Officials said Zatezalo’s appointment would allow for a reduced time commitment.

Former chairman Mark Zand will remain a director following the transition.

“We are excited about the appointment of Chris as CEO and we are confident that Chris' knowledge, expertise and leadership will continue to successfully guide Rhino's operations, including the development of the new Pennyrile mine in western Kentucky,” Zand said.

“While his workload will be diminished, we also look forward to Dave's continued involvement at Rhino.

“In addition to the operational experience he brings, Dave will be able to increase his focus on Rhino's diversification efforts, including the ongoing development of the Utica Shale oil and gas property.”

Walton, who initially joined Rhino Energy in 2007 and most recently served as senior vice president and chief operating officer, said he was anxious to help diversify the company even more during this coal tide.

“By utilising the expertise of our people during this current difficult coal market, along with the development of the Pennyrile mine and anticipated cash flows from our Utica Shale oil and gas investment, we expect to create substantial value for Rhino,” he said.

Rhino also announced it was finalising its third-quarter results and would release the information on October 31.