Westmoreland Announces Changes to Board of Directors
Westmoreland Coal Company (NasdaqGM:WLB) (“Westmoreland”) today announced that it has expanded the size of its Board of Directors from 8 to 9 directors following the 2016 Annual Meeting and announced several changes to its Board of Directors designed to bring additional industry expertise and shareholder representation.
Richard Klingaman, our current Chairman of the Board, will retire from the Westmoreland Board when his current term expires at the Annual Meeting. Mr. Klingaman has served on the Board since 2006. Replacing Mr. Klingaman and filling the additional director position created through the expansion of the Board, Robert Flexon and Robert Tinstman have been nominated by the Board of Directors to stand for election as part of Westmoreland’s slate of director nominees at the Annual Meeting. Mr. Flexon, Chief Executive Officer of Dynegy Inc. (NYSE: DYN), leads a dynamic and growing power generation company that currently runs 26,000 megawatts of power generation capacity. Mr. Tinstman, retired CEO of Morrison Knudsen, a former NYSE-traded global civil engineering and construction company, brings extensive operational and executive experience in the mining and construction industry to the Board.
Mr. Jan Packwood, Vice Chairman, speaking on behalf of the Board of Directors, said, “As Chairman of the Board, Dick Klingaman played a pivotal role in helping to lay the foundation for the future of Westmoreland. With strong and thoughtful leadership, Dick oversaw the successful restructuring of the Company beginning in 2007 and brought Westmoreland to a place of financial stability and growth. On behalf of the Board, employees and shareholders, we are extremely grateful for his many significant contributions to Westmoreland and wish him the best in his retirement.”
Mr. Kevin Paprzycki, Chief Executive Officer, noted, “We are pleased to nominate Robert Flexon and Robert Tinstman to serve on our Board of Directors. Bob Flexon brings extensive capital markets experience to the Board and a deep understanding of the entire power generation sector. Bob Tinstman’s mining services experience and public company leadership adds a valuable perspective to our Board. We look forward to benefiting from their insights and judgment as we continue to execute on our business model.”
About Robert Flexon
Since 2011, Mr. Flexon has served as President and Chief Executive Officer of Dynegy Inc. Prior to joining Dynegy, Mr. Flexon served as the Chief Financial Officer of UGI Corporation, a distributor and marketer of energy products and services. In 2009, he served as President and CEO of Foster Wheeler’s U.S. subsidiary and then Chief Executive Officer of Foster Wheeler, a global engineering and construction contractor and power equipment supplier. Mr. Flexon served five years at NRG Energy, Inc. in various executive level positions including Executive Vice President & Chief Financial Officer and Executive Vice President & Chief Operating Officer. Mr. Flexon also has held key finance and accounting positions with Hercules, Inc. and Atlantic Richfield Company. A certified public accountant, Mr. Flexon holds a Bachelor of Science degree in Accounting from Villanova University.
About Robert Tinstman
Mr. Tinstman began his career in mine operations, moving to Morrison Knudson, a multi-national engineering, construction and operations company with revenues of approximately $1.9 billion per year, in 1974. Over his career, he was promoted to various positions, eventually serving as President and Chief Executive Officer from 1995 to 1999.
Mr. Tinstman currently serves as Chairman of the Board of IdaCorp, a public utility with revenues in excess of $1.0 billion per year. He also serves as a director for Primoris Services Corp, a publicly traded specialty construction and infrastructure company, with a particular focus on pipelines for natural gas, wastewater and water. Previously, Mr. Tinstman served as Executive Chairman of James Construction Group, Chairman of Contractorhub.com, a director of CNA Surety and a director of Home Federal Bancorp. Mr. Tinstman received a B.S. in Mining Engineering from the University of Wisconsin.
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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Contact
Company Contact
Jason Veenstra
Chief Financial Officer
(720) 354-4467
ir@westmoreland.com
