announced Monday morning that the only man the company has known as its Chief Executive Officer will step down from the post April 26. Steven Leer will retire, but remain chairman of the board of directors for the Creve Coeur energy concern.
John W. Eaves, the company's president and chief operating officer will succeed Leer as CEO.
In a statement, Leer said the move has been in the works since 2006, and praised Eaves' work on growing the company internationally. In that same statement, Eaves said, in part:
"It will be an honor to lead Arch Coal and the thousands of employees who make this company great. Arch is exceptionally well positioned to capitalize on the rapid growth in energy demand around the world, and we will remain sharply focused on expanding our participation in global coal markets even as we continue to meet the need for secure and affordable energy here at home. At the same time, we will continue to be guided by the three core values that have defined Arch Coal since its formation: safety excellence, environmental stewardship and strong financial returns."
Eaves first joined Arch Coal in 1987. The transition will happen in conjunction with the company's annual meeting of shareholders.