Arch Coal names former AES CEO as board member
Tuesday, June 19, 2012
ST. LOUIS (AP) — Arch Coal Inc. has named former AES Corp. CEO Paul Hanrahan as a board member.
The coal company said Monday that Hanrahan, 54, will serve on the audit and nominating and corporate governance committees of the 14-member board.
Hanrahan stepped down as CEO of AES, a power company based in Arlington, Va., in September after holding the post for nine years.
Last month Arch Coal reported that its first-quarter earnings fell due to severe weakness in the U.S. market for coal. Coal companies have been hurt by low prices for natural gas, a competing energy source for utilities and other businesses.
The St. Louis company's stock gained 13 cents to $6.14 in afternoon trading. Its shares sank to a 52-week low of $5.62 last week.
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