Milwaukee-based mining equipment manufacturer Joy Global Inc. announced that Michael W. Sutherlin, president and chief executive officer, plans to retire at the end of this year.
“I have thoroughly enjoyed my time at Joy Global, and appreciate the support from the Joy Global team, our customers and our shareholders,” Sutherlin said. “I believe that I leave the company with a strong team, with a commitment to performance excellence and well positioned for the future.”
Sutherlin, 66, expects to formally retire on February 1, 2014.
The company’s board has designated Edward “Ted” L. Doheny II, currently president and chief operating officer of the company’s Underground Mining Equipment division, to succeed Sutherlin. The transition in responsibilities to Doheny will be completed by December 2013.
The company also plans to create a new position of corporate chief operating officer to be assumed by Randal W. Baker, currently president and chief operating officer of the Surface Mining Equipment division. Baker will oversee both the Surface Mining Equipment and the Underground Mining Equipment divisions.
“Both Ted and Randy have been an instrumental part of our success to date, and they share the commitment to our strategy,” Sutherlin said. “As such, this will be a smooth and orderly transition. I feel that 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.”
