Investors Seek Mining CEO's Ouster

On the heels of the disastrous explosion at West Virginia’s Upper Big Branch Mine that killed 29 workers, the CtW Investment Group sent a letter to Massey Energy Co. calling for Chairman and CEO Don Blankenship’s resignation. Prior to the mine accident, CtW had previously warned the board of directors of Blankenship’s minimal oversight and “confrontational approach to regulatory compliance.” On Monday, the New York State Comptroller Thomas DiNapoli also joined the fray, demanding the CEO’s resignation, carrying with him over 300,000 shares of Massey stock. The letter from CtW blamed the explosion on Blankenship, noting that under the CEO’s leadership, “Massey Energy placed short-term production and profit goals ahead of prudent risk management, with devastating consequences for the corporation, its shareholders, and employees.”