Business Context and Reporting Period
This Form 8-K Current Report was filed by Ramaco Resources, Inc. on April 29, 2019. The filing discloses a significant change in executive leadership, specifically the appointment of a new Chief Financial Officer (CFO) and the concurrent departure of the previous CFO from that role.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on executive compensation and personnel changes.
Material Changes
- Appointment of CFO: The Board of Directors appointed Jeremy Sussman as Chief Financial Officer, effective on or before May 15, 2019.
- Departure of CFO: Randall Atkins, Executive Chairman and interim CFO since July 1, 2018, will step down as CFO on the Start Date but will continue to serve as Executive Chairman.
- Compensation Structure: Mr. Sussman's compensation package includes a base salary of $300,000 per annum, a guaranteed cash bonus of $250,000 for 2019 (contingent on employment at payout), and eligibility for long-term incentive compensation valued at 133% of his base salary.
Outlook, Risks, and Management Commentary
Management highlighted Mr. Sussman's extensive background in the coal industry, noting his previous role as Managing Director – Mining and Metals at Clarksons Platou Securities since April 2013. The filing includes a standard indemnification agreement for Mr. Sussman, consistent with those provided to other directors and executive officers. No specific financial guidance, risks, or contingencies were disclosed in this report.
Investor Verification Checklist
- Verify the exact start date of Jeremy Sussman's tenure as CFO (on or before May 15, 2019).
- Review the terms of the Long-Term Incentive Plan to understand vesting schedules for the 133% equity award.
- Confirm the status of Randall Atkins' continued role as Executive Chairman and his influence on company strategy.
- Check subsequent filings for the first financial report prepared under the new CFO's oversight.