Mint Director Ed Moy resigned his position this week, four years into his five-year term. As a Republican appointee many were surprised that he stayed as long as he did into the Democratic Obama administration. The move was announced by Moy on Monday, but he gave no hints of his destination, but on Tuesday his new employer, a Seattle-based company, posted a press release (see below). A Wall Street Journal article picked up the Mint announcement and added quotes from E-Sylum regular David Ganz, who speculated on a possible nominee to replace Moy.
U.S. Mint Director Edmund C. Moy is set to depart for a private-sector job next month, the Mint said Monday.
Mr. Moy, a onetime special assistant to former President George W. Bush, took over as the Mint's 38th director in 2006. His term was set to expire in September 2011.
"I'm proud of the progress we've made over four-and-a-half years," Mr. Moy said in a statement. "The Mint is a better place and delivering more value to the American taxpayers."
Under Mr. Moy's tenure, the Mint saw at least one Treasury secretary, Henry Paulson, question the value of producing pennies, which in fiscal 2007 cost the U.S. 1.7 cents each to make and distribute.
It also released the first U.S. coins with readable Braille characters.
The Mint didn't disclose Mr. Moy's new position and a spokesman didn't immediately return phone calls seeking more information.
His resignation is effective Jan. 9, 2011.
"What is surprising is how long he has lasted into the Obama administration," said David Ganz, a former president of the American Numismatic Association and a columnist for Numismatic News.
"If you look back 50 years, there's no Mint director that has served a full term when there has been a change of administration," said Mr. Ganz.
Mr. Ganz said Mr. Moy has long had an interest in coins.
"The most fascinating thing about Director Moy is that as a kid he worked in his parent's Chinese restaurant and as a cashier he used to go through the cash draw every night and pick out coins for his coin collection," said Mr. Ganz.
Among the leading candidates to replace Mr. Moy is Democratic Michigan state Sen. Steve Bieda, a coin collector who is interested in the job, according to Mr. Ganz.
To read the complete article, see:
U.S. Mint Director to Leave for Private Sector
L & L Energy, Inc., a U.S.-based company since 1995 with coal mining and distribution businesses in China, announced today that Edmund C. Moy has joined the Company as Vice President – Corporate Infrastructure. Mr. Moy's appointment will be effective January 10, 2011 and he will report directly to Dickson Lee, L&L's Chairman and CEO. Mr. Moy's key areas of responsibilities include corporate development, global logistics, and general administration. In addition, the company announced the appointment of David Lin as Director of Accounting.
"We are delighted to welcome Ed to the L&L team. He brings a wealth of experience from both the public and private sectors, and has expertise in key areas including operations, strategic planning and executive recruitment," commented Mr. Lee. "We look forward to leveraging his experience and skills as we continue our growth into a global coal company."
Mr. Moy joins L&L from the United States Mint, where he has served as 38th Director of the Mint since 2006. While in this capacity, Mr. Moy was the chief executive officer with full P&L responsibility for the world's largest manufacturer of coins and medals. Mr. Moy oversaw production of the nation's circulating coinage, producing numismatic products, retail sales, production of gold and silver bullion and sales to financial investors, and protecting the nation's gold reserves. He led 2,000 employees located in six geographic locations across the United States, including Fort Knox. During his tenure at the United States Mint, he increased revenues from $2.3 billion to a record $4 billion and increased profits from $350 million to over $1 billion.
To read the complete press release, see:
L&L Energy Announces Appointment of VP Corporate Infrastructure and Director of Accounting
Wayne Homren, Editor
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