Malcolm Roberts
PEABODY ENERGYAbout Malcolm Roberts
Malcolm Roberts, age 51 as of February 14, 2025, is Peabody’s Chief Marketing Officer (named May 2023) and was appointed Executive Vice President and Chief Commercial Officer effective September 1, 2025; he joined Peabody in 2021 and is responsible for all sales, marketing, and logistics . He holds a Commerce and Management degree from Lincoln University (NZ) and is a CA member of Chartered Accountants Australia and New Zealand, with 25+ years in resources and commodities across finance, commercial, trading, sales and marketing at Rio Tinto and Heidelberg Cement . Company performance context during his tenure includes 2024 Net Income of $403.5 million and Adjusted EBITDA of $871.7 million, with TSR value of an initial $100 investment at $234.77, and peer TSR of $208.99 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Peabody Energy | EVP & Chief Commercial Officer | Sep 1, 2025 – Present | Elevates commercial oversight across sales/marketing/logistics; terms tied to performance objectives under Company incentive plans . |
| Peabody Energy | Chief Marketing Officer | May 2023 – Aug 2025 | Led global sales/marketing/logistics; advanced Centurion commercialization with multi-year North Asia contract and confirmed transport readiness . |
| Peabody Energy | Executive General Manager – Sales & Marketing | 2021 – 2023 | Built commercial capabilities across segments; managed trading and logistics functions . |
| Heidelberg Cement (Trading Division) | Senior Trading Lead | Oct 2018 – Jun 2020 | Led team trading solid fuel and cementitious products globally . |
| Rio Tinto (Energy Product Group) | Sales/Marketing; 11 years in leadership roles | 13 years (dates not disclosed) | Directed global coal sales, marketing, trading, logistics, analytics for thermal and metallurgical coal . |
| Various mining/manufacturing | Sales/Marketing and Finance roles | Not disclosed | Built cross-functional commercial and financial expertise . |
External Roles
No public company board roles were disclosed in BTU filings reviewed for Malcolm Roberts .
Fixed Compensation
| Component | Value / Terms |
|---|---|
| Base Salary | $515,000 annual base salary |
| Short-Term Incentive (STI) Target | 95% of base salary, under the Peabody Energy Corporation 2017 Incentive Plan |
| Long-Term Incentive (LTI) Target | ~195% of base salary, under the 2017 Incentive Plan |
| Plan Linkage | STI/LTI performance-based payouts aligned to Company objectives approved by the Compensation Committee |
Performance Compensation
Short-Term Incentive Program (STIP) – Design and 2024 Outcomes
| Metric | Weighting | Target/Definition | 2024 Actual / Payout | Vesting |
|---|---|---|---|---|
| Adjusted EBITDA | 40% | Consolidated Adjusted EBITDA; target set at $855 million for 2024 | Overall STIP achievement 115.32% of target; NEO payouts based on 115.3% | Annual cash award |
| Clean Cash Cost per Ton (Segment) | 40% total, 10% each: Seaborne Thermal, Seaborne Metallurgical, Powder River Basin, Other U.S. Thermal | Segment cost efficiency metric isolating operational performance from coal pricing volatility | Included in 115.32% total achievement for 2024 | Annual cash award |
| TRIFR (Safety) | 10% | Injury frequency per 200,000 hours for employees/contractors/visitors | Included in 115.32% total achievement for 2024 | Annual cash award |
| Safety & Sustainability MS | 10% | Conformance with framework aligned with CORESafety; audited for compliance | Included in 115.32% total achievement for 2024 | Annual cash award |
Notes: STIP maximum increased to 200% of target; pricing collar removed to align with stockholder outcomes .
Long-Term Incentive Program (LTIP) – Design and Vesting
| Metric | Weighting | Design Features | Modifier | Vesting |
|---|---|---|---|---|
| Free Cash Flow | 40% | Non-GAAP measure of operational cash generation used for LTIP | rTSR modifier compares 3-year rTSR vs global coal competitors; top/bottom quartile effects | PSUs earned over 2-year performance, plus 1-year service vest; RSUs time-based |
| Production Volume (Segment) | 40% total, 10% each segment | Operational volume metric; reduces pricing volatility impact on outcomes | rTSR modifier applies | PSUs 2-year performance + 1-year vest; RSUs time-based |
| Environmental Reclamation | 20% | Progress toward reclamation objectives | rTSR modifier applies | PSUs 2-year performance + 1-year vest |
| Equity Elements Tied to Share Price | Increased to 75% of LTI elements | Sharpened stockholder alignment | rTSR modifier applies | 3-year vesting maintained across LTI |
2024 LTIP outcomes context: Two-year component of the 2023 LTIP (Free Cash Flow and Environmental Reclamation) earned at 97.1% of target; pays after an additional 1-year vesting period . PSUs granted 1/03/2023 vest December 31, 2025, and PSUs granted 1/02/2024 vest December 31, 2026, each after a two-year performance period plus one additional year of vesting; RSUs generally vest ratably over three anniversaries .
Equity Ownership & Alignment
| Policy / Practice | Details |
|---|---|
| Executive Share Ownership Guidelines | CEO: 5x base salary; Other NEOs and executive officers: 3x base salary |
| Compliance Requirement | If below guideline, must retain 50% of net shares from equity awards until met; compliance evaluated annually |
| Hedging/Pledging | Prohibited for all directors and employees (including executive officers) under the Insider Trading Policy; margin accounts and pledging not permitted |
| Clawback | 2023 revised policy compliant with NYSE/SEC; recovers excess incentive-based compensation tied to financial metrics for the 3-year period preceding a restatement |
Employment Terms
| Term | Details |
|---|---|
| Appointment and Agreement | Appointed EVP & Chief Commercial Officer effective Sep 1, 2025; Employment Agreement dated Aug 7, 2025 with Peabody Energy Australia Coal Pty Ltd |
| Base Salary | $515,000 |
| STI Target | 95% of base salary, pursuant to the 2017 Incentive Plan |
| LTI Target | ~195% of base salary, pursuant to the 2017 Incentive Plan |
| Severance Plan | Required to comply with the 2019 Executive Severance Plan and standard Participation Agreement; may be entitled to benefits upon certain terminations, subject to requirements |
| Severance/COC Framework | Peabody maintains reasonable severance and change-in-control protections requiring involuntary termination to trigger; no single-trigger vesting of equity upon change-in-control |
| Executive Severance Plan Overview | Adopted Feb 21, 2019 (effective Jan 1, 2019); provides severance benefits for terminations without “Cause” or for “Good Reason”; details in “Potential Payments upon Termination or Change in Control” |
Performance & Track Record
- Centurion mine commercialization: Secured a two-year contract with a “blue‑chip North Asian” customer for development coal; first shipments expected later in the year; transport contracts fully set within the Goonyella system .
- Operations/weather management: Addressed monsoonal weather impacts in Queensland; characterized port outages as short-term with limited mine interruptions, demonstrating continuity of supply and logistics management .
- Market and pricing communication: Provided segment pricing context (API 5 discounts) relevant to product positioning and customer discussions .
Investment Implications
- Alignment: STI/LTI constructs are tilted toward operational metrics (Adjusted EBITDA, Clean Cash Cost per Ton, Production Volume) and reclamation, with an rTSR modifier and increased share‑price‑linked LTI elements, signaling stronger stockholder alignment and reduced commodity price beta in incentive outcomes .
- Retention risk: Employment Agreement specifies competitive STI/LTI targets; adherence to Severance Plan/Participation Agreement with no single-trigger vesting reduces windfall risk but provides protection, moderating voluntary departure risk .
- Trading signals: Prohibitions on hedging/pledging remove collateral-based selling pressure; ownership guidelines (3x salary) and net-share retention until compliance support insider alignment over time .
- Execution watchpoints: Commercial delivery hinges on Centurion ramp, logistics/weather in Australia, and segment cost discipline; STIP/LTIP design explicitly incentivizes controllable cost and volume performance, which should mitigate volatility but necessitates sustained operational execution .
- Governance support: 2024 Say‑on‑Pay approval at 98% indicates broad shareholder support for the compensation framework, lowering governance overhang risk .