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Foresight Energy founder Cline resigns from company's board

Foresight Energy founder Cline resigns from company's board

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Chris Cline, billionaire founder of St. Louis-based Foresight Energy, has resigned from the coal company's board, according to documents filed with the Securities and Exchange Commission last week.

The filings state that Cline, who had previously served as the board's chairman, also stepped down from his role as principal strategy advisor. Gary Broadbent, a spokesman for Foresight, declined to provide additional comment.

Cline retains a 27 percent ownership interest in Foresight, according to another filing.

In connection with Cline's resignation, Robert Moore was elevated to chairman, while Robert E. Murray – the son of Bob Murray, CEO of coal company Murray Energy – filled the opening on the board.

In 2015, Murray Energy bought a large stake in Foresight, which operates several highly-productive longwall mines in Illinois.

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