Under Boyce's leadership, the company expanded significantly into Australia, increased its global trading platform, developed an Asia presence and completed several major acquisitions.

He joined Peabody in 2003 as president and chief operating officer and served as CEO from 2006 to 2015.

He also has served as chairman in an executive capacity since 2007. Boyce was the only CEO to be named among top chief executives for both the energy and mining sectors, garnering recognition from Institutional Investor magazine and the Global Energy Awards, where he was named 2014 CEO of the Year.

Under his leadership, the company earned more than 225 major awards for safety, environmental and financial excellence. Boyce's industry leadership has included chairmanships of the Coal Industry Advisory Board of the International Energy Agency, World Coal Association and National Mining Association.

The veteran executive has been serving as lead independent director of Peabody since January 2013 and is ready to take the new role as part of the company’s succession plan, president and CEO Glenn Kellow said.

“Today marks the successful completion of a multi-year succession planning process,” he said.

“On behalf of the board of directors we thank Greg for his many years of service and wish him the best in retirement.

“We also welcome Bob to this position as a valued advisor and well-regarded energy and mining veteran. Bob is particularly suited to lead a skilled board that is energized to navigate the current environment.”

Malone has extensive global executive and operational experience, and has served as a member of Peabody's compensation, executive, and nominating and corporate governance committees, according to the company.

He is the retired executive vice president of British Petroleum (BP) plc and former chairman and president of BP America Inc.

Prior to joining BP, Malone was the president, CEO and chief operating officer for Alyeska Pipeline Service Company and held a series of senior positions with Kennecott Copper Corporation.

He also currently serves as executive chairman of First Sonora Bancshares.