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Englewood, CO - October 23, 2015 - Westmoreland Coal Company (NasdaqGM:WLB) announced today that Keith E. Alessi, 61, Chief Executive Officer, has announced his intent to retire effective December 31, 2015. Mr. Alessi will remain an employee of the company as CEO Emeritus. He will be responsible for providing strategic support to both the Board of Directors and management, as well as maintaining key relationships and evaluating business development opportunities.
The Board of Directors has named Kevin A. Paprzycki, the company's Chief Financial Officer, as Chief Executive Officer effective as of January 1, 2016. It is intended that Mr. Paprzycki will also be elected to serve on the Board of Directors concurrent with the transition.
'We have come through a period of numerous acquisitions and built a solid base business for the future,' observed Mr. Alessi. 'It is now time to further integrate and assimilate these new properties and to onboard the San Juan mine. We have a great team in place, now led by Kevin, to accomplish these tasks. Kevin has worked closely with me these past nine years and has had a hand in every major strategic and financial decision. He is uniquely qualified to continue building upon our strong foundation.'
The company announced two additional promotions within the executive team.
John Schadan has been promoted to President and Chief Operating Officer to oversee global operations for the company. Jason Veenstra, who also joined Westmoreland in April 2014 as part of the Canadian acquisition, has been promoted to Chief Financial Officer. Both promotions will be effective as of January 1, 2016.
'Both John and Jason have played key roles in driving results in Canada and, with their expanded responsibilities, will help Kevin drive future performance and growth,' said Alessi. 'I look forward to continuing to work with the team to build the business.'
Mr. Paprzycki joined Westmoreland as Controller and Principal Accounting Officer in June 2006 and was named Chief Financial Officer in April 2008. Previously, he served as Chief Financial Officer of Evans and Sutherland Computer Corporation and held senior level positions at Applied Films Corporation, Baker Hughes and Ernst and Young. Mr. Paprzycki holds a Bachelor of Science in Accountancy from Case Western Reserve University and a MBA from the University of Utah.
Mr. Schadan joined Westmoreland in April 2014 as Senior Vice President, Canada Operations, was promoted to Executive Vice President in August 2014 and President - Canada in March 2015. His career has encompassed both the western Canadian coal business as well as engineering and construction for a major international firm. Mr. Schadan holds a degree in mining engineering from Queen's University.
Mr. Veenstra joined Westmoreland in April 2014 as CFO - Canada. At Sherritt International, he held roles which included Director of Business Development and Chief Financial Officer for the coal division. Mr. Veenstra holds a Bachelor of Commerce degree with a major in Accounting from the University of Alberta and articled at Ernst & Young to complete his Chartered Accountant designation.
About Westmoreland Coal Company
Westmoreland Coal Company is the oldest independent coal company in the United States. Westmoreland's coal operations include sub-bituminous and lignite surface coal mining in the Western United States and Canada, an underground bituminous coal mine in Ohio, a char production facility, and a 50% interest in an activated carbon plant. Westmoreland also owns the general partner of and a majority interest in Westmoreland Resource Partners, LP, formerly Oxford Resource Partners, LP, a publicly-traded coal master limited partnership. Its power operations include ownership of the two-unit ROVA coal-fired power plant in North Carolina. For more information, visit www.westmoreland.com; provided that no information contained at such website is incorporated by reference here.
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Investor Contact: Kevin Paprzycki (855) 922-6463