January 25, 2023 - CONSOL Energy Inc. has announced the promotion of Mitesh B. Thakkar to the position of President, in addition to his current role as Chief Financial Officer (CFO). This promotion is being made as part of the company’s long-term succession planning process.
Jimmy Brock, Chief Executive Officer of CONSOL Energy, Inc., comments:
“Today’s announcement reflects the confidence that the board and I have in Mitesh’s leadership and his ability to play a broader and more strategic role in the future growth of CONSOL. Since becoming CONSOL’s CFO in 2020, Mitesh has helped steer the company through a very challenging period of COVID-related shutdowns and significant deterioration of business outlook, while capitalising on the subsequent recovery. He orchestrated our plan to de-lever our balance sheet by reducing our outstanding net debt by 83% (including 4Q22 reductions), played a key role in the merger transaction with CONSOL Coal Resources LP and created significant financial flexibility by opportunistically identifying new sources of capital in a challenging industry.
“We expect 2023 to be a year of opportunity for CONSOL, and I believe today’s announcement will position us well to take advantage of those opportunities while continuing to execute on our capital allocation priorities.”
On 19 January 2023, the Board of Directors of CONSOL Energy, Inc. unanimously approved the promotion of Mr. Thakkar to the position of President in addition to his current role as Chief Financial Officer. In addition to his current responsibilities as the Chief Financial Officer, as President, Thakkar will also be leading the teams responsible for Strategy and Business Development, Environment and Sustainability, and Sales and Marketing. Thakkar will continue to report to Mr. Brock in his new role.
Commenting on his promotion, Thakkar said:
“I am very thankful to Jimmy and the board for giving me this opportunity to play a broader role in this storied organisation. I am excited to continue to work alongside the very talented CONSOL team as we continue to create significant value for all our stakeholders.
“I share Jimmy’s enthusiasm regarding the significant opportunities that are in front of us related to our shareholder return, growth, and sustainability initiatives. We have made tangible progress on all three fronts in 2022, and 2023 has the potential to accelerate these initiatives. To that extent, I am pleased to announce that CONSOL’s board has approved CAPEX of approximately US$28 million for 2023 – 2026, including US$9.5 million in 2023, to advance our sustainability goals by mitigating methane emissions from our mines. This investment will help us achieve our goal of voluntarily reducing our scope 1 and 2 greenhouse gas emissions by 50% in 2026 compared to 2019 base levels. We also expect to realise meaningful growth in 2023 as our recent investments in the Itmann metallurgical coal mine and the fifth longwall at the Pennsylvania Mining Complex begin to bear fruit. We believe this will only expand our capability to return value to our shareholders and invest in sustainable opportunities for our future.”