Shares of Peabody Energy (BTU) skyrocketed on indications that there is a high upside in future potential.
Last week, the company has named Jim Grech as its new president and CEO, he will replace Glenn Kellow, the new President and CEO. As part of an agreed-upon “leadership succession deal,” Kellow will leave those positions and his board position by August, the organization announced in March. Kellow will stand down as Grech takes over, according to Peabody.
Grech, who has over 30 years of experience in the coal and natural resources industry, was most recently the CEO of Wolverine Fuels, a thermal coal company in the United States. He has also worked with Nexus Gas Transmission as president and Consol Energy as chief marketing officer and executive vice president.
“I look forward to joining Peabody’s talented workforce and shaping the company’s strategic path forward to maximize value for all stakeholders,” Grech said in a statement. “I’m impressed by the significant strides the company has made during a difficult period and am excited to further improve the competitiveness of Peabody.”
Grech’s annual salary will be $1 million, with a one-time inducement bonus of $1 million payable within 30 days of employment repayable if he resigns or is terminated for cause within a year of joining the company, according to a regulatory filing. He’s also eligible for various incentive payments and equity grants.