NEW YORK (Reuters) Don Blankenship, head of Massey Energy (MEE.N) and one of the most powerful U.S. coal industry leader, said on Friday that would he retires at the end of December, eight months after 29 miners died in one of Massey's mines.
"After almost three decades at the Massey, it's time for me to move on," Wang said at the end of a week in the Massey shut down decided a Kentucky mine for type safety violations and a judge that Blankenship two lawsuits that hold him personally responsible for the explosion in the upper big branch mine in West Virginia must provide,
Massey, based in Richmond, Virginia, 5 explosion was the deadliest U.S. coal mining disaster in decades increasingly under the control of federal mine safety regulators since April.
Financial results of the company since April have suffered, and Massey said it sparks was to weigh strategic options speculation that one of its peers can look to buy it.
Blankenship, an outspoken advocate for coal, attracted the wrath of environmentalists for Massey's area, mountain top mining in Appalachia, Virginia, for water pollution liability.
He was criticized by trade unions because of Massey's use of nonunion work.
In a press release issued after graduating from the New York Stock Exchange on Friday Massey and Blankenship said he would withdraw 30 as Chairman and Chief Executive on Dec.
President Baxter Phillips Jr. him succeed is CEO and retired Admiral Bobby Inman as lead independent Director to Board, non-executive of Chairman, said the company.
Blankenship has been since 2000 Chairman and Chief Executive Officer and is since 1982 with the company. Massey, said that since public, prefer a decade went, market capitalization increased to approximately $5 billion from $ 758 million in 2000, while annual turnover has risen to $2.7 billion in 2009 from $1.08 billion in 2000.
Massey, one of the companies in the big four U.S. coal, the public image fights restore after the upper big branch explosion a comprehensive history of the mine safety violations at several of the company mines revealed.
Earlier this week, Massey said a Kentucky coal mine, federal regulatory authorities cited for type safety violations had closed.
Another of its mines in West was said, Virginia in danger of collapse after heavy rains.
Massey said that it had idle production of free energy mine no. 1, but it is still the mine was believed safe despite the mine safety and health administration (MSHA) notification that the site had a pattern of rules violations.
MSHA was court to force Massey to the 81 heavy security violations to the mine over a two year period issued last month.
Thursday Massey, in a filing made at the U.S. Securities and Exchange Commission, MSHA of an "imminent threat" order issued mine in Logan County, West Virginia for his camp branch open placed.
The open-pit mining operation said the two inches of rain, caused a vertical Bank drop in danger, on mobile devices and the equipment operator had received the order.
(Reporting by Steve James;) (Editing by Andre Grenon)
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