Xinergy expands board

APPALACHIA-focused thermal coal producer Xinergy has increased its board numbers to seven, re-electing five directors and adding two more.
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A map of Xinergy's existing properties in Kentucky and West Virginia.

Justin Niessner

The news comes following the Tennessee-based miner’s appointment of interim chief executive Matthew Goldfarb to replace company founder Jon Nix who earlier this month announced he was stepping down.

The additional board members are Stephen Loukas and Jay Thornton, who was appointed pursuant to a representation agreement.

“Both Stephen and Jay have extensive experience in the energy markets and we welcome their insight to our board,” Xinergy chairman Todd Swanson said.

The company cited Loukas’ experience in finance and portfolio managing and Thornton’s 28 years in oil and gas.

Loukas served as managing member and portfolio manager for investment management firm FrontFour Capital investing in both Canadian and US securities since February 2009.

From May 2006 to February 2009, he was a director at Credit Suisse Securities where he functioned as a portfolio manager and head of investment research for strategies including merger arbitrage, value, event-driven equities and distressed debt.

Over the past 12 years, Thornton held various operating and corporate executive positions with Suncor Energy where he most recently held the position of executive vice president of supply, trading and development.

He previously held board positions with both the Canadian Association of Petroleum Producers and the Canadian Petroleum Products Institute and is currently a board member of a private Calgary-based oil and gas company.

“Jay and I believe that an extraordinary opportunity exists over the next few years to create significant shareholder value at Xinergy,” Loukas said.

“We look forward to working with the board and management on executing the company’s growth initiatives.”