Cameron, who grew Preston Coal 22 years ago from a $2 million, 150,000 tonnes per annum mine employing 30 people to the $2.5 billion, 20Mtpa Centennial Coal that was sold to Thai energy group Banpu last year, said the changing of the guard came as the company entered a new growth phase.

“Banpu represents an exciting new chapter in the future growth of Centennial Coal to which they are fully committed, and I am looking forward to my continued involvement as chairman of the board,” he said.

“I have lived and breathed Centennial Coal and been a staunch advocate of the coal mining sector for many decades. I will continue to be an ambassador for Centennial and remain ever mindful that Centennial’s past, present and future success continues to be directly attributed to its people.

“As the founder of Centennial Coal, I am most proud of our professional and dedicated workforce, our close ties to the communities within which we operate, and the high returns we have provided to our supportive shareholders.”

Ken Moss, who has served for 11 years as chairman, will be leaving the board.

Moult worked in the UK and US before joining Centennial in 1998.

As COO he was instrumental in getting the Mandalong mine near Lake Macquarie to be the second-biggest underground mine in NSW.

“David’s strong operational and management skills, combined with his demonstrated ability to build teams and motivate people, are the ideal attributes required for continued positive leadership of the company,” Cameron said.

Centennial’s Steve Bracken will be promoted to the position of chief operating officer. Bracken has worked in a variety of senior roles in the company, most recently as general manager northern operations.