BMO Provides Color on Walter Energy

BMO provided color on Walter Energy WLT, following a resignation of its CEO Keith Calder. In a research report published today, BMO states, “Walter Energy announced that Keith Calder resigned as CEO and director, effective July 31, 2011, just five months after being named CEO. Calder cited “differences of opinion concerning management philosophy” as the reason for his departure. Joseph Leonard will succeed Calder as Interim CEO. Leonard acted as Interim CEO for over a year between the retirement of former CEO Victor Patrick in February 2010 and the appointment of Keith Calder in March 2011. Leonard guided WLT through the Western acquisition and several smaller acquisitions, so he is well acquainted with the company. The board has initiated an internal and external search for a permanent CEO.” On Thursday, Walter added 1.27% to its value to finish the day at $115.80. Its shares lost some of yesterday's gains in today's pre-market trading, falling 0.69% to $115.