Change At The Top For Patriot Coal

In hopes of navigating through rocky economic waters, Creve Coeur energy firm announced a new executive team Tuesday.

Irl Engelhardt has been named Chief Executive Officer, effective immediately. He replaces Richard Whiting, who has been President and CEO since 2007. Engelhardt is chairman of Patriot's board of directors and is also a former CEO of Peabody Energy.

Bennett Hatfield, already the company's Chief Operating Officer, will also serve as President.

Prior to the executive switch, The St. Louis Post-Dispatch reported over the weekend on the economic troubles facing the company, including rumors of possible restructuring under bankruptcy.

In the announcement Tuesday, Engelhardt said, "Ben and I will immediately focus on improving Patriot's competitive position as well as its financial structure to enhance value for our shareholders and all other groups who have a stake in the Company's success. Our team has successfully navigated the inherent cycles in the energy industry in the past, and I am confident Patriot can overcome the industry challenges that we currently face."