- After less than one year on the job
- Laud, praise, words of regret and good wishes for Veenstra
- Gary Kohn takes over in the interim
- Search for a successor
(management-change.com) — Englewood, Colorado, November 21, 2016 — Jason Veenstra, finance chief of Westmoreland, leaves. It is a change at short notice. As announced by Westmoreland Coal Company in a news release and in a regulatory filing published on Monday, November 21, 2016, Jason Veenstra, Chief Financial Officer, leaves the oldest independent coal company in the United States in a surprising move after less than one year on the job, effective December 15, 2016.
No company wants a CFO to flame out in the first year.
Westmoreland will undertake a search for a successor.
Veenstra’s duties are taken over in the interim by Gary Kohn, most recently Vice President of Investor Relations at Westmoreland Coal Company.
“Veenstra has elected not to relocate to the Company’s Denver headquarters”
Veenstra’s imminent departure is explained as follows. Westmoreland said: Veenstra “has elected not to relocate to the Company’s Denver headquarters as part of the ONE Westmoreland cost savings and cash optimization initiative, which included centralizing the accounting and finance function to Denver”.
Westmoreland said: “[O]n November 15, 2016, Jason Veenstra provided notice of his resignation from his position as Chief Financial Officer … and Treasurer of the Company effective December 15, 2016.”
Precise information about the future plans of Veenstra was not immediately available.
Share price rise since January 2016
The change follows a rise in the share price of Westmoreland Coal Company since January 2016.
Mangrove Partners holds 10.2 percent stake
Mangrove Partners reported a 10.2 percent stake in Westmoreland Coal Company as of June 30, 2016. Mangrove Partners is a value-oriented investment manager.
Chaired by Jan B. Packwood
Westmoreland Coal Company is chaired by Jan B. Packwood.
Kevin A. Paprzycki serves as CEO of Westmoreland Coal Company. Kevin Paprzycki joined Westmoreland as Controller and Principal Accounting Officer in June 2006, was named Chief Financial Officer in April 2008 and Chief Executive Officer in 2015.
On the job as CFO since 2016
Jason Veenstra joined Westmoreland in April 2014 as part of the Canadian acquisition.
He was promoted to Chief Financial Officer effective as of January 1, 2016.
At Sherritt International, he held roles which included Director of Business Development and Chief Financial Officer for the coal division.
Veenstra holds a Bachelor of Commerce degree with a major in Accounting from the University of Alberta and articled at Ernst & Young to complete his Chartered Accountant designation.
Read the full story in the management-change.com report 44.2016 ($).