Cloud Peak Energy Inc. Says CFO Michael Barrett Expected To Resign By End Of Q1 2015
Cloud Peak Energy Inc. (NYSE: CLD), one of the largest U.S. coal producers and the only pure-play Powder River Basin (PRB) coal company, announced that its current Executive Vice President and Chief Financial Officer, Michael Barrett, is planning to relocate his family back to Australia and is expected to resign from Cloud Peak Energy by the end of the first quarter of 2015. Barrett has served as Cloud Peak Energy's Executive Vice President and Chief Financial Officer since September 2008.
President and Chief Executive Officer Colin Marshall said, “I would like to thank Mike for all of his contributions to our company during his many years of service. He was instrumental in our initial public offering in 2009 and subsequent transition to a public company, including building Cloud Peak Energy's finance, treasury, accounting and investor relations functions. Mike has also helped our company navigate challenging industry conditions while maintaining a strong balance sheet and positioning Cloud Peak Energy for future growth opportunities. We look forward to Mike's continued contributions throughout 2014 and into early 2015, and wish him well in his future endeavors.”
The company also announced that it expects to promote Heath Hill, currently Cloud Peak Energy's Vice President and Chief Accounting Officer, to serve as Executive Vice President and Chief Financial Officer following Barrett's departure. Hill has served as the company's Vice President and Chief Accounting Officer since September 2010. Previously, he served in various capacities with PricewaterhouseCoopers LLP from September 1998 to September 2010.
“Heath has consistently demonstrated his leadership abilities in his current role and is a valued member of our senior management team. Heath's background and experience with our company will be a strong asset to Cloud Peak Energy as he transitions to Chief Financial Officer,” said Marshall.
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