In a recent filing with the SEC, Alpha Metallurgical Resources (NYSE: AMR) disclosed significant changes to its board of directors. Today, the company announced the resignations of directors Michael J. Quillen and Albert E. Ferrara, Jr., effective before the opening of the New York Stock Exchange. The departures are in line with the company's Corporate Governance Guidelines, which include director age limitations. Consequently, neither Mr. Quillen nor Mr. Ferrara was eligible for re-election at the upcoming annual meeting of stockholders on May 2, 2024.
In a concurrent move, director Elizabeth A. Fessenden also tendered her resignation, effective today. The company clarified that these resignations are not due to any disagreements with Alpha Metallurgical's management or operations.
To fill the emerging gap, the board has appointed Shelly Lombard as a director and as the new chair of the board's audit committee. Her appointment becomes effective as of the close of the market today. Ms. Lombard's selection was made without any prior arrangements or understandings with other persons, and she does not have any family ties with current directors or executive officers of the company.
Shelly Lombard will receive compensation in accordance with the company's Non-Employee Director Compensation Policy, which is subject to amendments over time. This strategic shift in the board's composition comes at a critical juncture as the company prepares for its annual stockholders' meeting.
Alpha Metallurgical Resources has not indicated any further board changes or provided additional details regarding the transition. The information reported is based on the company's statement in a press release.
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