CEO of coal producer Walter Energy to retire; board to begin search for replacement

CEO of coal producer Walter Energy to retire

TAMPA, Fla. — Coal producer Walter Energy said Monday that Victor P. Patrick, who became CEO in September, plans to retire to spend more time with his family and address other, unspecified priorities.

Patrick, 52, also is stepping down as chief financial officer and general counsel, and will not seek re-election to the board, the company said. He joined Walter Energy in 2002.

The board plans to begin an external search for replacements immediately. Patrick will remain on the job until successors are named.

Walter Energy, which is based in Tampa, Fla., produces and exports coal for the global steel industry. Its shares rose $1.12 to $80.82 in afternoon trading.