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The US-focused coal miner cited Somerville’s experience with mergers and acquisitions, debt and equity strategies as well as risk, debt and investment strategies.
He is currently president of a privately held investment holding company called CCM Capital Corporation and has served as president for Canadian financing group BMO Capital Corporation.
CanAm chairman Jon Legg said Somerville’s appointment to the board was a “significant” step for the miner.
“Steve’s background, reputation and experience in mid-market corporate finance are exceptional and particularly relevant given the company’s overall growth strategy of becoming an intermediate coal producer in the next three to five years,” he said.
Somerville was responsible for the leadership of Bank of Montreal’s Canadian mid-market M&A business and the bank’s limited partner investments in third-party private equity funds.
He worked 11 years with the Canadian Imperial Bank of Commerce before serving as a member of Bank of Montreal’s corporate finance leadership from 2001 to 2012.
Earlier this week, CanAm exercised its option for another 30% of Birmingham Coal & Coke, bringing the company’s stake in BCC to 80%.
The miner said it expected the acquisition to increase 2012’s production to between 450,000 tons and 500,000t and 2013’s production to 750,000t.
