Mark Spurbeck
PEABODY ENERGYAbout Mark Spurbeck
Executive Vice President and Chief Financial Officer (CFO) of Peabody Energy since June 11, 2020; previously SVP & Interim CFO (Jan 2020–Jun 2020) and SVP & Chief Accounting Officer (Mar 2018–Jan 2020). He is a CPA with a B.A. in Accounting from Hillsdale College; age 47 at appointment in 2020 . During his tenure, Peabody’s TSR moved from $26.43 to $234.77 on a $100 basis (2020–2024), with Adjusted EBITDA cycling from $259M (2020) to $917M (2021), $1.845B (2022), $1.364B (2023), and $872M (2024); 2024 revenue was $4.24B and adjusted EBITDA $872M, with net income of $403.5M (company figures; see table) .
Company performance snapshot (CFO tenure window)
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| TSR ($ value of $100 initial) | $26.43 | $110.42 | $289.69 | $269.27 | $234.77 |
| Net Income ($) | $(1,873,800,000) | $371,400,000 | $1,319,100,000 | $815,600,000 | $403,500,000 |
| Adjusted EBITDA ($) | $258,800,000 | $916,700,000 | $1,844,700,000 | $1,363,900,000 | $871,700,000 |
| Revenue ($) | — | — | — | — | $4,237,000,000 |
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Peabody Energy | EVP & CFO | Jun 2020–present | Oversees finance, treasury, tax, internal audit, reporting and corporate accounting; leads capital allocation and incentive design shifts . |
| Peabody Energy | SVP & Interim CFO | Jan 2020–Jun 2020 | Bridged CFO transition; continued oversight of finance functions . |
| Peabody Energy | SVP & Chief Accounting Officer | Mar 2018–Jan 2020 | Led accounting, reporting, internal controls . |
| Coeur Mining | VP Finance & Chief Accounting Officer | 2013–2018 | Enterprise finance and accounting leadership at diversified metals producer . |
| Newmont Mining | Multiple finance roles incl. Group Executive, Assistant Controller | ~8 years (prior to 2013) | Global mining finance, controls, consolidation . |
| First Data | Finance roles | n/d | Corporate finance experience . |
| Deloitte LLP | Audit/Advisory roles | n/d | External audit and advisory foundation; CPA credentialing . |
External Roles
- No public company board directorships disclosed for Mr. Spurbeck in BTU filings .
Fixed Compensation
| Component | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $613,500 | $642,000 (year paid); base rate $650,000 as of 12/31/2024 (+5%) |
| Target STIP (% of salary) | 90% | 100% |
| Target TDC ($) | $2,775,833 (total reported comp) | $2,861,175 (total reported comp) |
| 2024 Target TDC Design (target base+bonus+LTIP) | — | $2,700,000 (Base $650k; STIP $650k; LTIP $1.4M) |
| All Other Compensation ($) | $50,177 (life insurance, qualified and NQ 401(k), small gross-up) | $60,641 (life insurance $2,621; 401(k) $20,533; NQ 401(k) $37,487) |
Performance Compensation
Short-term incentive (STIP) design and outcome (2024)
- Weighting and metrics (company-wide): 40% Adjusted EBITDA (target $855M), 40% Clean Cash Cost per Ton (10% each across Seaborne Thermal/Met/PRB/Other U.S. Thermal), 10% TRIFR, 10% Safety & Sustainability Management System; max payout 200% of target; pricing collar removed .
- 2024 payout outcome: 115.32% of target; Mr. Spurbeck paid $749,591 .
| Item | 2024 Plan Detail |
|---|---|
| Adjusted EBITDA target | $855,000,000 |
| Metric weights | EBITDA 40%; Clean Cash/Ton 40% (4×10%); TRIFR 10%; Safety & Sustainability MS 10% |
| Maximum opportunity | 200% of target |
| 2024 Total achievement | 115.32% |
| Spurbeck 2024 STIP paid | $749,591 |
Long-term incentive (LTIP) structure and grants
- 2024 performance mix: 50% performance-based PSUs (2-year performance + 1-year vest), 50% time-based (RSUs and Restricted Cash), with rTSR +/-25% post-performance modifier; PSU max increased to 200% .
- Performance metrics and weights (2024 awards): 40% Free Cash Flow (LTIP definition), 40% Production Volume (by segment), 20% Environmental Reclamation; PSUs settle 50% in shares, 50% in cash .
- Vesting: RSUs/Restricted Cash vest ratably over 3 years; PSUs: 2-year performance (2024–2025) with payout and additional 1-year service vest (through 12/31/2026) .
- 2023 performance program (two-year FCF + Reclamation) earned at 97.1% of target (will pay after the additional service year) .
Mark Spurbeck’s 2024 LTIP grants
| Grant | Date | Units/Value | Vesting | Notes |
|---|---|---|---|---|
| RSUs | 1/2/2024 | 14,350 units; $349,997 FV | Pro-rata over 3 years | Time-based . |
| PSUs (Target) | 1/2/2024 | 28,700 target (2,870 threshold; 57,400 max); $779,779 FV | Performance 2024–2025; service thru 12/31/2026 | rTSR modifier ±25%; 50% cash/50% stock . |
Equity Ownership & Alignment
| Measure | Detail |
|---|---|
| Beneficial ownership | 45,505 shares; <1% of outstanding (as of 3/13/2025) . |
| Unvested RSUs at 12/31/2024 | 14,535 units; $304,358 value (@$20.94) . |
| Unvested PSUs at 12/31/2024 | 29,070 target units; $608,716 value (@$20.94) . |
| 2024 vested shares (value) | 42,471 shares; $1,050,650 . |
| Ownership guidelines | 3× base salary for NEOs; hold 50% of net shares until guideline met . |
| Hedging/Pledging | Prohibited by policy . |
| Stock options | Company does not currently grant options; no repricing without shareholder approval . |
Vesting and potential selling pressure
- RSUs granted 1/2/2024 vest ratably on 1/2/2025, 1/2/2026, 1/2/2027 (general vest terms; actual vest requires service) .
- PSUs granted 1/2/2024 (target 28,700; max 57,400) measure 2024–2025 and vest after an additional year (12/31/2026), subject to performance and rTSR modifier; half settle in cash, half in stock .
Employment Terms
| Provision | Detail |
|---|---|
| Employment/CFO appointment | Appointed EVP & CFO June 11, 2020 (age 47); initial package included $520k base; one-time $260k retention cash (50%/12mo, 50%/18mo); STIP target 85% (2020 pro-rated); LTIP ~200% base with RSUs and PUs; entered Company’s 2019 Executive Severance Plan . |
| Severance plan (2019) | NEOs: 1.5× (base + 3-year average bonus) for involuntary without cause/good reason; CEO 2×; double-trigger post-CIC: NEOs 2×, CEO 2.5×; 18 months benefits (excl. Yeates); pro-rata current-year bonus; 1-year non-compete and non-solicit; no tax gross-ups . |
| Clawback | NYSE/SEC-compliant recoupment of excess incentive-based compensation upon accounting restatement (3-year lookback) . |
| Potential payouts (Spurbeck, as of 12/31/2024) | Death/Disability total $3,914,877 (Other cash $1,790,499; accel/continued equity $2,124,378) . Involuntary Term (no CIC) total $2,503,722 (Cash severance $1,792,236; benefits $32,236; equity $679,250) . CIC-related involuntary term total $6,336,761 (Cash severance $2,389,648; benefits $32,236; other cash $1,790,499; equity $2,124,378) . |
Performance & Track Record
| Area | Evidence |
|---|---|
| Capital returns | Returned $221M to shareholders via repurchases/dividends in 2024; instituted robust program returning $471M for 2023 . |
| Balance sheet | Ended 2024 with $700M cash and cash equivalents; cash-positive net debt position . |
| Strategy/portfolio | Progressed Centurion coking coal redevelopment; first shipments in 2024; agreed to acquire four Anglo American Australian met coal mines (transformative, expected close in coming months) . |
| Safety/ESG | 2024 TRIFR record lows; reclaimed U.S. lands bond release $110M; continuous reclamation leadership; sustainability metrics embedded in incentives . |
| Incentive alignment | 2024 STIP paid at 115.32%; 2023–2024 LTI two-year component earned at 97.1% of target; added cost/volume and rTSR to reduce commodity volatility and strengthen alignment . |
| Say-on-Pay | 98% support in 2024; 93% in 2023 . |
Compensation Structure Analysis
- 2024 STIP rebalanced toward controllable operations (Clean Cash Cost per Ton added; EBITDA weight cut to 40%); max payout raised to 200% (from 150%); EBITDA pricing collar removed to tighten alignment with shareholder outcomes .
- 2024 LTIP increased share-price-linked exposure to 75% of total LTI and introduced a 3-year rTSR modifier (+/- 25%), while shifting performance mix to FCF (40%), Production Volume (40%), and Environmental Reclamation (20%); PSU max to 200% .
- No stock options granted; no single-trigger change-in-control vesting; robust clawback and anti-hedging/pledging policies; no tax gross-ups—shareholder-friendly features reducing risk of windfalls and misalignment .
Compensation Peer Group (benchmarking reference)
ATI Inc.; Agnico Eagle Mines; Alpha Metallurgical Resources; Antero Resources; APA; Arch Resources; B2Gold; Cleveland-Cliffs; Commercial Metals; Compass Minerals; CONSOL Energy; CVR Energy; SM Energy; Southwestern Energy; Teck Resources; Warrior Met Coal .
Equity Ownership & Pledging
- Beneficial ownership of 45,505 BTU shares; <1% of shares outstanding (3/13/2025) .
- Company policy prohibits hedging/pledging; executives must retain 50% of net shares until guideline compliance; NEOs were in compliance with the retention requirement as of 12/31/2024 .
Employment Start Date & Tenure
- Joined Peabody March 2018 (SVP & CAO); Interim CFO January 2020; appointed CFO June 11, 2020 (EVP & CFO) .
Director/Governance Items (for context)
- None—Mr. Spurbeck is not a director; however, the company reports strong governance practices and active shareholder outreach (see proxy governance highlights) .
Investment Implications
- Pay-for-performance is credible: STIP/LTIP now emphasize operational controllables and cash returns, with rTSR moderation, supporting alignment through cycles .
- Retention risk appears contained: market-aligned severance, double-trigger CIC, significant unvested equity (RSUs 14,535; PSUs 29,070 target as of 12/31/2024) create “stay” incentives into 2026; no hedging/pledging permitted .
- Potential selling pressure windows: scheduled RSU vesting through 2027 and PSU vest in late 2026 could add periodic supply; at max, 2024 PSU grant could reach 57,400 units (50% cash-settled), partially mitigating stock supply .
- Execution track record: meaningful 2023–2024 shareholder returns, improved safety metrics, advancing met coal strategy and transformative M&A all occurred during Spurbeck’s finance leadership, though commodity price volatility drove EBITDA normalization in 2024 .