Coal producer Rhino Resource Partners LP (OTCQB: RHNO) announced Nov. 22 that the board of directors of Rhino GP LLC, the general partner of Rhino, appointed Richard A. Boone as Chief Executive Officer of Rhino GP, effective as of Jan. 1, 2017.
Boone has served as President of Rhino GP since September 2016 and prior to that as Executive Vice President and Chief Financial Officer since June 2014. Boone will succeed Joseph E. Funk, who has served as CEO of Rhino GP since November 2014. Funk will serve as a senior advisor to the company from Jan. 1, 2017, through March 31, 2017, and will discontinue his employment at that time.
Boone stated: “I appreciate the confidence the board of directors has shown in me to lead Rhino forward and continue our industry leading standard in safety, while delivering optimal value for our unitholders. Mr. Funk successfully led Rhino through one of the most difficult coal markets the industry has ever experienced, since his appointment as CEO in 2014. I look forward to working with him during this transition period and I appreciate his guidance during his tenure as CEO here at Rhino.”
Funk stated: “I am pleased that the board has chosen Rick Boone as the new CEO for Rhino. Upon my appointment as CEO, Mr. Boone and his team was the cornerstone of the company, from which Rhino continued to build strength and perform well in a very difficult coal market. Without him, and the support of his team, Rhino would not be in the strong position it finds itself today. I would like to personally thank him and his management team for their support to the company and myself since joining Rhino.”
Rhino Resource Partners LP is a diversified energy limited partnership that is focused on coal and energy related assets and activities, including energy infrastructure investments. Rhino produces metallurgical and steam coal in a variety of basins throughout the United States.
Royal Energy Resources Inc. (OTCBB: ROYE) is a diversified energy company, with investments and holdings in coal, gas and renewable energy assets in North America. Royal is the majority equity owner of Rhino Resource Partners LP, and its general partner, Rhino GP LLC.