After 35 years in the coal industry, Powercoal managing director Phil McCarthy left the company on July 7 for health and lifestyle reasons, the company said.
Since becoming CEO and managing director in December 1990, McCarthy has driven substantial change in the organisation, shifting the group from a production to a market driven focus. Powercoal chairman, Gene Herbert, said McCarthy initiated many improvements for the benefit of the shareholders, employees and company.
"During this period productivity has doubled, safety has seen a marked improvement, care for the environment is now integral in everyday work, debt has been slashed by $270 million and new mining projects have been explored to take Powercoal into the future.
"While he has had to make some hard decisions at times he has always been fair and considerate in his dealings with employees.
"One of his very significant achievements has been the development of the export trade. The brand name Powercoal is now known and respected throughout Asia for coal research. Phil's focus on research and development and technology innovation has earned him an international reputation as deputy chairman of the International Committee for Coal Research," Herbert said.
McCarthy will be replaced by Brad Gatches as acting chief executive officer. Gatches was previously general manager at Angus Place.