One of the province’s largest coal producers says it remains focused on its businesses in B.C., despite the fact that its CEO tendered his resignation three months after landing the job.
Two weeks ago, Walter Energy’s (NYSE:WLT) Vancouver-based CEO Keith Calder announced his departure from the company just months after a $3.3 billion merger to create the largest publicly traded pure play steel-making coal producer on the planet.
Calder, who had previously served as president and CEO of Western Coal before it merged with Walter, said he resigned due to “differences of opinion concerning management philosophy.”
Calder’s decision to leave the company surprised analysts and investors alike, and came just days after he sat down with Business in Vancouver and said he was happy with his new job.
Virginia-based research firm Davenport & Co. LLC suggested the difference might be related to a potential sale of the company, though there’s scant evidence to back that up.
Neil Winkelmann, Walter’s president of Canadian and European operations, said he had no comment regarding the rumours, but added that he was sorry to see Calder leave.
“Tension and difference in style between boards and executive management isn’t unusual,” said Winkelmann, who oversees operations at Walter’s three B.C. mines.
“The timing is perhaps a little surprising and perhaps a little unfortunate, but these things happen and we’ve got quality management teams in the U.S. and in Vancouver looking after these things.”
Check out this week’s edition of BIV for more about Calder’s departure.
Joel McKay
Twitter:jmckaybiv