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Updated: Thursday, 14 Mar 2013, 2:09 PM EDT
Published : Thursday, 14 Mar 2013, 2:09 PM EDT
MILWAUKEE (AP) — Coal mining equipment supplier Joy Global Inc. said on Thursday that CEO Michael W. Sutherlin will step down at the end of this year and will be replaced by Edward L. Doheny II, a top executive in its underground mining equipment division.
The company said Sutherlin, 66, will hand over responsibilities to Doheny in December ahead of his formal retirement on Feb. 1, 2014.
Doheny, 50, has been president and chief operating officer of the underground mining equipment division since 2006.
Before joining Joy Global, he spent 20 years at Ingersoll-Rand Corp., with various positions including as president of its industrial technologies unit from 2003 to 2005. He has a Bachelor's degree in engineering from Cornell University, and a master's degree in management from Purdue University.
Sutherlin has been CEO since 2006, when he was promoted from president of the underground mining unit.
"Now is right for me to leave this wonderful company to spend long overdue time with my family and to work on some neglected hobbies," he said in a written statement.
The company also said it would name Randal W. Baker to the new position of chief operating officer. He is currently president and chief operating officer of the company's surface mining division.
Joy Global shares fell 39 cents to $61.15 in afternoon trading. They have traded in a 52-week range of $47.69 to $81.09.