Joy Global Inc. (NYSE:JOY), a worldwide leader in high
productivity mining solutions, announced today that Edward (Ted) L.
Doheny, II, has been elected President and Chief Executive Officer of
the Company in accordance with the Company's previously announced
executive succession process. The Company's former President and Chief
Executive Officer, Michael W. Sutherlin, today resigned from those
positions and from the Board of Directors in preparation for his
expected retirement on February 1, 2014.
Mr. Doheny was previously elected to the Company's Board of Directors on
December 3, 2013. Prior to Mr. Doheny's appointment as President and
Chief Executive Officer, he served as Executive Vice President of the
Company and as President and Chief Operating Officer of the Underground
Equipment division since 2006.
Today the Company also announced that Randal W. Baker has been elected
to the new position of Chief Operating Officer of the Company. In this
role, Mr. Baker will oversee both the Surface Mining Equipment and the
Underground Mining Equipment divisions. Mr. Baker previously served as
President and Chief Operating Officer of the Surface Mining division
Board chairman John Nils Hanson commented, "I am pleased to announce the
Board of Directors has elected Ted Doheny as President and Chief
Executive Officer. Ted is committed to building the future direction of
Joy Global around the key strategies that have made Joy Global a leading
performer in the industry, including product leadership, direct service
and enhanced customer partnerships." Mr. Hanson continued, "I also am
pleased to announce the Board of Directors has elected Randy Baker as
Chief Operating Officer of the Company. Randy will lead the
implementation of our strategy across all our product lines and regions."
Mr. Hanson further stated, "I would like to express the Board's great
appreciation for Mike Sutherlin's leadership of Joy Global since he
joined the Company in 2003, and particularly since his appointment as
Chief Executive Officer in 2007. Mike led our business through
significant periods of growth and profitability. Mike's leadership also
attracted, retained and developed strong senior executives such as Ted
and Randy, whose industry knowledge and track record gave the Board
great comfort in planning for an orderly leadership transition process."
About Joy Global Inc.
Joy Global Inc. is a worldwide leader in mining equipment and services
for surface and underground mining.
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Terms
such as "anticipate," "believe," "could," "estimate," "expect,"
"forecast," "indicate," "intend," "may be," "objective," "plan,"
"potential" "predict," "should," "will be," and similar expressions are
intended to identify forward-looking statements. The forward-looking
statements in this press release are based on our current expectations
and are made only as of the date of this press release. We undertake no
obligation to update forward-looking statements to reflect new
information. We cannot assure you the projected results or events will
be achieved. Because forward-looking statements involve risks and
uncertainties, they are subject to change at any time. Such risks and
uncertainties, many of which are beyond our control, include, but are
not limited to: (i) risks of international operations, including
currency fluctuations, (ii) risks associated with acquisitions, (iii)
risks associated with indebtedness, (iv) risks associated with the
cyclical nature of our business, (v) risks associated with the
international and U.S. coal and copper commodity markets, (vi) risks
associated with access to major purchased items, such as steel,
castings, forgings and bearings, and (vii) risks associated with labor
markets and other risks, uncertainties and cautionary factors set forth
in our public filings with the Securities and Exchange Commission.
Source: Joy Global Inc.