“This is the strongest team in the industry,” said Peabody president Gregory Boyce. “Reorganising the executive operating responsibilities into four positions allows Peabody to continue to achieve record results by sustaining the focus on safety, productivity, process improvement and capital efficiency initiatives, while providing developmental opportunities for the entire management team.”
A total of nine executives will now report to Boyce, including Richard Navarre (executive vice president and chief financial officer), Richard Whiting (executive vice president of sales, marketing and trade), Roger Walcott Jr (executive vice president of planning and resource development), Sharon Fiehler (executive vice president of human resources and administration), Jiri Nemec (group vice president of US eastern operations), Kemal Williamson (group vice president of US western operations), Ian Craig (group vice president of Australian operations), Charles Burggraf (group vice president of technical services), and Frederick Palmer (senior vice president of government relations).
Of this group, four – Burggraf, Nemec, Walcott and Williamson – received promotions and have been named to these new roles.
Boyce will assume the position of chief executive officer on January 1 2006.
In related news the company increased its quarterly dividend by 27% and authorised a share repurchase program of up to 5% of the outstanding shares of common stock.
"Peabody's board and management recognise the company's bright outlook," said Boyce. "The dividend increase and share repurchase authorisation offer the flexibility to provide added shareholder value, while we continue to implement our many growth initiatives."
