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Joy Global CEO Plans to Retire by Year End, Replaced by COO Doheny

Joy Global Inc. (JOY) said Thursday that CEO Mike Sutherlin plans to retire and will be replaced late in the year by the head of the company's underground-mining equipment division.The promotion of Edward "Ted" Doheny II to CEO will take effect in December, though Mr. Sutherlin won't formally retire until February 2014. As part of the transition, the Milwaukee company also designated Randal Baker as chief operating officer to oversee Joy's equipment divisions for both surface mining and underground mining. Mr. Baker has been in charge of the surface-mining business since 2009."I feel that now is right for me to leave this wonderful company to spend long overdue time with my family and to work on some neglected hobbies," Mr. Sutherlin, 66 years old, said in a written statement.Mr. Sutherlin's retirement is not completely unexpected. Company observers say Joy has been showing signs of a transition plan in recent months, featuring Messrs. Doheny and Baker more frequently during calls and ...

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