- Push-out Score determined
- After about three and a half years in the position
- Accolades, praise, thanks and good wishes for Stetson
- Andy Eidson taking over
- Stetson will remain as executive chairman at Alpha Metallurgical
- Stetson made a lengthy statement and said 264 words
(exechange) — Bristol, Tennessee, August 8, 2022 — David Stetson, chief executive of Alpha Metallurgical, leaves his position. As announced by Alpha Metallurgical Resources Inc. in a news release and in a regulatory filing published on Monday, August 8, 2022, David J. Stetson leaves his post as chief executive officer at the supplier of metallurgical products for the steel industry, after about three and a half years in the role, effective December 31, 2022.
David Stetson’s duties as CEO will be taken over by Charles Andrew (Andy) Eidson, currently president and chief financial officer at Alpha Metallurgical Resources Inc.
“The right time”
David Stetson’s departure from the CEO post is explained as follows. Stetson said: “Alpha has entered a new and exciting chapter, and I believe the end of this calendar year is the right time to hand over the reins of day-to-day leadership of the company to Andy Eidson.”
Stetson will remain as executive chairman at Alpha Metallurgical
“Alpha’s board of directors has unanimously appointed Mr. Stetson as executive chairman of the board, effective at year end,” Alpha Metallurgical said.
“Retire”
Alpha Metallurgical said: “Alpha announced today that its chair and chief executive officer, David Stetson, will retire as chief executive officer effective December 31, 2022.”
Alpha Metallurgical further said: “On August 8, 2022, the Company announced that its chief executive officer and chairman, David J. Stetson, advised the Company’s board of directors (the “Board”) on August 4, 2022 that he will retire from his role as chief executive officer effective as of the end of the day on December 31, 2022.”
Share price increase since August 2021
The announcement follows an increase in Alpha Metallurgical Resources Inc.’s share price of 364% since August 2021.
In the position of CEO since 2019
David Stetson became CEO of the Company in 2019.
David J. Stetson has served as chief executive officer and a member of the board of directors since July 2019, and as chair of the board of directors since August 2019.
He previously served on the Company’s board of directors from November 2018 through April 2019.
Stetson has extensive experience in management, finance, mergers and acquisitions, corporate governance, restructuring, the law and reclamation, having most recently served as chair of the board of directors and chief executive officer of both ANR, Inc. and Alpha Natural Resources Holdings, Inc. (successors to Predecessor Alpha) from July 2016 until the merger of these entities with Contura Energy, Inc. (now Alpha) in November 2018.
Previously, Stetson held a number of executive leadership positions within the energy industry, including chief executive officer, chief restructuring officer, and senior advisor for various energy companies including Trinity Coal Corporation, American Resources Offshore, Inc., Lexington Coal Company, and Lipari Energy Inc.
Stetson earned a bachelor of science degree from Murray State University, a juris doctor degree from the Brandeis School of Law at the University of Louisville, and a master of business administration degree from the University of Notre Dame.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding David Stetson’s move on a scale of 0 to 10.
exechange reached out to Alpha Metallurgical and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 33.2022 ($).