Central Appalachia coal producer Xinergy Ltd. (TSX:XRG) announced Nov. 4 the resignation of Matthew Goldfarb as Chief Executive Officer and Director, and the appointment of Bernie Mason as Chief Executive Officer.
Goldfarb has informed the company’s Board of Directors that his resignation was due to a difference in view as to the company’s strategic direction. The company lately has had to slash production in a tough coal market and has been shifting toward more higher-priced metallurgical coal production.
“We thank Matt for his substantial contributions over a period of significant stress and change in the coal industry,” stated Todd Swanson, Chairman of the Board of Xinergy.
Bernie Mason, an industry veteran of 35 years, has served as President and Director since 2009 and will now serve as CEO, President and Director. “Bernie has led Company operations, as well as the acquisition and development of our metallurgical assets including the mid-vol South Fork Complex in Greenbrier Co., West Virginia,” noted Swanson. “We are excited to have Bernie lead Xinergy as it completes its transition to a metallurgical-focused coal producer.”
Xinergy also announced the resignation of directors Stephen Loukas and Jay Thornton, and a reduction in board size to four members. Loukas and Thornton, who have served on the board since 2012, have resigned to pursue other professional interests.
“Steven and Jay have contributed substantially to our Board during their tenure, helping guide the Company through a challenging market environment and its transition to a metallurgical coal focus,” stated Swanson.
The board now has four members: Swanson (Chairman), Justin Converse, Bob Metcalfe and Mason (CEO).
Headquartered in Knoxville, Tenn., Xinergy Ltd., through its wholly owned subsidiary Xinergy Corp. and its subsidiaries, is engaged in coal mining in West Virginia and Virginia. Xinergy sells high quality thermal and metallurgical coal to electric utilities, steelmakers, energy trading firms and industrial companies.