Loeb, Swanson quit Massey Energy board

By Lisa Kerner

Charlotte, N.C., June 14 - Massey Energy Co. board members Daniel S. Loeb and Todd. Q. Swanson resigned, effective immediately, from the board of directors, according to a form 8-K filing with the Securities and Exchange Commission.

"We are taking this action in response to the recently announced result of the company's strategic review process. We believe that the interests of the company's shareholders would have been much better served by a decision to follow through on an attractive business combination with a competitor," Loeb and Swanson said in a letter to company chief executive officer Donald L. Blankenship.

"The board clearly shared our view as to the attractiveness and importance of such a transaction, but its misguided insistence on keeping you in place as CEO outweighed strategic considerations and prevented the consummation of a deal that would have been in the best interest of all shareholders," the letter said.

Massey is a Richmond, Va.-based coal producer.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.