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Business Observer Friday, Jul. 1, 2011 11 years ago

Walter Energy CEO resigns

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Keith Calder leaves the coal producer after just a few months on the job.

TAMPA — The CEO of one of Tampa's largest companies resigned this week, as Keith Calder stepped down from his role with Walter Energy, the coal producer with $2.3 billion in 2010 pro forma revenues.

“I do believe Walter Energy has immense potential, and I am sure it will be realized. That said, it is now time for me to move on and pursue other interests,” Calder says in a prepared statement, citing “differences of opinion concerning management philosophy” as the driving force behind his resignation.

Joseph Leonard, who served as interim CEO from March 2010 to March 2011, will resume that role until a new permanent CEO is found.

Walter Energy has been in the news since the end of last year, when it acquired Canada-based Western Coal Corp. for $3.3 billion in cash and stock. But so far in 2011, the company's stock is down more than 9%, to a per share price of $115.80. Still, its market capitalization remains above $6 billion, making it one of the largest companies based on the Gulf Coast.

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