Joy Global is to lose its chief executive in the very near future. CEO Michael Sutherlin will relinquish his position at the end of this year when he enters retirement. The company's board has designated Edward Doheny II as his replacement.

The 66-year old Sutherlin will formally retire next February 1, but Joy Global said that he will fully transfer responsibilities to Doheny by December of this year following the release of the firm's fiscal 2013 results.

Doheny, 50, has been the COO of the company's underground mining equipment unit since 2006. Prior to that, he worked for 20 years at Ingersoll-Rand in numerous executive positions.

The article Joy Global CEO to Step Down originally appeared on Fool.com.

Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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