UK COAL is set to lose both its chief executive and chairman after a radical shake-up of the group’s board.
Chairman David Jones and chief executive Jon Lloyd will leave the UK’s largest mining group within the next month as UK Coal will merge the two positions into one role, creating a new executive chairman post.
UK Coal will separate its mining business from the property business. Mining director Gareth Williams will take over the new mining division, while Owen Michaelson will join UK Coal from Peel Holdings as managing director of the property division.
“These very different businesses need to focus single-mindedly on their distinct value creation strategies,” said Jones.
UK Coal has already launched the search for a new executive chairman.