Joy Global (NYSE:JOY) 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.