Alpha's Crutchfield pocketed $6.2M in 2012

ILLUSTRATING again that the tough market is impacting every facet of the industry, Alpha Natural Resources confirmed its chief executive officer Kevin Crutchfield had an 8% year-on-year pay cut in 2012.
Alpha's Crutchfield pocketed $6.2M in 2012 Alpha's Crutchfield pocketed $6.2M in 2012 Alpha's Crutchfield pocketed $6.2M in 2012 Alpha's Crutchfield pocketed $6.2M in 2012 Alpha's Crutchfield pocketed $6.2M in 2012

Kevin Crutchfield courtesy of Alpha Natural Resources

Donna Schmidt

The producer said in a Monday US Securities and Exchange Commission proxy document, and an Associated Press analysis confirmed , that the executive’s pay package last year was $6.2 million, down from $6.7 million in 2011.

Crutchfield's salary was $1.07 million, a 4% rise. He also was given a performance-based bonus of $523,710.

The value of the executive’s stock awards took a tumble during the year, falling 9% to $4.43 million. Other compensation totaled $163,911.

Alpha took last year particularly hard, closing mines and furloughing more than 1000 workers as it watched its loss widen to $2.44 billion from $730.5 million in 2011 on impairment and restructuring charges.

It also was slammed with expenses related to its June 2011 acquisition of Massey Energy.

During that period, revenue also fell 2% to $6.97 billion despite a 2% increase in coal shipments to 108.8 million tons.

Virginia-based Alpha is planning its annual shareholders meeting for May 22 at The Martha Washington Hotel and Spa in Abingdon.

The producer will be electing nine directors to its board at that time.

In all, the company has more than 130 mines and facilities in the US, primarily in the eastern states.

About 12,400 work in its Kentucky, Pennsylvania, Virginia, West Virginia and Wyoming properties.

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