Peabody Energy has announced a new global organisational structure, with the creation of geographic business units in the Americas, Australia and Asia to reflect the growing size and scope of Peabody's global footprint. The new organisation positions the company for maximum success amid unique geographic market conditions and opportunities, by committing dedicated business unit teams to manage all aspects of the platform including safety, operations, marketing, project delivery and support functions.
- Richard A. Navarre has been named President - Americas. Navarre has nearly 30 years of experience including 19 years with Peabody, where he helped build out the US and global business. He most recently was president and CCO and has held a number of other executive positions including CFO.
- Eric Ford has been named President - Australia, located in Brisbane. Ford has 41 years of extensive international management experience, including 10 years managing Australian operations. He most recently served as Peabody's executive vice president and COO.
- Chris Hagedorn has been named President - Asia and Coal Trading. He most recently served as Peabody's senior vice president of global sales and trading support, and he also has led Peabody's supply chain management and business performance functions.
Peabody Energy chairman and CEO Gregory H. Boyce noted that the new organisation would advance the company's focus on operational excellence, the integration of newly acquired assets, the delivery of organic growth projects, and capital discipline and deleveraging. "With our recent acquisition, the size of our global platform has grown significantly and reached a logical point to bring a greater business focus at geographic and market levels, while maintaining controls and key centralized functions at the corporate level."
"As the largest global pure-play coal investment, Peabody has a growing platform in Australia, multiple initiatives in Asia, an expanding coal trading business and the premier portfolio in the United States," said Boyce. "With major international and U.S. operations and sales and trading activities, it is a natural evolution to refocus our resources and talents to deliver enhanced results across our global platform."
Peabody achieved record financial results in 2011, including sales of 251 million short t of coal, US$ 8 billion of revenues and EBITDA of US$ 2.13 billion. The company's Australia operations contributed half of the earnings and continued to expand, while Peabody's leading US mining operations also contributed 50% and Asia initiatives continued to advance.
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