Peabody names Jim Grech, a U.S. coal industry veteran, as its new president and CEO
- May 4, 2021 10:36 am GMTMay 4, 2021 4:35 pm GMT
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May 4—Peabody named Jim Grech on Monday as its next president and CEO, effective June 1.
The announcement from the St. Louis-based coal giant comes after Glenn Kellow, Peabody's current chief, said in March that he would step down from those roles.
Grech, an industry veteran of more than 30 years, comes to Peabody after serving as CEO for Wolverine Fuels, a domestic producer of thermal coal, used for electricity generation. That segment of the industry faces particular challenges amid shifting trends in energy production.
Peabody's top competitor, Arch Resources, for instance, is shifting away from thermal coal and looks instead to specialize in coal used to make steel. Investors asked last week how Peabody, too, might evolve, and whether it would consider separating its domestic assets from its Asia-focused mines in Australia.
Upon joining the company, Grech expressed an optimistic outlook.
"I'm impressed by the significant strides the company has made during a difficult period and am excited to further improve the competitiveness of Peabody," he said in a statement Monday.
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