Mitesh B. Thakkar has been promoted to president in addition to his existing position as chief financial officer of CONSOL Energy Inc. (NYSE: CEIX), a major producer and exporter of high-Btu power-generating, industrial, and metallurgical coals. The company’s long-term succession planning process includes this elevation.
The board and I are confident in Mitesh’s leadership and his capacity to play a bigger, more strategic role in CONSOL’s future growth, and this is reflected in the announcement. Since taking over as Chief Financial Officer of CONSOL in 2020, Mitesh has assisted in guiding the organisation through a particularly difficult period of shutdowns due to COVID and a major worsening of business outlook, all the while profiting on the rebound that followed. He coordinated our strategy to de-lever our balance sheet by reducing our outstanding net debt by 83% (including reductions made in Q4 2022), was instrumental in the merger with CONSOL Coal Resources LP, and produced significant financial flexibility by opportunistically finding new sources of funding in a competitive sector. Jimmy Brock, the company’s CEO, made this statement.
We anticipate 2023 to be a year of opportunity for CONSOL, and I think the announcement we made today will put us in a good position to take advantage of those prospects while continuing to carry out our capital allocation principles, said Mr. Brock.
The CONSOL Energy, Inc. Board of Directors unanimously authorised Mr. Thakkar’s advancement to President on January 19, 2023, in addition to his present position as Chief Financial Officer. Mr. Thakkar will be heading the teams in charge of Strategy and Business Development, Environment and Sustainability, and Sales and Marketing in addition to his existing duties as the Chief Financial Officer. In his new position, Mr. Thakkar will continue to answer to Mr. Brock.
“Jimmy and the board have given me the chance to play a bigger part in this illustrious company, and I am extremely grateful for that. As we continue to generate enormous value for all of our stakeholders, I am eager to work with the incredibly brilliant CONSOL team, said Mr. Thakkar. “I am just as excited as Jimmy about the huge prospects that lie ahead of us in relation to our shareholder return, growth, and sustainability activities. On all three fronts, we achieved tremendous strides in 2022, and 2023 has the opportunity to move these projects along even more quickly. In light of this, I’m happy to report that the CONSOL board has approved capex of about $28 million for the years 2023 to 2026, including $9.5 million in 2023, to further our sustainability goals by reducing methane emissions from our mines. This investment will assist us in achieving our objective to voluntarily reduce our scope 1 and 2 greenhouse gas emissions by 50% from 2019 baseline levels in 2026. We also anticipate significant growth in 2023 as the results of our recent investments in the Itmann metallurgical coal mine and the Pennsylvania Mining Complex’s 5th longwall start to materialise. We think that this will only increase our capacity to reward our shareholders and make investments in long-term prospects for our business.