and Exchange Commission (SEC), along
with other conditions outlined in the information statement filed
with the SEC. Patriot is a leading producer of metallurgical and
steam coal in the Eastern United States, with 2006 sales of 24
million tons and reserves totaling more than 1.2 billion tons.
Patriot has a diverse portfolio of operations, with a leading
metallurgical coal position serving U.S. and global steel
producers, a Northern Appalachia and Illinois Basin coal presence
serving America's highest concentration of scrubbed generating
plants, and low sulfur Central Appalachian steam coal supplies.
Patriot Coal's Board of Directors has also been named. Former
Peabody Chairman Irl F. Engelhardt will serve as Chairman of
Patriot's Board of Directors. Independent directors of the Board
will include former Vice Chairman of Emerson Electric J. Joe
Adorjan; former CONSOL Energy Chairman and Chief Executive Officer
Bobby R. Brown; former Chief Financial Officer of Hanson Industries
and Millennium Chemicals John E. Lushefski; Senior Vice President
and Chief Financial Officer of Bunge North America Michael M.
Scharf; and former Chief Executive Officer and Director of CILCORP
Robert O. Viets. Patriot President and Chief Executive Officer
Richard M. Whiting will also serve on the Board. He leads an
executive team that features 142 years of industry experience.
Those reporting to Whiting are: Senior Vice President and Chief
Marketing Officer Michael V. Altrudo; Senior Vice President,
General Counsel and Corporate Secretary Joseph W. Bean; Senior Vice
President of Corporate Development Charles A. Ebetino, Jr.; Senior
Vice President and Chief Operating Officer Jiri Nemec; Senior Vice
President and Chief Financial Officer Mark N. Schroeder; and Senior
Vice President of Human Resources Sara E. Wade. "We see a very
strong outlook for Patriot Coal," said Whiting. "Our proven
management team is focused on maximizing the value of Patriot's
portfolio of assets and growing through sound commercial
transactions. With Patriot's diverse asset base and experienced
workforce, we believe we are well-positioned in the robust markets
for Eastern U.S. steam coal. Further, we expect our high-quality
metallurgical coal position to serve us well as global demand in
the steel industry continues to expand." About Patriot Coal Patriot
Coal Corporation is a leading producer and marketer of coal in the
Eastern United States, with eight company-operated mines, two joint
venture mines and numerous contractor-operated mines in Appalachia
and the Illinois Basin. The company ships to electric utilities,
industrial users and metallurgical coal customers, and controls
approximately 1.2 billion tons of proven and probable coal
reserves. The company's common stock will trade on the New York
Stock Exchange under the symbol PCX. Certain statements in this
press release are forward-looking as defined in the Private
Securities Litigation Reform Act of 1995. These statements involve
certain risks and uncertainties that may be beyond our control and
may cause our actual future results to differ materially from
expectations. We do not undertake to update our forward-looking
statements. Factors that could affect our results include, but are
not limited to: coal and power market conditions; the outcome of
commercial negotiations involving sales contracts or other
transactions; our dependence on Peabody Energy in the near future;
geologic, equipment and operational risks associated with mining;
supplier performance and the availability and cost of key equipment
and commodities; our ability to recover coal reserves; labor
availability and relations; availability and costs of
transportation; legislative and regulatory developments; weather
patterns affecting energy demand; availability and costs of
competing energy resources; and other risks detailed in the
company's filings with the Securities and Exchange Commission.
PATRIOT COAL CORPORATION BOARD OF DIRECTORS Irl F. Engelhardt is a
former Chairman, Chief Executive Officer and President of Peabody
Energy and former Co-Chief Executive Officer of The Energy Group.
He is Chairman of The Federal Reserve Bank of St. Louis and
Director of Valero Energy and Williams Companies. J. Joe Adorjan is
a former Vice Chairman of Emerson Electric, former Chief Executive
Officer of ESCO Electronics and Former CEO of Borg-Warner Security.
Bobby R. Brown is a former Chairman and Chief Executive Officer of
CONSOL, former Director of Peabody Energy and Former Senior Vice
President of Conoco. John E. Lushefski is a former Chief Financial
Officer of Millennium Chemicals and Hanson Industries and former
Chief Financial Officer of Peabody Holding. Michael M. Scharf is
Senior Vice President and Chief Financial Officer for Bunge North
America and former Chief Financial Officer of Peabody Holding.
Robert O. Viets is a former Chief Executive Officer and Director of
CILCORP, an Illinois provider of electric and gas services, and a
Director of RLI Corp. Richard M. Whiting is President and Chief
Executive Officer of Patriot Coal Corporation, former Executive
Vice President and Chief Marketing Officer and former President and
Chief Operating Officer of Peabody Energy. He is a member of the
Society of Mining Engineers Foundation Board of Trustees. PATRIOT
COAL CORPORATION EXECUTIVES Michael V. Altrudo is Senior Vice
President and Chief Marketing Officer. Previously he served as
Marketing Advisor for Peabody's COALTRADE International subsidiary
and President of Peabody COALTRADE International. Altrudo has 33
years of experience, which includes prior sales and marketing
positions with Zeigler, Drummond, Nerco and Derby Coal. Joseph W.
Bean is Senior Vice President, General Counsel and Secretary.
Previously he served as Vice President and Associate General
Counsel for Peabody. He has two decades of law experience, which
includes prior experience with Quaker Oats, Pet, and law firms
Mayer, Brown & Platts and Thompson & Mitchell. Charles A.
Ebetino, Jr. is Senior Vice President of Corporate Development.
Previously he was Senior Vice President of Business and Resource
Development for Peabody. Ebetino has 30 years of industry
experience including 25 years with American Electric Power, where
he directed mining subsidiaries and oversaw fuel supply. Jiri Nemec
is Senior Vice President and Chief Operating Officer. Previously he
was Group Vice President of U.S. Eastern Operations for Peabody. He
is a professional engineer and has 30 years of experience in coal
operations and management in Appalachia. Mark N. Schroeder is
Senior Vice President and Chief Financial Officer. Previously he
was President of Peabody China and Vice President and Controller of
Peabody Energy. He has 27 years of business experience. Sara E.
Wade is Senior Vice President of Human Resources. Previously she
was Vice President for Compensation and Employee Services for
Peabody. She has 15 years of experience, including prior experience
with KPMG. CONTACT: Janine Orf (314) 542-2109 DATASOURCE: Patriot
Coal Corporation CONTACT: Janine Orf, +1-314-542-2109, for Patriot
Coal Corporation
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