Patriot Coal (OTC: PCXCQ), which has been in Chapter 11 bankruptcy protection since July 9, announced Sept. 21 management changes intended to bolster the resources of its finance team as the St. Louis-based company continues the bankruptcy reorganization process.
Mark Schroeder has been named Senior Vice President of Financial Planning, effective immediately. Schroeder will largely focus on steps to maximize value created from the company’s reorganization process. John Lushefski, a Patriot board member and chair of its Finance Committee, is joining the company and is succeeding Schroeder as Chief Financial Officer and Chief Accounting Officer. Lushefski is stepping down from the Patriot board to serve in his new role.
“Patriot is fortunate to be able to draw on the services of these two outstanding professionals as the Company continues to address the challenges presented by a rapidly changing industry,” said Patriot Chairman and CEO Irl Engelhardt, who a few months ago stepped into a more active role at Patriot as it ran into financial trouble. “Jack Lushefski is a highly accomplished financial executive, with prior experience as the CFO of several companies. Having worked closely with him on the Patriot Board, I am confident that Jack’s financial expertise, leadership talents and industry experience will provide added strength and depth to the Patriot team.”
Engelhardt added: “As we move through the stages of the reorganization process, Mark’s new assignment is an important element of Patriot’s future success. Mark will continue to be a member of our executive team and assist Patriot with financial planning and other aspects of the restructuring, while continuing to provide financial expertise to all facets of the organization.”
Lushefski and Schroeder will report to the CEO, and the executives formerly reporting to Schroeder will now report to Lushefski.
Patriot Coal is a producer and marketer of coal in the eastern U.S., with 12 active mining complexes in West Virginia and western Kentucky.