LEXINGTON, Ky. — Ramaco Resources, Inc. (NASDAQ: METC) announced changes to its senior management and Board of Directors.
At the end of December, Michael Bauersachs will step down from his roles as President, Chief Executive, and Director of the Company. Ramaco Resources’ current Executive Chairman, Randall Atkins, will assume the additional title of Chief Executive. In addition, current executives Chris Blanchard and Jeremy Sussman will be named Executive Vice Presidents for Operations and Finance respectively.
Bauersachs will assume a position in the existing, privately-owned company Ramaco Royalties (“Royalties”), which will be re-capitalized to acquire metallurgical coal reserves, infrastructure, and other energy-related assets. Royalties is a private company owned by Bauersachs, Atkins, and private equity backers Yorktown Energy Partners.
Three new members were also elected to join Resources’ Board of Directors. In conjunction with these appointments, the Board will be expanded to eleven seats, with a majority being Independent Directors. New members of the Board will be:
- E. Forrest Jones, Jr.: The principal and founder of Jones & Associates, a law firm in Charleston, West Virginia, which specializes in corporate and regulatory matters relating to the coal industry. Mr. Jones is regarded as one of the finest practicing mineral and coal lawyers in the country, and during the past 40+ years has represented nearly every significant private and public coal producer and operator in Central Appalachia.
- David E. K. Frischkorn, Jr.: An energy investment banker with an over 40-year career and a deep family background in the Appalachian coal space. Mr. Frischkorn was one of the principal underwriters involved in Ramaco’s 2017 IPO when he was at Seaport Global Securities, LLC and has previously worked at Jefferies & Co., Kidder, Peabody & Co., and Lehman Brothers. By coincidence, the former Island Creek Coal Company run by his grandfather owned the original Elk Creek mine in West Virginia, which is now Resource’s flagship mining complex.
- Mahmud Riffat: A Principal at Energy Capital Partners, involved in the firm’s credit and capital solutions investment activities. Prior to joining Energy Capital Partners in 2017, Mr. Riffat held positions at First Reserve Corp., Global Infrastructure Partners, and Merrill Lynch & Co.