HOUSTON, June 2, 2014 /PRNewswire/ -- Natural Resource Partners L.P. (NYSE: NRP) today announced that Nick Carter, NRP's President and Chief Operating Officer, will retire on September 1, 2014. Wyatt L. Hogan, NRP's Executive Vice President, will succeed Mr. Carter as President. Mr. Hogan will be responsible for NRP's continued growth and diversification and will report to Corbin J. Robertson, Jr., NRP's Chairman and Chief Executive Officer. Kevin F. Wall, NRP's Executive Vice President—Operations will succeed Mr. Carter as Chief Operating Officer and will report to Mr. Hogan. In addition, Kevin J. Craig, NRP's Vice President–Business Development for NRP's coal business, will assume additional responsibilities with regard to coal industry relations and report to Mr. Hogan. Following his retirement, Mr. Carter will work as a consultant to NRP through the end of 2014 in order to ensure a seamless transition.
"We look forward to continued growth at NRP as Wyatt assumes this leadership role and as Kevin and Kevin assume greater responsibilities," said Mr. Robertson. "This announcement marks the culmination of an extensive, two-year strategic review and succession planning process at NRP, and I also want to thank our Board of Directors for all of their time and effort in ensuring NRP has a bright future."
"I also would like to thank Nick for his dedication and hard work over the last 24 years," said Corbin J. Robertson, Jr., Chairman and Chief Executive Officer. "Under Nick's leadership, NRP has grown from a small private company to a public company with an enterprise value of nearly $3 billion, and his industry expertise and contributions to the company have been invaluable to NRP's success. Not only has Nick been the public face of the company as President and COO, but he has also been a mentor and a friend to all of his employees. Nick has also been a tremendous ambassador for the coal industry and a leader in the West Virginia and Kentucky communities. Everyone at NRP and its Board of Directors wishes Nick all the best in his retirement."
"I have loved my 32 years in the coal industry and the last 24 years in the coal land business here at NRP," said Mr. Carter. "I have worked with truly wonderful people both at NRP and within the industry, all of whom are hardworking, genuine and dedicated. I am grateful for the opportunity to be involved in building a great company and providing leadership to an industry that is essential to this great country. As this phase of my career ends, I am very excited about the challenges and opportunities that are before me. I am extremely confident in the abilities of our new team to lead NRP and execute its long-term strategy to diversify its assets and generate and grow cash flow for unitholders."
Mr. Hogan currently serves as NRP's Executive Vice President, where he oversees NRP's strategic planning, business development and capital markets activities. Mr. Hogan previously served as NRP's Vice President, General Counsel and Secretary from May 2003 to December 2013. Mr. Hogan has been involved in more than 60 acquisitions since joining NRP and has most recently led NRP's diversification efforts by overseeing the investment in OCI Wyoming, L.P.'s trona mining/soda ash production business and the acquisitions of non-operated working interests in oil and gas properties located in the Bakken/Three Forks play completed in 2013. Mr. Hogan serves on the Partnership Committee for OCI Wyoming, L.P. and will succeed Mr. Carter on the Board of the National Mining Association. Prior to joining NRP, Mr. Hogan was an attorney at Vinson & Elkins, specializing in capital markets transactions.
Mr. Wall currently serves as NRP's Executive Vice President—Operations and has worked for NRP and its predecessor companies since 1986. Mr. Wall is a registered professional engineer in West Virginia and has extensive experience in the coal and aggregates industries, having performed duties in land management, planning, project evaluation, acquisition, and engineering areas since 1981. In addition, Mr. Wall oversees NRP's budgeting, serves on the Partnership Committee for OCI Wyoming, L.P. and has strong relationships with NRP's lessees and others in the coal industry. Mr. Wall was recently elected to succeed Mr. Carter as Chairman of the National Council of Coal Lessors.
Mr. Craig currently serves as NRP's Vice President–Business Development for the coal business and has worked for NRP since 2005. Prior to joining NRP, Mr. Craig worked for CSX Transportation, serving as terminal manager for the West Virginia Coalfields. He has served for 14 years as a member of the West Virginia House of Delegates, where he currently serves as Chairman of the Committee on Energy. Mr. Craig will not seek re-election in 2014 in order to devote more time to NRP.
Natural Resource Partners L.P. is a master limited partnership headquartered in Houston, TX, with its operations headquarters in Huntington, WV. NRP is principally engaged in the business of owning and managing mineral reserve properties. NRP primarily owns coal, aggregate and oil and gas reserves across the United States that generate royalty income for the partnership. In addition, NRP owns an equity investment in OCI Wyoming, a trona/soda ash operation, and owns non-operated working interests in oil and gas properties.
SOURCE Natural Resource Partners L.P.