Robert Braithwaite
Core Natural ResourcesAbout Robert Braithwaite
Robert J. Braithwaite, Jr. is Senior Vice President, Marketing & Sales at Core Natural Resources (CNR) and has served in this role since January 14, 2025. He is 42 and holds a BS in Business Administration (Finance) from Robert Morris University; he joined CONSOL in 2005 and advanced through senior sales and marketing roles with a track record of building customer relationships and new business development . Company performance context during his tenure includes Q1 2025 revenues of $1,017.4 million and adjusted EBITDA of $123.5 million , and prior-year results of GAAP net income of $286 million and adjusted EBITDA of $655 million in 2024 . Long-term incentive design ties payouts to performance and TSR; program outcomes included TSR at the 73rd percentile for 2024 PSUs (first tranche), 94th percentile for 2023 PSUs (second tranche), and 100th percentile for 2022 PBCUs (final tranche) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| CONSOL Energy (legacy) | Senior roles in Sales & Marketing | 2005–2024 | Built strong customer relationships and generated new business opportunities |
| Core Natural Resources | SVP, Marketing & Sales | 2025–present | Leads overall marketing and logistics strategy for coal products |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| American Coal Council | Board member | Not disclosed | Industry advocacy and market development |
| The Coal Institute | Board member | Not disclosed | Industry network and commercial engagement |
| National Coal Transportation Association | Board member | Not disclosed | Logistics and transportation collaboration |
Fixed Compensation
| Component | 2024/2025 Detail |
|---|---|
| Base salary | Not disclosed; Braithwaite became an executive officer on Jan 14, 2025 and is not included in the 2024 NEO compensation tables . |
| Target bonus % | Not disclosed for Braithwaite (company STIC targets are set by role; see Performance Compensation) . |
| Actual bonus paid | Not disclosed for Braithwaite (Q1–Q4 2024 STIC payouts pertain to 2024 NEOs) . |
Performance Compensation
Company 2024 Short-Term Incentive Compensation (STIC) design and outcomes
| Metric | Weighting | Annual Target | Annual Actual | Formulaic Payout | Final Payout (Committee adjustments) | Vesting/Settlement |
|---|---|---|---|---|---|---|
| PAMC Production (tons) | 20% | 26.0M | 25.7M | 57.86% (overall) | 100% (adjusted for Francis Scott Key Bridge impact and recovery efforts) | Quarterly interim payments with year-end true-up; individual performance modifier 20% |
| PAMC Avg. Cash Cost/Ton ($) | 30% | $37.08 | $37.89 | Included in 57.86% | 100% (Committee adjustment) | Same as above |
| Itmann Operating EBITDA – CapEx ($) | 10% | $10.0M | ($42.7M) | Included in 57.86% | No adjustment disclosed | Same as above |
| Baltimore Terminal Operating EBITDA ($) | 10% | $67.8M | $62.9M | Included in 57.86% | 200% (Committee adjustment) | Same as above |
| Overall Environmental Compliance (%) | 10% | Matrix-based | 99.964% compliance; 20 NOVs → 100% payout | Included in 57.86% | Not adjusted (remained 100%) |
Company 2024 PSUs (first tranche) — metrics and outcomes
| Metric | Weighting | Target | Actual | Payout factor | TSR Modifier |
|---|---|---|---|---|---|
| ICP Free Cash Flow per Share ($) | 50% | $16.91 | $15.47 | 96.3% total factor across metrics | 73rd percentile (0 to +20% scale; achieved +? per plan) |
| CONSOL Innovations Revenue Growth (%) | 15% | 10% | 7% | Included in 96.3% | As above |
| Capital Expenditure Management ($) | 15% | $199M | $178M | Included in 96.3% | As above |
| Scope 1 & 2 GHG Reduction (tons emitted) | 20% | 6,750,000 | 8,100,000 | Included in 96.3% | As above |
Notes:
- 2024 RSUs vest in three equal installments on February 6, 2025/2026/2027 (time-based) .
- PSUs vest ratably over three years, settle 50% in stock and 50% in cash; plan includes a +/-20% TSR modifier .
Quarterly STIC actuals (for context on intra-year cadence)
| Metric | Q1 2024 Actual | Q2 2024 Actual | Q3 2024 Actual |
|---|---|---|---|
| PAMC Production (tons) | 6.5M | 5.6M | 7.1M |
| PAMC Avg. Cash Cost/Ton ($) | $40.29 | $39.82 | $35.85 |
| Itmann Operating EBITDA – CapEx ($) | ($6.2M) | ($12.5M) | ($15.1M) |
| Baltimore Terminal Operating EBITDA ($) | $17.9M | $6.1M | $17.6M |
Equity Ownership & Alignment
- Beneficial ownership for Braithwaite was not itemized in the proxy’s table covering directors and NEOs as of March 6, 2025; the group of all current directors and executive officers held 1,077,199 shares (2.02% of outstanding) . No disclosure of any shares pledged by Braithwaite was found .
- Executive stock ownership guidelines allow compliance via a multiple-of-salary or fixed share approach (fixed divisor $20.00). Multiples: CEO 5x; President/CFO 2.5x; CAO/Controller/GC 2x; all NEOs as of Dec 31, 2024 were in compliance; Braithwaite was appointed in 2025, so his compliance status is not disclosed .
Employment Terms
- Company-wide executive agreements: double-trigger cash severance upon a change-in-control (CIC) paired with restrictive covenants (confidentiality, non-compete, non-solicit); non-CIC severance payable only if terminated without cause; no tax gross-ups on parachute payments .
- Award treatment in CIC: RSUs fully vest if not assumed, or vest upon qualifying termination within two years if assumed; PSUs vest pro rata and are deemed earned at target or actual performance through CIC, whichever is greater .
- Precedent separation terms (CEO Paul Lang, Oct 2025): cash payment $7,950,553 plus COBRA and life premiums; RSUs settled per agreements; PSUs settled in cash at target using $88.45 stock price; one-year non-compete and non-solicit; consulting through year-end .
Performance & Track Record
- Pricing and portfolio management: As CONSOL’s SVP Marketing, Braithwaite articulated portfolio price sensitivity to API2 and index-linked volumes (e.g., $0.14/ton sensitivity on ~26 million index-linked tons) and guided to “low 60s” average price for contracted business with a $100 API2 assumption .
- Mix and export execution: He highlighted mix-driven price strength during the Baltimore outage, prioritizing higher-priced domestic and crossover metallurgical tons; noted >800,000 tons shipped to China YTD by Q2 2024, trending >1 million tons for the year .
- Operating cadence: In Q3 2025, he clarified sales vs. production guidance and inventory draw timing tied to vessel schedules, reflecting commercial discipline in seaborne markets .
- Company integration and capital returns: Post-merger Q1 2025 delivery included $101.3 million in buybacks (1.4 million shares) and a $0.10 dividend; liquidity $858.3 million; synergy target raised to $125–$150 million annually; robust thermal segment contribution and Leer South recovery plan .
Compensation Committee Analysis
- Independent consultant: Mercer engaged; compensation program reviewed for independence and market competitiveness; additional Mercer/Marsh services reviewed for conflicts; committee found none .
- Peer group used for benchmarking: Alliance Resource Partners, Arch Resources, Alpha Metallurgical, Cleveland-Cliffs, Compass Minerals, Hallador, Louisiana-Pacific, NACCO, NRP, Peabody, Ramaco, SunCoke, Warrior Met Coal .
- Say-on-pay outcome: 2024 approval ~94.8%, supporting current pay-for-performance framework .
Risk Indicators & Governance Practices
- Clawback, anti-hedging, insider trading policies and stock ownership guidelines in force; majority-independent board; four fully independent committees .
- No excise tax gross-ups in CIC agreements .
- Section 16 compliance: one late Form 4 for certain officers in 2024 related to market share units vesting in cash; no Braithwaite-specific filings cited in the proxy .
Investment Implications
- Alignment: Company-wide incentives are rigorously tied to operational cash metrics (ICP FCF/share), capital discipline, environmental performance, and relative TSR; RSU/PSU structures and TSR modifiers reinforce stockholder alignment .
- Retention risk: Robust severance/CIC protections and multi-year vesting support retention; absence of disclosed pledging and presence of clawbacks reduce governance risk; personal compensation detail for Braithwaite is limited, constraining a granular pay-for-performance assessment .
- Trading signals: Committee adjustments to STIC for extraordinary events (Baltimore bridge collapse) indicate pragmatic governance and recognition of management execution; continued capital returns, liquidity, and raised synergy targets post-merger support confidence in commercial strategy where Braithwaite leads marketing and sales .