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Posted 18 March, 2021

PEABODY ENERGY CORP appointed new CEO

CEO Change detected for ticker NYSE:BTU in a 8-K filed on 18 March, 2021.


  On March 18, 2021, the Board of Directors (the "Board") of Peabody Energy Corporation (the "Company") announced that the Company and Glenn L. Kellow, the Company's President and Chief Executive Officer, have entered into an Employment Transition Agreement (the "Transition Agreement") as part of its succession planning process.  

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Overview of PEABODY ENERGY CORP
Basic Materials/Resources • Coal
Peabody Energy Corp. engages in the business of coal mining. It operates through the following business segments: Powder River Basin, Midwestern U.S., Western U.S., Seaborne Metallurgical, Seaborne Thermal Mining and Corporate and Other. The Powder River Basin Mining segment consists of its mines in Wyoming. The Midwestern U.S. includes Illinois and Indiana mining operations. The Western U.S. reflects the aggregation of its New Mexico, Arizona and Colorado mining operations. The Seaborne Metallurgical covers mines in Queensland, Australia. The Seaborne Thermal Mining handles operations in New South Wales, Australia. The Corporate and Other segment includes selling and administrative expenses, results from equity affiliates, corporate hedging activities and trading and brokerage activities. The company was founded by Francis S. Peabody in 1883 and is headquartered in St. Louis, MO.
Market Cap
$1.55B
View Company Details
PEABODY ENERGY CORP by TradingView
Relevant filing section
Item 5.02 
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 


On March 18, 2021, the Board of Directors (the "Board") of Peabody Energy Corporation (the "Company") announced that the Company and Glenn L. Kellow, the Company's President and Chief Executive Officer, have entered into an Employment Transition Agreement (the "Transition Agreement") as part of its succession planning process. Pursuant to the Transition Agreement, Mr. Kellow will leave the Company by August 31, 2021 (the "Termination Date"). The Board has underway a comprehensive search process to identify Mr. Kellow's successor. While this search is underway, Mr. Kellow will continue in his current role, including as a director, until a successor is appointed, which is intended to be before August 31, 2021. Mr. Kellow will also stand for reelection as a director of the Company at the Company's next annual meeting and, if elected, will serve as a director until the Termination Date. 

Mr. Kellow's separation from the Company constitutes a termination "without cause" as defined under that certain participation agreement, dated as of February 22, 2019, as amended, between the Company and Mr. Kellow under the Peabody Energy Corporation 2019 Executive Severance Plan (the "Severance Plan"). Pursuant to the Transition Agreement, during the twelve months following the Termination Date, Mr. Kellow will make himself available to the Company for up to twenty hours per month at a rate of $85,000 per month to provide customary consulting services to ensure a smooth leadership transition at the Company. Reasonable, documented legal fees incurred by Mr. Kellow for the documentation of the Transition Agreement will be reimbursed or paid directly, subject to a cap of $20,000, along with any reasonable, documented fees incurred in any future dispute under the agreement if Mr. Kellow has acted in good faith. Mr. Kellow's termination did not result from a disagreement with the Company on any matter relating to the Company's operations, policies or practices, including its controls or financial related matters. 

The foregoing description of the Transition Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Transition Agreement, a copy of which is attached as Exhibit 10.1 hereto and incorporated by reference.