CanAm Coal Corp. (TSXV: COE) (OTCQX: COECF) said Oct. 22 that after serving six years as the company’s CEO, Tim Bergen has made a personal decision to step away from day to day company operations in order to focus solely on business development activities.
As a result, he will step down as company CEO and assume the title of Vice Chairman of the board responsible for business development. Bergen’s mandate will be to develop the company’s 1- to 3-year expansion plan, including identifying and evaluating high value development projects and opportunities to develop a seaborne market for the company’s coal reserves. Jos De Smedt, CanAm President and COO, will assume Bergen’s day to day management responsibilities.
Commenting on the role change, CanAm Chairman Jon Legg said: “Under Tim Bergen’s leadership, CanAm successfully transitioned from a development company to a full production company, which has delivered exponential growth highlighted by the acquisition of an 80% interest in Birmingham Coal & Coke. With this acquisition completed, the Company is fully focused on operational execution and delivering strong financial results. Our Calgary and Alabama based management team led by Jos De Smedt has the capacity and experience to deliver on this mandate and Bob and Tom Lewis will be responsible for day to day management at all of our mines. As a result, Tim has determined that he can best serve the Company by focusing on development of future growth opportunities. Tim will continue to be a key member of the board of directors going forward.”
The company is also announcing that, effective immediately, De Smedt has been appointed to the Board of Directors.
CanAm’s main activities and assets include its four operating coal mines in Alabama and the undeveloped Buick/Limon lignite coal reserve in Colorado.