DiNapoli: Blankenship Should Resign As Massey Chair

CONTACT:
Robert
Whalen

(212) 681-4840
FOR RELEASE:
Immediately
April 12, 2010

DiNAPOLI: BLANKENSHIP SHOULD RESIGN AS
MASSEY CHAIR
New York State Comptroller Thomas P. DiNapoli
today called for Massey Energy Company Chairman Don L. Blankenship to resign
from the Board of Directors immediately. DiNapoli cited Massey’s failure
to adequately address and manage the risks at West Virginia’s Upper Big
Branch mine, where 29 miners perished following an explosion at the mine
last week.

“Massey’s cavalier attitude toward risk
and callous disregard for the safety of its employees has exacted a horrible
cost on dozens of hard-working miners and their loved ones,” DiNapoli
said. “This tragedy was a failure both of risk management and effective
board oversight. Blankenship must step down and make room for more responsible
leadership at Massey.”

In response to growing concern about board
accountability, DiNapoli in November filed a shareholder resolution calling
for Massey to declassify its board so that shareholders may more effectively
weigh in on board performance.  That resolution will be voted on at
Massey’s annual meeting this spring.  

DiNapoli is the sole trustee of the $129.4
billion New York State Common Retirement Fund which holds 303,550 shares
of Massey stock, worth about $14.1 million.

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