Craig Manz
About Craig Manz
Craig R. Manz, age 54, is Coronado Global Resources’ Chief Operating Officer, appointed effective March 17, 2025. He brings over two decades of underground and surface mining leadership, including VP Operations at Compass Minerals (2022–Mar 2025), Executive Head Underground Operations at Anglo American (Dec 2020–Jan 2022), Project Director (Jul–Dec 2020), and General Manager roles at South32 and Anglo American (2014–2020). He holds a Graduate Diploma in Maintenance Management and an MBA from Central Queensland University . Company context for his incentive alignment: Coronado reported 2023 revenue of $2,891m and net income $156m, followed by a 2024 net loss of $108.9m, capex $249.9m, and cash from operations $74.0m, with safety metrics remaining below industry averages; the 2024 STI company metrics for safety and FCF did not pay out, while individual goals partially offset outcomes .
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenue ($USD Millions) | $2,891 | — |
| Net Income ($USD Millions) | $156 | -$108.9 |
| Capital Expenditure ($USD Millions) | $228 | $249.9 |
| Cash from Operations ($USD Millions) | $268 | $74.0 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Compass Minerals International, Inc. | Vice President, Operations | Jan 2022 – Mar 2025 | Led minerals production operations; transitioned to Coronado COO |
| Anglo American plc | Executive Head, Underground Operations | Dec 2020 – Jan 2022 | Oversaw underground operations; safety and productivity focus |
| Anglo American plc | Project Director | Jul 2020 – Dec 2020 | Directed project execution in Brisbane |
| South32 | General Manager, Appin Mine | Jul 2018 – Jul 2020 | Ran one of Australia’s major underground coal mines |
| Anglo American plc | GM & Site Senior Executive | Jul 2014 – Jun 2018 | Site leadership; operational performance |
| Discovery Metals Botswana; Vale Coal Australia; BHP Billiton Mitsubishi Alliance; Anglo American; BHP Billiton Illawarra Coal | Various management roles | Prior to 2014 | Operational and maintenance leadership across multiple assets |
External Roles
- None disclosed in Coronado filings for Manz .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Total Employment Cost (TEC) | AU$780,000 | Includes Australian statutory superannuation contributions |
| Sign-on Bonus | AU$50,000 | Paid with first payroll post-effective date |
| Base Currency | AUD | Employed by Curragh Queensland Mining Pty Ltd (Australian subsidiary) |
| Short-Term Incentive (STI) Eligibility | Eligible | No target % disclosed; participates in senior executive incentive arrangements |
Performance Compensation
Long-Term Incentives (PSUs)
| Item | Detail |
|---|---|
| Initial PSU Grant Target Value | AU$600,000 |
| Performance Period | 2024–2026 |
| Scorecard Metrics & Weighting | Safety (AUS TRIFR vs national average; US TRIR vs national average) – 33.33%; Relative TSR percentile vs peer group – 33.33%; Cash flow (Adj. EBITDA – capex – interest – tax) – 33.33% |
| TSR Peer Group | Warrior Met Coal, Core Natural Resources (post Arch/CONSOL merger), Whitehaven, Alpha Metallurgical, New Hope, Peabody, Teck, Cleveland-Cliffs, Stanmore (2024 LTI peer) |
| Vesting Mechanics | Vests after performance is certified following FY2026 audited results; settlement no later than Mar 31, 2027; continuous employment required |
Retention Plan (Cash)
| Component | Percentage of TEC | Scheduled Date | Amount (AUD) | Conditions |
|---|---|---|---|---|
| Tranche 1 | 20% | End of 2025 | AU$156,000 (20% of AU$780,000) | Continued employment through scheduled date |
| Tranche 2 | 40% | End of 2026 | AU$312,000 (40% of AU$780,000) | Continued employment through scheduled date |
| Tranche 3 | 40% | End of 2027 | AU$312,000 (40% of AU$780,000) | Continued employment through scheduled date |
Coronado Incentive Design Context (recent)
| STI Company Metrics (Weight) | Entry | Target | Stretch | 2024 Actual | Payout % |
|---|---|---|---|---|---|
| Group Safety (25%) | TRIR 1.0 | TRIR 0.9 | TRIR 0.8 | TRIR 1.2 | 0% |
| Group FCF (25%) | $144m | $192m | $211m | -$135m | 0% |
Note: Individual STI components for NEOs averaged 56.95% of maximum in 2024; Manz’s STI targets/payouts are not disclosed. PSUs for the 2024 LTI follow the established 3-metric design and vesting timeline .
Equity Ownership & Alignment
| Item | Status |
|---|---|
| Beneficial Ownership (shares/CDIs) | Not disclosed for Manz (not listed in 2024 NEO/Director ownership tables) |
| Executive Ownership Guidelines | Not disclosed; Director minimum shareholding policy exists for non-executive directors (excludes EMG designee) |
| Hedging/Pledging | Hedging of unvested awards prohibited under Securities Dealing Policy; pledging not disclosed |
| Clawback Policy | PSUs subject to broad clawback triggers (fraud, misconduct, restatement, financial soundness); STI clawback applies to specified NEOs; Manz’s PSUs would be subject to clawback |
| Options/RSUs | No option awards to executives since 2022–2024; Manz’s package is PSU and cash retention focused |
Employment Terms
| Term | Provision |
|---|---|
| Effective Date | March 17, 2025 |
| Notice Period | 3 months by either party; payment in lieu permitted |
| Severance | Six months’ wages and superannuation contributions if terminated by Curragh other than specified egregious causes |
| Redundancy | Retrenchment benefits per Australian legislation |
| Non-Compete/Non-Solicit | 1 year post-termination |
| Change-in-Control (Company PSU Terms) | Pro-rated PSUs may vest at CIC based on performance measured at CIC, per committee discretion; non-vested forfeited; settlement on CIC unless Board determines otherwise |
Compensation Committee, Peer Group, and Say-on-Pay
- 2024 Say-on-Pay approval was ~97.5%; 2023 was ~92.4%—indicating strong shareholder support for overall pay design .
- 2024 benchmarking utilized a cross-market peer set including Alpha Metallurgical, Peabody, Warrior Met Coal, Evolution Mining, Whitehaven, and others; committee does not target a specific percentile .
- Compensation and Nominating Committee structure and processes, including clawback and hedging policies, remain in place .
Investment Implications
- Manz’s package is retention-heavy (cash tranches through 2027) and performance-aligned via PSUs tied to safety, cash flow, and relative TSR—aligning with Coronado’s focus on operational safety and delevered cash generation amid met coal cyclicality .
- Insider selling pressure risk appears low in near term: awards are primarily PSUs with multi-year performance/vesting and cash retention paid over time contingent on service; no pledging disclosed and hedging of unvested awards prohibited .
- Severance (six months’ wages + super) and a one-year non-compete suggest moderate retention and transition costs; CIC PSU treatment provides continuity but avoids windfall through pro-ration and performance modulation .
- Execution risk centers on delivering PSU scorecard outcomes (TSR vs peer group lagged in prior cycles) and improving FCF/operational metrics given 2024 headwinds; however, strong historical safety culture and structured capital projects underpin potential upside to cash-flow metrics over the 2024–2026 PSU period .