He succeeds Gregory Boyce, who remains as executive chairman.

“We are confident that his experience, skills, values and vision will help shape a stronger company now and in the many years ahead,” Boyce said.

Kellow joined Peabody as president and chief operating officer in September 2013, and was named CEO-elect and added to the board of directors in January 2015.

At the company's annual shareholder meeting, Kellow acknowledged that the industry was at a difficult part of the cycle with multiple headwinds, but also noted that global coal demand growth was expected to continue for decades to come and the company would take the steps necessary to succeed in all market conditions.

“While this is a challenging time, we have identified four areas of emphasis – operational, selling and administrative, financial and portfolio – to strengthen our company,” Kellow said.

“These areas of emphasis, along with our exposure to key markets, provide Peabody multiple avenues for success. I look forward to leading this team as we advance with speed, focus and purpose to create superior long-term shareholder value.”

Since joining Peabody in 2013, Kellow has led an operational team that has improved safety, productivity and costs, while achieving a host of other corporate accomplishments.

Kellow has worked across a broad range of commodities spanning three decades. Before joining Peabody, he held multiple leadership posts on three continents over a 28-year career with BHP Billiton. He has held a number of executive, operating and financial positions in the coal, copper, base metals, steel and petroleum sectors in the US, Australia and Chile.

Peabody Energy also announced that all 12 members of its board of directors were elected at the company's annual meeting of shareholders.

“Our board as a whole, and each of our individual directors, brings an experience and skill set that provide excellent counsel and governance as we manage through current markets and create long-term shareholder value,” Boyce said.