Patrick, who also serves as general counsel for the company, will continue to serve in all of his capacities until successors can be named. He will not seek re-election to Walter’s board in April.
"To be part of the team that led Walter Energy through its transformation has been the most rewarding professional experience I could have ever hoped for. Now it's time for me to turn my attention to other priorities," he said.
Walter Energy chairman Michael Tokarz added: "Vic did an excellent job leading Walter Energy through its transformation process and was a key part of the development of the company's go-forward strategy."
Patrick was promoted to CEO last September. In a US Securities and Exchange Commission filing in January, he was awarded $US1 million in stock annually for the next three years in addition to as much as $1.98 million in salary – all hinging on Walter’s financial performance.
Early last month, the Florida-based company announced it would move its headquarters to the Birmingham, Alabama suburb of Hoover.
A lease was inked for the top two floors of the Galleria Tower at Riverchase Galleria, where the company will move about 100 of its employees.
Walter said the site was chosen for its proximity to the company’s Alabama operations. The move should be completed in the second quarter of this year.
The January SEC filing outlined that Patrick and his family were required to relocate with the company before July 1, 2010.
Walter Industries became Walter Energy last April. The company produces both metallurgical and steam coal as well as coal bed methane gas with a staff of more than 2100. It operates the Jim Walter Resources No. 4 and No. 7 mines in south-central Alabama.
