LISLE, Ill., Nov. 10, 2017 /PRNewswire/ -- SunCoke
Energy, Inc. (NYSE: SXC) announced today that, after seven years,
Frederick A. Henderson has decided
to retire as SunCoke's Chairman, Chief Executive Officer and
President, and SunCoke's board of directors has elected
Michael G. Rippey as Chief Executive
Officer and President, effective December
1, 2017. Mr. Rippey also has been elected a member of
SunCoke's board of directors, effective December 1, 2017. In addition, Mr. Rippey
will serve as Chairman, CEO and President of the general partner of
SunCoke Energy Partners, L.P. (NYSE: SXCP), SunCoke's master
limited partnership subsidiary. In connection with these
changes, Mr. Henderson has agreed to serve as SunCoke's Executive
Chairman until December 31, 2017, and
Mr. John W. Rowe, currently
SunCoke's Lead Director and Governance Committee Chair, will serve
as the non-Executive Chairman of the Board, beginning on
January 1, 2018.
"It has been a privilege to serve as SunCoke's President, CEO
and Chairman, leading the company through the IPO and then working
collaboratively with the employees, the senior executive team and
the board of directors to build sustainable profitability in
SunCoke's core coke production business and diversify its revenue
and customer base into a profitable logistics business, while
judiciously using its cash flow for the benefit of shareholders,"
said Mr. Henderson.
Commenting upon Mr. Henderson's decision to retire, Mr. Rowe
stated, "We thank Fritz for his outstanding service and
contributions to SunCoke during his tenure, and we wish him and his
family the best. His energy, vision and strategic leadership
have been of immense benefit both to our employees and our
stockholders. He has our enduring admiration and
respect. While we are sorry to see Fritz leave the company,
we are nonetheless excited about our new leadership at
SunCoke. Mike is exceptionally talented and, under his
leadership, we look forward to continuing to improve operational
efficiencies at our existing businesses."
A financially astute leader and veteran steel industry
executive, Mr. Rippey, 60, has overseen operations of some of the
largest and most capital intensive assets in the world. He
joins SunCoke most recently from Nippon Steel & Sumitomo Metal
Corporation (a leading global steelmaker), where, since 2015, he
has served as Senior Advisor. From 2014 to 2015, he served as
Chairman of the Board of ArcelorMittal USA (a major domestic steel manufacturer), and
from August 2006 through October 2014, he was ArcelorMittal USA's President and Chief Executive
Officer. Prior to that, he successfully rose through
progressively responsible financial, commercial and administrative
leadership roles at ArcelorMittal USA and its predecessor companies.
Mr. Rippey is an accomplished senior executive with a wealth of
finance, sales, operations and management experience in the metals
industry. He has successfully dealt with dynamic and
challenging business environments and, as a past executive officer
and Chairman of ArcelorMittal USA,
he has an intimate knowledge and understanding of the challenges
and opportunities facing SunCoke as it continues to serve the steel
industry.
Mr. Rippey earned a Bachelor of Science in Marketing from
Indiana University, Bloomington, IN, a
Master of Science in Banking and Finance from Loyola University, Chicago, IL, and a Master of
Business Administration from The University of Chicago. Mr.
Rippey currently serves on the Board of Directors of Olympic Steel,
Inc., a $1.1 billion steel service
center headquartered in Ohio,
where he is a member of the Nominating Committee, the Compensation
Committee and the Audit and Compliance Committee.
"Mike's reputation for strategic and tactical direction,
managing a major manufacturing enterprise, speaks for itself.
He has proven to be a successful leader with a strong execution
orientation. In addition, he has a keen understanding of the
steel industry and how SunCoke can best serve its customers," said
Mr. Henderson. "With his qualifications and clear record of
accomplishment, Mike is ideally suited to position SunCoke for
future success."
Speaking on behalf of SunCoke's board of directors, Mr. Rowe
said, "The Board has engaged in a successful succession process as
it sought to find a CEO with excellent credentials and experience
to succeed Fritz Henderson. We
are confident that Mike has the qualifications, record of
performance, and strategic perspective to champion the growth of
SunCoke's businesses and contribute to SunCoke's success from the
start. We are very pleased that he is joining the
Company."
Commenting on his new appointment, Mr. Rippey said, "SunCoke is
a great company with industry-leading cokemaking technology and a
promising portfolio of strategically located logistics
assets. This is an exciting opportunity. I am eager to
join the leadership team of a company with such an attractive value
proposition and such dedicated employees."
ABOUT SUNCOKE ENERGY, INC.
SunCoke Energy, Inc. (NYSE:
SXC) and its sponsored master limited partnership subsidiary,
SunCoke Energy Partners, L.P. (NYSE: SXCP), supply high-quality
coke used in the blast furnace production of steel, under
long-term, take-or-pay contracts that pass through commodity and
certain operating costs to customers. We utilize an innovative
heat-recovery technology that captures excess heat for steam or
electrical power generation. Our cokemaking facilities are
located in Illinois, Indiana, Ohio, Virginia, Brazil and India. We have more than 50
years of cokemaking experience serving the integrated steel
industry. Through SXCP, we provide export and domestic coal
handling services to the coke, coal, steel and power
industries. Our coal handling terminals have the collective
capacity to blend and transload more than 35 million tons of coal
each year and are strategically located to reach Gulf Coast, East Coast, Great Lakes and
international ports. To learn more about SunCoke Energy,
Inc., visit our website at www.suncoke.com.
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SOURCE SunCoke Energy, Inc.