Directors Lushefski, Geiger, and Medine Resign from Contura Board

Rhea-AI Summary

Contura Energy (NYSE: CTRA) announced that John E. Lushefski, Daniel J. Geiger, and Emily S. Medine have resigned from its board of directors effective immediately. Their resignations are not due to any disagreements and aim to facilitate the search for new board members ahead of the 2021 shareholder meeting. Under their leadership, Contura exited the Powder River Basin and achieved its lowest mining costs. The company is focused on transitioning to an exclusively metallurgical producer, planning to divest the Cumberland mine, and continues to seek qualified candidates for the board.

Positive

• Successful exit from the Powder River Basin and completion of strategic goals.
• Achieved lowest mining costs in company history.

Negative

• Resignations of board members may lead to uncertainties in leadership during the transition period.

BRISTOL, Tenn., Nov. 20, 2020 /PRNewswire/ -- Contura Energy, Inc. (NYSE: CTRA), a leading U.S. supplier of metallurgical products for the steel-making industry, today announced changes to its board of directors.

John E. Lushefski, Daniel J. Geiger, and Emily S. Medine have resigned from the Contura board of directors effective immediately. Each of the three members decided not to stand for reelection at the Company's 2021 annual shareholder meeting and believed that it was in the Company's best interest to resign effective immediately to facilitate the search for new directors. None of the resignations was the result of any disagreement with the company.

Under the resigning directors' helm, Contura completed its exit from the Powder River Basin, achieved the lowest mining costs in Contura's history, and executed a purchase agreement to divest of the Cumberland mine, which, if it closes, will virtually complete the Company's exit from the thermal coal market, leaving Contura as essentially an exclusively metallurgical producer.

The Company thanks the resigning directors, as well as the remaining directors, for their dedication and leadership during their tenure, which has seen the Company achieve many of its strategic goals during a time of unusual events and market conditions.

"I want to thank each of the outgoing directors for their service at Contura, and we know that they will do quite well in all of their future endeavors. These directors have overseen the strategic direction of the Company in its transition to a met-focused producer positioned to weather the uncertain markets we now face," said David Stetson, chairman and chief executive officer of Contura. "We are grateful for their service."

The Company is continuing its search for qualified individuals to serve on its board of directors and will make further announcements when new directors are appointed.

ABOUT CONTURA ENERGY

Contura Energy (NYSE: CTRA) is a Tennessee-based coal supplier with affiliate mining operations across major coal basins in Pennsylvania, Virginia and West Virginia. With customers across the globe, high-quality reserves and significant port capacity, Contura Energy reliably supplies metallurgical coal to produce steel. For more information, visit www.conturaenergy.com.

FORWARD-LOOKING STATEMENTS

This news release includes forward-looking statements. These forward-looking statements are based on Contura's expectations and beliefs concerning future events and involve risks and uncertainties that may cause actual results to differ materially from current expectations. These factors are difficult to predict accurately and may be beyond Contura's control. Forward-looking statements in this news release or elsewhere speak only as of the date made. New uncertainties and risks arise from time to time, and it is impossible for Contura to predict these events or how they may affect Contura. Except as required by law, Contura has no duty to, and does not intend to, update or revise the forward-looking statements in this news release or elsewhere after the date this release is issued. In light of these risks and uncertainties, investors should keep in mind that results, events or developments discussed in any forward-looking statement made in this news release may not occur.

INVESTOR CONTACT
investorrelations@conturaenergy.com

Alex Rotonen, CFA
423.956.6882

MEDIA CONTACT
corporatecommunications@conturaenergy.com

Emily O'Quinn
423.573.0369

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SOURCE Contura Energy, Inc.

FAQ

What recent changes occurred on Contura Energy's board of directors?

Contura Energy announced the immediate resignations of three board members: John E. Lushefski, Daniel J. Geiger, and Emily S. Medine.

Why did the board members resign from Contura Energy?

The board members resigned to facilitate the search for new directors and their resignations were not due to any disagreements with the company.

What strategic changes is Contura Energy pursuing?

Contura Energy is transitioning to become an exclusively metallurgical producer by exiting the thermal coal market.

What is Contura Energy's plan regarding the Cumberland mine?

Contura Energy has executed a purchase agreement to divest the Cumberland mine, which will mark its exit from the thermal coal market.

How has Contura Energy performed under the resigned directors?

Under their leadership, Contura successfully completed its exit from the Powder River Basin and achieved the lowest mining costs in its history.