Richmond’s retirement is effective July 31. He will vacate his seat on the company’s board of directors at the same time.
Scheller will now be responsible for the day-to-day operations of Jim Walter Resources’ underground mines as well as general oversight of Walter’s surface mining, natural gas and metallurgical coke operations.
A 30-year veteran of the industry, Scheller comes to Walter Energy from Peabody Energy, where he most recently served as group executive for the Colorado operations.
His prior Peabody experience included the position of senior vice president – strategic operations.
Scheller’s background also includes the positions of vice-president of northern Appalachian gas operations for CNX Gas as well as several operational and executive roles with Consol Energy.
He is a graduate of the University of Pittsburgh’s Joseph M Katz Graduate School of Business, Duquesne University and West Virginia University.
Interim chief executive officer Joe Leonard said Richmond had been looking at retirement for some time, but deferred the move until his position could be filled with the ideal individual.
"Walt is that person and we appreciate George's willingness to temporarily defer his retirement in order to ensure this orderly transition."
Richmond, a 45-year coal veteran, called himself “fortunate” for his experiences both with the producer and in his industry career.
“I have been fortunate to work with great people – the men and women who make this company great.
“And, importantly, I am very fortunate to be able to retire at a time when Walter Energy and its operations are extremely well positioned for outstanding performance today and growth into the future," he said.
Richmond’s departure is the second executive loss for Walter Energy in just a few months. The company selected Leonard, a board member, as interim chief executive officer for the now-retired CEO, CFO and general counsel Victor Patrick.
Patrick announced his retirement in February, and the transition of management was effective March 12.
Taking over as interim CFO was senior vice president-controller Lisa Honnold, and vice-president Catherine Bona assumed the seat of interim general counsel. Honnold and Bona’s new responsibilities also carried the March 12 effective date.
The now-retired Patrick had been promoted to CEO last September. In a US Securities and Exchange Commission filing in January, he was awarded $US1 million in stock annually for the next three years in addition to as much as $1.98 million in salary – all hinging on Walter’s financial performance.
In January, the Florida-based company announced it would move its headquarters to the Birmingham, Alabama, suburb of Hoover.
A lease was inked for the top two floors of the Galleria Tower at Riverchase Galleria, where the company will move about 100 of its employees.
Walter said the site was chosen for its proximity to the company’s Alabama operations. The move should be completed in the second quarter of this year.
The January SEC filing outlined that Patrick and his family were required to relocate with the company before July 1, 2010.
Walter Industries became Walter Energy last April. The company produces both metallurgical and steam coal as well as coal bed methane gas with a staff of more than 2100.
It operates the Jim Walter Resources No. 4 and No. 7 mines in south-central Alabama.
