The Board of Directors of Xinergy Ltd. (TSX: XRG), a Central Appalachian coal producer, has accepted the resignation of company founder Jon Nix as CEO and Chairman of the Board, and has named Todd Swanson as Chairman of the Board and Matthew Goldfarb as interim CEO.
Nix is stepping down for personal reasons as he focuses on family matters requiring his full-time attention, Xinergy said May 14.
“The company’s asset portfolio and balance sheet position it well to navigate the significant challenges of our current operating environment,” said Nix. “As one of the company’s largest shareholders, I have every confidence that Matt and Todd will continue to lead with strategic direction toward the creation of long term shareholder value for all shareholders. Matt has been an instrumental part of our leadership team from the company’s inception, and together with Todd, will ensure a smooth transition given their deep familiarity with our operations and understanding of industry fundamentals. Our strong executive management team, led by President Bernie Mason, remains intact and will dutifully continue to oversee the day to day operations of the organization as they have since we came public.”
Goldfarb said: “Jon has been key to Xinergy’s success over the past several years, and leaves us with a highly-talented management team and an asset configuration that presents a very exciting growth platform from which to build significant shareholder value as our end markets recover. While we will miss Jon’s entrepreneurial and visionary spirit, we fully understand and support his decision to resign and focus his attention on personal matters.”
Goldfarb has served as Vice Chairman of Xinergy since July 2011, having previously served as lead independent director of the company, Chairman of the Compensation Committee and a member of the Audit Committee and Corporate Governance and Nominating Committee since the company went public in December 2009. Goldfarb also served as Portfolio Manager of Fourth Street Holdings LLC, a private investment firm, from June 2010 until July 2011. From January 2009 until January 2010, Goldfarb managed leveraged loan trading businesses at Pali Capital Inc., a boutique investment banking firm that offers financial advisory and brokerage services, and Tradition North America Inc., a leading inter-dealer broker of money market instruments. Goldfarb was a Director and Senior Investment Analyst of The Blackstone Group/GSO Capital Partners from January 2007 until December 2008 and a Director and Senior Investment Analyst at Pirate Capital LLC, an event-driven hedge fund, from January 2005 until September 2006.
Swanson. who has served as a director of the company since July 2011, is a private investor in public and private markets, with a focus on the natural resource sector. His experience includes both public and private equity investing, most recently as a partner with Barclays Natural Resource Investments from 2009 to 2010, a natural resource focused private equity fund affiliated with Barclays Capital. Previous experience includes Third Point LLC, an event-driven, special situations hedge fund, where he was responsible for a global energy portfolio and completed several activist investments from 2005 to 2009, Thoma Cressey Equity Partners (now Thoma Bravo), a private equity firm based in Chicago, and KPMG LLP, an international accounting firm where he held accounting and merger and acquisition roles from 1998 to 2001. He is a former director of coal producer Massey Energy and several other public and private companies.
Headquartered in Knoxville, Tenn., Xinergy Ltd., through its wholly owned subsidiary Xinergy Corp. and its subsidiaries, is engaged in coal mining in eastern Kentucky, West Virginia and Virginia. Xinergy sells high quality thermal and metallurgical coal to electric utilities, steelmakers and industrial companies.