- After about six and a half years in the position
- Praise and thanks for Rippey
- Katherine Gates taking over
- Rippey said 66 words
(exechange) — Lisle, Illinois, February 22, 2024 — Mike Rippey, chief executive of SunCoke, leaves his position. As announced by SunCoke Energy Inc. in a news release and in a regulatory filing published on Thursday, February 22, 2024, Michael G. (Mike) Rippey leaves his post as chief executive officer at the producer of coke used in steelmaking, after about six and a half years in the role, effective May 15, 2024.
Mike Rippey’s duties as CEO will be taken over by Katherine T. Gates, currently President at SunCoke Energy Inc.
“Deliberate and well-executed succession planning process”
The management change is explained as follows. Arthur F. Anton, the Company’s Chairman, stated: “The Board is pleased to announce Katherine’s promotion to Chief Executive Officer as the result of a deliberate and well-executed succession planning process.”
Precise information regarding Mike Rippey’s future plans was not immediately available.
“Retire”
SunCoke said: “Michael G. Rippey intends to retire as Chief Executive Officer and as a member of the Company’s Board of Directors on May 15, 2024.”
Share price increase since February 2023
The announcement follows an increase in SunCoke Energy Inc.’s share price of 20% since February 2023.
In the position of CEO since 2017
Mike Rippey became CEO of the Company in 2017.
Upon his retirement, it is anticipated that Rippey will serve as an advisor to the Company, pursuant to an advisory agreement.
Since January 1, 2023, Rippey has been Chief Executive Officer of SunCoke Energy, Inc., focusing on strategic objectives and growth initiatives for the Company.
Prior to that, he was Chief Executive Officer and President since December 1, 2017.
He has been a director of SunCoke’s Board of Directors since December 2017.
At that time, he also was appointed as Chairman, Chief Executive Officer and President of SunCoke Energy Partners GP LLC, the general partner of SunCoke Energy Partners, L.P., the Company’s former sponsored master limited partnership.
Prior to joining SunCoke, Rippey served as Senior Advisor to Nippon Steel & Sumitomo Metal Corporation (a leading global steelmaker) since 2015.
From 2014 to 2015, he was Chairman of the Board of ArcelorMittal USA (a major domestic steel manufacturer), and from August 2006 through October 2014, he was ArcelorMittal USA’s President and Chief Executive Officer.
Prior to that, he successfully rose through progressively responsible financial, commercial and administrative leadership roles at ArcelorMittal USA and its predecessor companies: (i) from 2005 to 2006, he was Executive Vice President, Sales and Marketing at Mittal Steel USA; (ii) from 2000 to 2005, he was Executive Vice President and Chief Financial Officer at lspat Inland Inc.; and (iii) from 1998 to 2000, he served as Vice President, Finance and Chief Financial Officer of Ispat Inland Inc.
He began his career with Inland Steel Company (a predecessor to ArcelorMittal USA) in 1984.
Rippey currently serves on the Board of Directors of Olympic Steel, Inc. [NASDAQ: ZEUS] (a leading U.S. metals service center), where he is a member of the Nominating Committee and serves as Chair of the Audit and Compliance Committee.
In addition to ArcelorMittal USA, Rippey’s previous board service also includes the National Association of Manufacturers and the American Iron & Steel Institute, where he was a past Chairman of the Board.
66 words by Mike Rippey
In the release announcing his departure as CEO of SunCoke Energy Inc., Mike Rippey received praise and thanks.
In announcing his departure, Mike Rippey said 66 words.
“We are fortunate”
Mike Rippey stated: “I am incredibly proud of all that our team has achieved. We have created significant value for our shareholders. Our accomplishments are the result of the dedication, commitment, and resourcefulness of all our employees. As a Company, we are fortunate to have Katherine as my successor. I and everyone at SunCoke have tremendous confidence in Katherine’s ability to champion our business and lead SunCoke’s future success.”
The above text is an excerpt from the exechange report 9.2024 ($), publication date February 26, 2024.