Navarre to become board chair at Arch's 2024
annual meeting in May
Eaves and Chapman to retire as
executive chair and lead independent director,
respectively
Drexler elected president and will join
board of directors at that same meeting
ST.
LOUIS, Feb. 22, 2024 /PRNewswire/ -- Arch
Resources, Inc. (NYSE: ARCH) today announced that – as part of its
long-term succession process – Richard A.
Navarre will become chair of Arch's board of directors at
the conclusion of the company's annual stockholders' meeting on
May 7, 2024, succeeding John W. Eaves, who will retire at that time as
the company's executive chair and as a member of the board.
"I am honored that the Arch board has asked me to take on this
expanded role and look forward to working with the board, Arch CEO
Paul Lang, and the rest of the
company's highly capable management team to help steer the company
forward at this exciting time in its development," Navarre said.
"On behalf of the entire board of directors, I want to thank John
for his tremendous contributions to Arch's growth and success
during his four-year tenure as executive chair; his eight years as
Arch's CEO; and his 37-year career with the company."
"Arch is an extraordinary company with a high-performing board,
an accomplished management team, and the best workforce anywhere,
and it has been the honor of a lifetime to work with this talented
and dedicated group over many years," Eaves said. "Rick is the
ideal person to assume the board chair role at this dynamic moment
in global coal markets, and I am confident that – under his
leadership and with the support of Paul and the rest of the board –
the company is positioned to climb to even greater heights in the
years ahead."
James N. Chapman has also
announced plans to retire from the Arch board at Arch's 2024 annual
meeting. "Jim has provided invaluable leadership, guidance,
direction, and counsel to the board and the management team over
the past eight years – first as board chair and more recently as
lead independent director," Lang said. "The company and its
stockholders owe Jim a tremendous debt of gratitude for his
contributions in helping guide the company during this period of
evolution, value creation and growth."
"Arch is a world-class organization with a highly effective and
talented leadership team," said Chapman. "It has been my distinct
honor and privilege to work with the entire organization over the
past eight years to develop a world-class metallurgical coal
franchise. Arch plays a pivotal role in global steel markets while
taking a leadership position in environmental, safety and health
stewardship. I fully expect Arch's leadership team and experienced
board to continue the efforts to maximize shareholder value while
retaining its commitment to the company's employees and customers
in the years ahead."
"I am also pleased to report that Arch continues to augment and
enhance its long-term succession plan with the elevation of
John Drexler to the role of
president, effective immediately, and with his nomination for
election to the board of directors at the 2024 annual meeting,"
Lang added. "John D. has distinguished himself as a strong and
capable leader, most recently in the role of chief operating
officer and prior to that as the company's chief financial officer.
I look forward to working with John to extend and capitalize on
Arch's position as a highly efficient producer of metallurgical
coal; an industry leader in the critical area of sustainability;
and a supplier of choice to the world's fastest growing steel
markets." In addition to the president's role, Drexler will
maintain his responsibilities as chief operating officer.
In addition to his role at Arch, Richard
A. Navarre currently serves on the boards of Civeo
Corporation and Natural Resource Partners. He is the past chairman
and chief executive officer of Covia Corporation and earlier in his
career served as president and chief commercial officer and as
chief financial officer of Peabody Energy Corporation.
John T. Drexler joined Arch in
1998 and has served as the company's senior vice president and
chief operating officer since 2020. Prior to his current role, he
served as Arch's senior vice president and CFO from 2008 through
2020 and as its vice president of finance and accounting from 2006
through 2008.
Arch Resources is a premier producer of high-quality
metallurgical products for the global steel industry. The company
operates large, modern and highly efficient mines that consistently
set the industry standard for both mine safety and environmental
stewardship. Arch Resources from time to time utilizes its website
– www.archrsc.com – as a channel of distribution for material
company information. To learn more about us and our premium
metallurgical products, go to www.archrsc.com.
Forward-Looking Statements: This press release contains
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended - that is, statements
related to future, not past, events. In this context,
forward-looking statements often address our expected future
business and financial performance, and future plans, and often
contain words such as "should," "could," "appears," "estimates,"
"projects," "targets," "expects," "anticipates," "intends," "may,"
"plans," "predicts," "believes," "seeks," "strives," "will" or
variations of such words or similar words. Actual results or
outcomes may vary significantly, and adversely, from those
anticipated due to many factors, including: loss of availability,
reliability and cost-effectiveness of transportation facilities and
fluctuations in transportation costs; operating risks beyond our
control, including risks related to mining conditions, mining,
processing and plant equipment failures or maintenance problems,
weather and natural disasters, the unavailability of raw materials,
equipment or other critical supplies, mining accidents, and other
inherent risks of coal mining that are beyond our control;
inflationary pressures and availability and price of mining and
other industrial supplies; changes in coal prices, which may be
caused by numerous factors beyond our control, including changes in
the domestic and foreign supply of and demand for coal and the
domestic and foreign demand for steel and electricity; volatile
economic and market conditions; the effects of foreign and domestic
trade policies, actions or disputes on the level of trade among the
countries and regions in which we operate, the competitiveness of
our exports, or our ability to export; the effects of significant
foreign conflicts; the loss of, or significant reduction in,
purchases by our largest customers; our relationships with, and
other conditions affecting our customers and our ability to collect
payments from our customers; risks related to our international
growth; competition, both within our industry and with producers of
competing energy sources, including the effects from any current or
future legislation or regulations designed to support, promote or
mandate renewable energy sources; alternative steel production
technologies that may reduce demand for our coal; our ability to
secure new coal supply arrangements or to renew existing coal
supply arrangements; cyber-attacks or other security breaches that
disrupt our operations, or that result in the unauthorized release
of proprietary, confidential or personally identifiable
information; our ability to acquire or develop coal reserves in an
economically feasible manner; inaccuracies in our estimates of our
coal reserves; defects in title or the loss of a leasehold
interest; the availability and cost of surety bonds, including
potential collateral requirements; we may not have adequate
insurance coverage for some business risks; disruptions in the
supply of coal from third parties; decreases in the coal
consumption of electric power generators could result in less
demand and lower prices for thermal coal; our ability to pay
dividends or repurchase shares of our common stock according to our
announced intent or at all; the loss of key personnel or the
failure to attract additional qualified personnel and the
availability of skilled employees and other workforce factors;
public health emergencies, such as pandemics or epidemics, could
have an adverse effect on our business; existing and future
legislation and regulations affecting both our coal mining
operations and our customers' coal usage, governmental policies and
taxes, including those aimed at reducing emissions of elements such
as mercury, sulfur dioxides, nitrogen oxides, particulate matter or
greenhouse gases; increased pressure from political and regulatory
authorities, along with environmental and climate change activist
groups, and lending and investment policies adopted by financial
institutions and insurance companies to address concerns about the
environmental impacts of coal combustion; increased attention to
environmental, social or governance matters ("ESG"); our ability to
obtain and renew various permits necessary for our mining
operations; risks related to regulatory agencies ordering certain
of our mines to be temporarily or permanently closed under certain
circumstances; risks related to extensive environmental regulations
that impose significant costs on our mining operations and could
result in litigation or material liabilities; the accuracy of our
estimates of reclamation and other mine closure obligations; the
existence of hazardous substances or other environmental
contamination on property owned or used by us and risks related to
tax legislation and our ability to use net operating losses and
certain tax credits; All forward-looking statements in this press
release, as well as all other written and oral forward-looking
statements attributable to us or persons acting on our behalf, are
expressly qualified in their entirety by the cautionary statements
contained in this section and elsewhere in this press release.
These factors are not necessarily all of the important factors that
could cause actual results or outcomes to vary significantly, and
adversely, from those anticipated at the time such statements were
first made. These risks and uncertainties, as well as other risks
of which we are not aware or which we currently do not believe to
be material, may cause our actual future results and outcomes to be
materially, and adversely, different than those expressed in our
forward-looking statements. For these reasons, readers should not
place undue reliance on any such forward-looking statements.
These forward-looking statements speak only as of the date on which
such statements were made, and we do not undertake, and expressly
disclaim, any duty to update our forward-looking statements,
whether as a result of new information, future events or otherwise,
except as may be required by the federal securities laws. For a
description of some of the risks and uncertainties that may affect
our future results, you should see the risk factors described from
time to time in the reports we file with the Securities and
Exchange Commission.
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SOURCE Arch Resources, Inc.