Business Context and Reporting Period
This Form 8-K Current Report was filed by SunCoke Energy, Inc. on December 8, 2022. The filing discloses a significant change in corporate leadership and board composition effective January 1, 2023.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The report focuses exclusively on executive appointments and compensation arrangements.
Material Changes
The primary material change reported is the appointment of Katherine T. Gates to the position of President, effective January 1, 2023. Additionally, Ms. Gates has been appointed as a member of the Board of Directors effective on the same date. Michael G. Rippey will continue to serve as Chief Executive Officer.
Management Commentary and Compensation
Ms. Gates, who joined the Company in 2013, has held various senior leadership roles, most recently as Senior Vice President, Chief Legal Officer, and Chief Human Resources Officer. As an employee director, she will not serve on independent Board committees and will receive no additional compensation for her board service. Her compensation as President includes:
- Annual Base Salary: $661,500
- Non-Equity Incentive Plan: Targeted value of 80% of base salary
- Long-Term Incentive Compensation: Targeted value of 150% of base salary, subject to performance and vesting metrics
Ms. Gates will stand for election at the 2023 Annual Meeting of Stockholders. The filing states there are no undisclosed arrangements regarding her promotion and no family relationships with other directors or officers.
Investor Verification Checklist
- Verify the effective date of the leadership transition (January 1, 2023).
- Confirm the specific performance metrics for Ms. Gates' long-term incentive compensation in future filings.
- Review the attached Press Release (Exhibit 99.1) for additional strategic context regarding the appointment.
- Monitor the 2023 Annual Meeting proxy statement for Ms. Gates' director election results.