Don Blankenship Steps down!

[CoolBreeze]

Don Blankenship, Chairman and CEO of Massey Energy Co has stepped down .

CHARLESTON, W.Va. (WSAZ) -- Massey Energy Company announced late Friday evening Chairman and CEO Don Blankenship will retire at the end of 2010.

Blankenship has been under fire recently for many controversies, including the April 5 explosion at Massey's Upper Big Branch Mine in Raleigh County, which killed 29 men.

There was also controversy surrounding his close ties with justices on the State Supreme Court. Justice Spike Maynard voted in favor of Massey Energy -- and when pictures of him vacationing with Blankenship surfaced, he recused himself.

Blankenship also funneled millions of dollars into the election campaign of Justice Brent Benjamin -- who also recused himself from a case involving Massey Energy.

Baxter F. Philips Jr., Massey Energy President, will succeed Blankenship as CEO. Philips has been with Massey Energy since 1981, according to a press release. Massey says Admiral Bobby Inman, Lead Independent Director on the Massey Board will succeed Blankenship as Non-Executive Chairman. He has been a director since 1985.

"After almost three decades at Massey it is time for me to move on," Blankenship said in a prepared release. "Baxter and I have worked together for 28 years and he will provide the company great executive leadership. Most of all, I want to thank the Members of Massey Energy whose hard work supports not only their own families, but also contributes greatly to the entire community of Central Appalachia."

According to Massey, under Blankenship's leadership the company has grown from 3,662 employees to more than 7,300.

Blankenship has led Massey Energy since 2000, and has been with the company since 1982.

Blankenship's retirement will be effective December 30, 2010.

[Tom Taggart]

Massey Energy is for sale; Blankenship is not for the sale, the Board is. SEE WSJ article:

http://blogs.wsj.com/deals/2010/11/22/i ... -for-sale/

[cgarison]

Funny....

I never trusted Baxter. OTOH, I would have walked through hell to give my support to Don and the good of the company.


(thinking)


How long before the UMWA and BCOA start another labor war?????????

[just saying]

can you blame him?

[DJSHOCKLEY]

Yep.. And the guilty go free... Just like Pittston Coal..