{"id":34940,"date":"2015-04-22T11:14:12","date_gmt":"2015-04-22T15:14:12","guid":{"rendered":"https:\/\/cablemanpro.com\/wallstreetpr\/?p=34940"},"modified":"2015-04-22T11:14:12","modified_gmt":"2015-04-22T15:14:12","slug":"peabody-energy-corporation-nysebtu-announces-temporary-pay-cuts-to-reduce-costs","status":"publish","type":"post","link":"https:\/\/cablemanpro.com\/wallstreetpr\/peabody-energy-corporation-nysebtu-announces-temporary-pay-cuts-to-reduce-costs-34940","title":{"rendered":"Peabody Energy Corporation (NYSE:BTU) Announces Temporary Pay Cuts To Reduce Costs"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>Peabody Energy Corporation (NYSE:BTU)<\/strong> executives are set to take temporary pay cuts so as to support the cost <a href=\"http:\/\/www.wsj.com\/articles\/peabody-energy-executives-to-take-temporary-pay-cuts-1429640685?mod=yahoo_hs\">reduction<\/a> measures. The company is the largest coal firm by output in the United States. However, it recorded losses of over $1.1 billion over the last two years, primarily because of price swings.<\/p>\n<p style=\"text-align: justify;\"><strong>The details<\/strong><\/p>\n<p style=\"text-align: justify;\">Peabody Energy, which operates mines in Australia and the U.S. states, disclosed that Mr. Boyce\u2019s base salary will be cut to $1.1 million annually from $1.23 million annually from May 1 until June 30. Also, it will be reduced to $810,000 annually from $900,000 annually from July 1 until Dec. 31.<\/p>\n<p style=\"text-align: justify;\">Further, the base salary of Mr. Kellow will be cut to $855,000 annually from $950,000 annually from May 1, 2015 until the end of the year. He was named CEO-elect last January and will take the new role on May 4, 2015. Mr. Boyce will serve as executive chairman of Peabody\u2019s board after Mr. Kellow joins as CEO. The original salaries will be effective on the first of 2016.<\/p>\n<p style=\"text-align: justify;\"><strong>The efforts<\/strong><\/p>\n<p style=\"text-align: justify;\">Peabody has been constantly trying to turn itself by minimizing production levels of metallurgical coal and reducing contractors in Australia, as other major initiatives. Shares have dropped more than 70% in the past twelve months.<\/p>\n<p style=\"text-align: justify;\">The company recent leadership changes wraps up numerous years of succession planning. Mr. Kellow, who is currently Chief Operations Officer, will take the top executive role on May 4. He is a veteran of <strong>BHP Billiton Limited (ADR)(NYSE:BHP)<\/strong> and has worked in nations such as Colombia and South Africa throughout his career.<\/p>\n<p style=\"text-align: justify;\"><strong>The problems<\/strong><\/p>\n<p style=\"text-align: justify;\">Peabody has struggled in past few quarters as decline in natural-gas prices continue to put pressure on coal demand as well as pricing. In October, the company said that an oversupply and weakened demand for imports in China were weighing on its performance.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Peabody Energy Corporation (NYSE:BTU) executives are set to take temporary pay cuts so as to support the cost reduction measures. The company is the largest [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":19718,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2236],"tags":[11230,7005,1604,3512],"stock_ticker":[],"class_list":["post-34940","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-bhp-billiton-limited-adrnysebhp","tag-nysebhp","tag-nysebtu","tag-peabody-energy-corporation-nysebtu","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Peabody Energy Corporation (NYSE:BTU) Announces Temporary Pay Cuts To Reduce Costs - Wall Street PR<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cablemanpro.com\/wallstreetpr\/peabody-energy-corporation-nysebtu-announces-temporary-pay-cuts-to-reduce-costs-34940\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Peabody Energy Corporation (NYSE:BTU) Announces Temporary Pay Cuts To Reduce Costs - Wall Street PR\" \/>\n<meta property=\"og:description\" content=\"Peabody Energy Corporation (NYSE:BTU) executives are set to take temporary pay cuts so as to support the cost reduction measures. 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