Peabody Energy Announces Global Business Realignment
Mar 07, 2012, 08:15 ET
ST. LOUIS, March 7, 2012 /PRNewswire/ -- Peabody Energy (NYSE: BTU) today announced a new global organizational structure, with the creation of geographic business units in the Americas, Australia and Asia to reflect the growing size and scope of Peabody's global footprint. The new organization positions the company for maximum success amid unique geographic market conditions and opportunities, by committing dedicated business unit teams to manage all aspects of the platform including safety, operations, marketing, project delivery and support functions.
- Richard A. Navarre has been named President – Americas. Navarre has nearly 30 years of experience including 19 years with Peabody, where he helped build out the U.S. and global business. He most recently was President and Chief Commercial Officer and has held a number of other executive positions including Chief Financial Officer.
- Eric Ford has been named President – Australia, located in Brisbane. Ford has 41 years of extensive international management experience, including 10 years managing Australian operations. He most recently served as Peabody's Executive Vice President and Chief Operating Officer.
- Chris Hagedorn has been named President – Asia and Coal Trading. He most recently served as Peabody's Senior Vice President of Global Sales and Trading Support, and he also has led Peabody's Supply Chain Management and Business Performance functions.
Peabody Energy Chairman and Chief Executive Officer Gregory H. Boyce noted that the new organization would advance the company's focus on operational excellence, the integration of newly acquired assets, the delivery of organic growth projects, and capital discipline and deleveraging. "With our recent acquisition, the size of our global platform has grown significantly and reached a logical point to bring a greater business focus at geographic and market levels, while maintaining controls and key centralized functions at the corporate level."
"As the largest global pure-play coal investment, Peabody has a growing platform in Australia, multiple initiatives in Asia, an expanding coal trading business and the premier portfolio in the United States," said Boyce. "With major international and U.S. operations and sales and trading activities, it is a natural evolution to refocus our resources and talents to deliver enhanced results across our global platform."
In addition to the business unit presidents, continuing to report to Boyce are central corporate functions including: Michael C. Crews, Executive Vice President and Chief Financial Officer; Sharon D. Fiehler, Executive Vice President and Chief Administrative Officer; Jeane L. Hull, Executive Vice President of Technical Services; Alexander Schoch, Executive Vice President of Law, Chief Legal Officer and Secretary; and Fredrick D. Palmer, Senior Vice President of Government Relations.
Peabody achieved record financial results in 2011, including sales of 251 million tons of coal, $8 billion of revenues and EBITDA of $2.13 billion. The company's Australia operations contributed half of the earnings and continued to expand, while Peabody's leading U.S. mining operations also contributed 50 percent and Asia initiatives continued to advance.
Peabody Energy is the world's largest private-sector coal company and a global leader in clean coal solutions. Peabody fuels 10 percent of U.S. power and 2 percent of worldwide electricity.
SOURCE Peabody Energy
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