|Ramaco Resources, Inc. Announces Changes to Executive Leadership and Board of Directors|
LEXINGTON, Ky., Dec. 10, 2020 /PRNewswire/ -- Following a Board of Directors meeting today, Ramaco Resources, Inc. (NASDAQ: METC) ("Resources" or "the Company") announced changes to its senior management and Board of Directors.
At the end of December, Michael Bauersachs will step down from his roles as President, Chief Executive, and Director of the Company. Ramaco Resources' current Executive Chairman, Randall Atkins, will assume the additional title of Chief Executive. In addition, current executives Chris Blanchard and Jeremy Sussman will be named Executive Vice Presidents for Operations and Finance respectively.
Bauersachs will assume a position in the existing, privately-owned company Ramaco Royalties ("Royalties"), which will be re-capitalized to acquire metallurgical coal reserves, infrastructure and other energy-related assets. Royalties is a private company owned by Bauersachs, Atkins and private equity backers Yorktown Energy Partners.
"When Mike and I started Ramaco almost ten years ago, he handled the reserve acquisitions, and I did the financing," said Atkins. "As we've grown, we transitioned to developing our core reserve holdings through the public company, and devoted less focus to acquiring new properties through our private royalty company. Mike is a superb talent to lead new acquisition development efforts, and to opportunistically grow Royalties into a unique and substantial presence, particularly in the current environment of the industry. We are grateful for all that Mike has done for Ramaco Resources, while realizing this new role is a natural fit for him."
Michael Bauersachs noted, "Growing Ramaco from essentially just Randy and I, to almost 400 employees today, has been the highlight of my professional career. While I am stepping back from my current role at Resources, I plan to remain an active consultant and to continue working with both their management team and Board of Directors. I look forward to the exciting opportunity to grow our existing assets in Royalties in both new and traditional directions."
Atkins also congratulated Blanchard and Sussman on their new positions.
"These two senior executives have both earned this recognition and have provided the oversight behind most of the operational day-to-day management of the Company," said Atkins. "I look forward to continuing to work with them as we all grow Resources with the rest of our team."
Three new members were also elected to join Resources' Board of Directors. In conjunction with these appointments, the Board will be expanded to eleven seats, with a majority being Independent Directors. New members of the Board will be:
About Ramaco Resources, Inc.
News and additional information about Ramaco Resources, including filings with the Securities and Exchange Commission, are available at www.ramacoresources.com.
SOURCE Ramaco Resources, Inc.
|12/10/2020 4:01:00 PM