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Navarre to become board chair at Arch's 2024 annual meeting in May
Eaves and Chapman to retire as executive chair and lead independent director, respectively
Drexler elected president and will join board of directors at that same meeting
ST. LOUIS, Feb. 22, 2024 /PRNewswire/ -- Arch Resources, Inc. (NYSE:ARCH) today announced that – as part of its long-term succession process – Richard A. Navarre will become chair of Arch's board of directors at the conclusion of the company's annual stockholders' meeting on May 7, 2024, succeeding John W. Eaves, who will retire at that time as the company's executive chair and as a member of the board.
"I am honored that the Arch board has asked me to take on this expanded role and look forward to working with the board, Arch CEO Paul Lang, and the rest of the company's highly capable management team to help steer the company forward at this exciting time in its development," Navarre said. "On behalf of the entire board of directors, I want to thank John for his tremendous contributions to Arch's growth and success during his four-year tenure as executive chair; his eight years as Arch's CEO; and his 37-year career with the company."
"Arch is an extraordinary company with a high-performing board, an accomplished management team, and the best workforce anywhere, and it has been the honor of a lifetime to work with this talented and dedicated group over many years," Eaves said. "Rick is the ideal person to assume the board chair role at this dynamic moment in global coal markets, and I am confident that – under his leadership and with the support of Paul and the rest of the board – the company is positioned to climb to even greater heights in the years ahead."
James N. Chapman has also announced plans to retire from the Arch board at Arch's 2024 annual meeting. "Jim has provided invaluable leadership, guidance, direction, and counsel to the board and the management team over the past eight years – first as board chair and more recently as lead independent director," Lang said. "The company and its stockholders owe Jim a tremendous debt of gratitude for his contributions in helping guide the company during this period of evolution, value creation and growth."
"Arch is a world-class organization with a highly effective and talented leadership team," said Chapman. "It has been my distinct honor and privilege to work with the entire organization over the past eight years to develop a world-class metallurgical coal franchise. Arch plays a pivotal role in global steel markets while taking a leadership position in environmental, safety and health stewardship. I fully expect Arch's leadership team and experienced board to continue the efforts to maximize shareholder value while retaining its commitment to the company's employees and customers in the years ahead."
"I am also pleased to report that Arch continues to augment and enhance its long-term succession plan with the elevation of John Drexler to the role of president, effective immediately, and with his nomination for election to the board of directors at the 2024 annual meeting," Lang added. "John D. has distinguished himself as a strong and capable leader, most recently in the role of chief operating officer and prior to that as the company's chief financial officer. I look forward to working with John to extend and capitalize on Arch's position as a highly efficient producer of metallurgical coal; an industry leader in the critical area of sustainability; and a supplier of choice to the world's fastest growing steel markets." In addition to the president's role, Drexler will maintain his responsibilities as chief operating officer.
In addition to his role at Arch, Richard A. Navarre currently serves on the boards of Civeo Corporation and Natural Resource Partners. He is the past chairman and chief executive officer of Covia Corporation and earlier in his career served as president and chief commercial officer and as chief financial officer of Peabody Energy Corporation.
John T. Drexler joined Arch in 1998 and has served as the company's senior vice president and chief operating officer since 2020. Prior to his current role, he served as Arch's senior vice president and CFO from 2008 through 2020 and as its vice president of finance and accounting from 2006 through 2008.
Posted In: ARCH
