Coal company executive withdraws from Stillwater takeover bid

2013-04-09T11:06:00Z 2013-05-02T15:55:04Z Coal company executive withdraws from Stillwater takeover bidThe Associated Press The Associated Press
April 09, 2013 11:06 am  • 

A Montana coal executive has dropped out of a group seeking to take control of Stillwater Mining Co. after questions were raised about his academic credentials.

The New York-based Clinton Group, which is leading the takeover attempt, said Tuesday that Signal Peak Energy President John DeMichiei asked to be removed from a slate of new directors proposed for the precious-metals miner.

Stillwater CEO Frank McAllister had challenged whether DeMichiei received two degrees listed under his name in a biography circulated by the Clinton Group.

DeMichiei told The Associated Press that he earned the equivalent of the bachelor of science listed in the biography when he was certified as a federal mining engineer.

He said his master of public administration from American University included coursework identical to the master of business administration cited in the biography.

Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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