Solid Energy refuses to discuss future of its CEO Elder

New Zealand’s Solid Energy continues to refuse answering questions over the future of Don Elder, its chief executive, who has been accused by Grey District Mayor Tony Kokshoorn of failing to concentrate on the company’s coal business. The company, which announced it plans to lay off 440 staff around the country, has tasked the recently appointed chairman, Mark Ford, to fix the problem. Kokshoorn insists that the company has enough capital because it enjoyed high prices for coal for the past three years. Solid Energy maintains it had NZD$4 million (US$3.2 million) in cash and debt facilities of NZD$220 million (US$178.6 million) at the end of June. (September 27, 2012)