Cavatoni has been with Alpha since 2009, before which he held positions with J P Morgan, beginning from 1991. He has qualifications from Drexel University and the University of Chicago.

In other changes, the current senior vice president and controller of a key Alpha subsidiary, Alan Jones, will join Alpha's management committee and be promoted to Alpha's chief accounting officer and controller.

In this role, Jones will report directly to Cavatoni. Jones joined Alpha in 2009 from Ernst and Young, where he was a partner and spent 17 years serving primarily large public corporations in the mining, energy, utility and consumer products sectors.

To further assist a smooth transition, Wood will continue to advise the company for several months after his retirement.

Alpha chairman Kevin Crutchfield praised Wood’s contributions to the company and industry.

“During his time at Alpha and throughout his tremendous 35-year career in the coal sector, Frank has established himself as one of the most respected financial professionals in the business,” he said.

“More than that, he is an institution within this industry. We are sad to see him go, but wish him well on a retirement well earned.”