Massey Energy, the US's fourth largest coal company, has promoted Eric Tolbert to CFO. The way was opened for Holbert's appointment when James Gardner resigned as chief administrative officer in October of this year. That role is to be filled by current CFO Baxter Philips, leaving the way open for Holbert to take the reigns as finance chief.
CEO Don Blankenship says of Holbert's appointment: ?Eric has been with Massey for 12 years and has been our principal accounting officer. He is an excellent fit for the CFO role.?
Tolbert joined the company in 1992, having previously worked in public accounting. At Massey he started as a financial analyst, moving on to director of financial reporting and then became corporate controller in 1999.
Holbert may well be aided in his job by the positive outlook the company predicts for coal sales over the next few years. It projects sales of 46 to 48 million tons of coal in 2005.