Massey Energy Will Move to Declassify Board of Directors

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May 14, 2010, 03:53 ET

RICHMOND, Va., May 14 /PRNewswire-FirstCall/ -- Massey Energy Company (NYSE: MEE) Chairman and CEO Don Blankenship and Lead Independent Director and Chair of the Governance and Nominating Committee, Admiral Inman, today issued the following statement:

"As a result of stockholder input and the Board of Director's ongoing review of Massey's corporate governance policies and practices, the Board of Directors has determined that it will actively work toward the declassification of the Board."

"Within the next three to six months, the Board of Directors intends to hold a special meeting of the stockholders pursuant to which the Board of Directors will propose to the Company's stockholders to approve amendments to Massey's Certificate of Incorporation that would declassify the Board of Directors. Approval of the amendments to eliminate the provisions for a classified Board of Directors will require the vote of the holders of at least 80% of the total voting power of all outstanding shares of voting stock of Massey."

"The Massey Board of Directors remains committed and open to working with stockholders on other important corporate governance matters."

About Massey

Massey Energy Company, headquartered in Richmond, Virginia, with operations in West Virginia, Kentucky and Virginia, is the largest coal company in Central Appalachia and is included the S&P 500 index.

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SOURCE Massey Energy Company