Michael Routledge
Coeur MiningAbout Michael Routledge
Michael Routledge (age 54) is Senior Vice President and Chief Operating Officer at Coeur Mining, appointed in June 2020. He holds an undergraduate degree in Electrical and Control Engineering from the University of Sunderland, England and an MBA focused on business and strategic transformation from Henley Management College, England . 2024 corporate AIP paid out at 99% of target, driven by strong gold production/costs and EHS performance but offset by below-target silver production/costs and adjusted EBITDA; adjusted EBITDA was $339M vs a $362–$373M target . Long-term performance shares for the 2022–2024 period paid 57% of target (71% of target award value), with rTSR in the middle quartile (no modifier impact) and zero payout on Rochester Stage VI production due to delays .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Coeur Mining | SVP & Chief Operating Officer | Appointed June 2020 | Operational leadership across portfolio; AIP focus on production, costs, EBITDA, strategic initiatives, EHS |
| Rio Tinto (Kennecott Utah Copper) | Chief Operating Officer | 2011–2012 | Led operations at large copper business |
| Rio Tinto (Kennecott Utah Copper) | VP HSE, Projects & Operational Value | 2012–2014 | Safety, projects, and value optimization mandate |
| Asahi Refining | Chief Operating Officer | 2015–2017 | Precious metals refining operations leadership |
| Anagold Madencilik (SSR Mining subsidiary) | Senior Director, Operational Excellence | 2017–Jan 2020 | Process improvement and operational excellence |
| Alacer Gold Corp. | VP, Major Projects & Studies | Feb–May 2020 | Major projects oversight prior to joining Coeur |
External Roles
No public company board roles or external directorships are disclosed for Mr. Routledge in the 2025 Proxy Statement .
Fixed Compensation
Multi-year summary compensation (USD):
| Component | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary | $450,000 | $525,000 | $525,000 |
| Stock Awards (grant-date fair value) | $814,886 | $1,026,186 | $1,081,264 |
| Non-Equity Incentive (AIP) | $526,050 | $447,300 | $547,050 |
| All Other Compensation | $50,235 | $69,498 | $65,280 |
| Total | $1,841,171 | $2,067,984 | $2,218,594 |
2024 AIP parameters and payout:
| Metric | Value |
|---|---|
| Base Salary | $525,000 |
| Target AIP % | 100% |
| AIP Payout | $547,050 |
| Company Weighting / Individual Weighting | 80% / 20% |
| Individual Performance Factor | 125% |
Perquisites and deferred contributions (2024):
| Item | Amount |
|---|---|
| 401(k) match | $20,700 |
| Deferred Compensation Plan contribution (6% of comp over plan limit) | $37,638 |
| Excess group term life insurance | $1,242 |
| Tax planning services | $5,700 |
Performance Compensation
2024 AIP corporate objectives and performance:
| Metric | 2024 Target | 2024 Performance | Performance (% of target) | Payout (% of target) | Weight | Weighted Payout |
|---|---|---|---|---|---|---|
| Gold Production (oz) | 334–341K | 342K | ~100% | 105% | 15% | 16% |
| Silver Production (oz) | 11.9–12.9M | 11.2M | 93% | 0% | 5% | 0% |
| Gold CAS/oz | $1,274–$1,272 | $1,210 | 95% | 180% | 15% | 27% |
| Silver CAS/oz | $16.28–$16.01 | $16.75 | 103% | 76% | 5% | 4% |
| Adjusted EBITDA | $362–$373M | $339M | 94% | 61% | 20% | 12% |
| Strategic Initiatives (composite) | Various | Below target | 83% | 83% | 20% | 9% |
| EHS Scorecard (composite) | Various | 110% overall | N/A | 110% | 20% | 21% |
| SilverCrest Acquisition Discretion | N/A | Achieved | N/A | +10% added | 0% | +10% |
| Total | — | — | — | — | — | 99% |
2024 LTIP design and grant:
| Element | Detail |
|---|---|
| LTIP mix | 60% Performance Shares (PSUs), 40% Restricted Stock |
| 2024 LTIP target (% of salary) | 225% (COO) |
| 2024 LTIP target $ (COO) | $1,181,250 |
| 2024 PSU grant fair value | $670,046 |
| 2024 Restricted Stock grant fair value | $411,218 |
| 2024 PSU estimated share ranges | Target 120,947 (two PSU tranches), Max 241,894 |
| RS vesting | One-third annually on 2/26/2025, 2/26/2026, 2/26/2027 |
Restricted Stock vesting schedule (unvested as of 12/31/2024):
| Grant | Shares | Vesting commencement | Schedule |
|---|---|---|---|
| RS grant | 75,592 | 2/21/2023 | One-third annually |
| RS grant | 133,098 | 2/27/2024 | One-third annually |
| RS grant | 161,262 | 2/26/2025 | One-third annually |
2022–2024 performance share outcomes:
| PSU Metric | Target Shares | Value at Target | Awarded Shares | Value Realized at Award Date |
|---|---|---|---|---|
| Overall PSU (aggregate) | 113,719 | $496,644 | 64,631 | $352,885 |
| Reserves & Resources Growth | 34,017 | $148,994 | 38,779 | $211,733 |
| GHG Net Intensity Reduction | 22,678 | $99,330 | 25,852 | $141,152 |
| Rochester Stage VI Production | 22,677 | $99,325 | 0 | $0 |
Relative TSR modifier and payout summary:
| Period | rTSR | PSU payout (shares) | PSU payout (value) |
|---|---|---|---|
| 2022–2024 | Middle quartile (no modifier) | 57% of target | 71% of target award value |
Equity Ownership & Alignment
Beneficial ownership and unvested equity:
| Item | Amount | Notes |
|---|---|---|
| Beneficially owned shares | 450,881 | As of March 5, 2025 |
| Percent of outstanding | <1% | Outstanding shares: 638,384,526 |
| Unvested restricted shares (12/31/2024) | 275,191 | Market value $1,574,093 at $5.72/share |
| Unearned PSUs (12/31/2024) | 554,930 | Market/payable value $3,174,200 |
| Shares acquired on vesting (2024) | 115,820 | Value realized $298,910 |
| Stock options | None under 2018 LTIP for NEOs (COO) | “—” options for Mr. Routledge |
Ownership policy and pledging/hedging:
| Policy | Requirement / Status |
|---|---|
| Stock ownership guideline (COO) | 4x base salary; unvested time-based awards count; 5-year phase-in |
| Compliance status | CLD Committee: each director/executive has met the level or is within phase-in |
| Hedging / pledging | Prohibited; no margin accounts or pledging allowed |
| Clawback | Restatement-based recovery for prior 3 years; misconduct-based recoupment for prior 3 years |
Employment Terms
Employment and severance framework:
| Term | Detail |
|---|---|
| Current role start | Appointed SVP & COO in June 2020 |
| Employment agreement | None; covered by Executive Severance Policy (other NEOs) |
| Change-in-control trigger | Double-trigger equity acceleration; benefits paid upon Coeur termination without cause or good reason resignation within 90 days preceding or 2 years following CIC |
| CIC cash severance formula | 2x base salary + 2x target AIP; 18 months benefits continuation; accelerated vesting of unvested equity |
Potential payments upon termination (as of 12/31/2024; Coeur share price $5.72):
| Scenario | Cash Severance ($) | Benefits PV ($) | Accelerated Equity ($) | Total ($) |
|---|---|---|---|---|
| Not for cause — Involuntary | 2,100,000 | 16,508 | 0 | 2,116,508 |
| Death & Disability | 0 | 0 | 4,748,292 | 4,748,292 |
| Termination subsequent to CIC | 2,100,000 | 24,853 | 4,183,905 | 6,308,759 |
Investment Implications
- Pay-for-performance alignment is strong: 2024 AIP at 99% reflects disciplined operational execution, while PSUs paid 57% of target with zero payout on Rochester Stage VI and ROIC—reinforcing that equity outcomes are sensitive to multi-year operating results and capital efficiency .
- Retention and selling pressure: Significant unvested equity (275,191 RS; 554,930 PSUs) and scheduled RS vesting through 2027 create regular vesting events; 2024 vesting realized 115,820 shares, which may lead to transaction windows, though pledging/hedging are prohibited and ownership guidelines require 4x salary for the COO .
- Change-in-control economics: Double-trigger CIC protection with 2x salary+target bonus and accelerated equity could be material ($6.31M total for CIC termination), implying potential costs in strategic transactions and meaningful personal downside protection for the COO .
- Execution risk: Below-threshold outcomes on Rochester Stage VI and ROIC signal ongoing ramp-up and capital deployment risks; however, strong safety/environmental performance and strategic execution on SilverCrest acquisition were recognized, supporting balanced incentives across financial, operational, and ESG dimensions .