CONSOL Energy has announced that CEO and Chairman, J. Brett Harvey, will become Executive Chairman of this company, leaving Nicholas J. DeIuliis to fill the position of President and CEO.
DeIuliis has also been nominated for election to the Board of Directors at CONSOL Energy's annual shareholders' meeting. These executive management changes will become effective from 7th May 2014.
J. Brett Harvey
Harvey has served as CEO since January 1998. Under his leadership, the company underwent an initial public offering (IPO) in 1999, with an equity market capitalisation of approximately US$ 1 billion. By creating and implementing his strategic vision, the company now has a market value worth approximately US$ 9 billion.
During this time, CONSOL led an era of improvement in coal mine safety, became the largest longwall mining company in the US and the largest coal producer east of the Mississippi River. More recently, with the acquisition of Dominion Resources' Appalachian Basin exploration and production business in 2010, and the sale of CONSOL's five West Virginia coal mines in 2013, Harvey transformed CONSOL into a growth-driven E&P company, still with a significant coal business.
Commenting on the changes, Harvey said: "I am proud to have led the company through a defining period in CONSOL Energy's 150-year history, and have concluded that the time has come to execute our long-planned transition to a new generation of leadership. Nick has been a valuable part of my executive leadership team through the years, and has very effectively and successfully managed the day-to-day operations of the company through a transformative period of time for the company. I can assure all of our shareholders that they can have every confidence that Nick will continue to manage our premier assets in a manner that creates shareholder value."
Nicholas J. DeIuliis
DeIuliis has served as President of CONSOL Energy since February 2011. He has over 23 years of experience with the company, with both the coal and E&P divisions of the business, and in that time has held positions of COO and Senior VP of Strategic Planning. He was also President and CEO of CNX Gas Corporation, from its creation in 2005 through 2009.
Commenting on his promotion, DeIuliis said: "Brett's steady leadership has positioned CONSOL Energy for a great future, and I am privileged to have been selected to lead the company's growth strategy into that future.
“Our shareholders have high expectations, as do I along with our management team. As part of the transformation, CONSOL Energy is well-positioned to execute our E&P growth plans, and our executive management team is focused on bringing forward the full value of our world- class assets to the benefit of our shareholders, our employees and the communities where we operate."
Adapted from press release by Katie Woodward
Read the article online at: https://www.worldcoal.com/coal/21032014/consol_announces_management_changes_644/