April 14, 2010

Shareholder calls for Massey Energy CEO's Resignation

As federal and state investigators begin to investigate what caused the deadly blast that killed 29 miners in West Virginia, New York State Comptroller Thomas P. DiNapoli called on Massey Energy Chairman Don Blankenship to resign.
DiNapoli is the sole trustee of the $129.4 billion New York State Common Retirement Fund, which holds 305.550 shares of Massey stock, worth $14.1 million.
"This tragedy was a failure both of risk management and effective board oversight," he said. "Blankenship must step down and make room for more responsible leadership at Massey."
The CtW Investment Group, a subsidiary of the labor federation Change to Win (comprised of five unions representing six million members), sent a letter to Massey Energy lead director retired Admiral Bobby R. Inman calling on the mining company's board "to immediately seek the resignation of Don Blankenship as chairman and CEO."
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