Jeffrey Bitzer
About Jeffrey Bitzer
Jeffrey D. Bitzer is Chief Development Officer at CODQL (since March 2024), with more than 40 years of coal operations experience across safety, environmental compliance, cost control, production management, reserve evaluation, quality control, and process improvement. He joined Coronado Group LLC (CODQL) in September 2013 and previously held COO roles in the U.S. and Group COO, and VP U.S. Operations roles; he holds a B.S. in Mining Engineering from West Virginia University and is a licensed professional engineer in West Virginia . Incentive design links pay to multi‑year scorecards: for the 2022–2024 PSU cycle, overall achievement was 61.7% driven by strong cash flow and safety, while relative TSR underperformed; as a result, Bitzer was conditionally earned 365,860 PSUs with vest certification on Feb 12, 2025 and service‑based vesting on Feb 14, 2025 . In 2024, his STI paid $453,125 versus a $625,000 maximum opportunity, reflecting delivery against operational and strategic goals .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| CODQL | Chief Development Officer | Mar 2024–present | Drives long-term growth initiatives and development pipeline . |
| CODQL | Group Chief Operating Officer | Jul 2023–Mar 2024 | Oversaw global operations, safety, and productivity . |
| CODQL | Chief Operating Officer, United States | Aug 2021–Jul 2023 | Led U.S. operations, cost control, and performance . |
| CODQL | Vice President, U.S. Operations | Sep 2013–Jul 2021 | Managed U.S. mines, safety, environmental compliance, production . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Arch Coal, Inc. | President & General Manager; Manager of Contract Operations; Director of Engineering | Pre‑2013 (not specified) | Operations leadership and engineering management in coal mining . |
| Magnum Coal Company | Vice President & General Manager | Pre‑2013 (not specified) | Site leadership and operational performance . |
| United Coal Company | Vice President of Operations | Pre‑2013 (not specified) | Multi‑site operations leadership . |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 491,154 | 586,058 | 625,000 |
| Target STI (% of salary) | 50% | 50% | 50% |
| All Other Compensation ($) | 56,249 | 61,362 | 100,128 (incl. $12,970 vehicle allowance; $20,700 401(k) match; insurance/medical; $34,616 company-paid housing) |
| Notes | Employment agreement as of Aug 4, 2021; base salary as of Dec 31, 2024 = $625,000 |
Performance Compensation
Short-Term Incentive (STI) – 2024
| NEO | Max Opportunity (% of Salary) | Max Payout ($) | Actual Payout ($) | Notes |
|---|---|---|---|---|
| Jeffrey D. Bitzer | 100% | 625,000 | 453,125 | Target opportunity = 50% of salary; no threshold; average FX A$1=US$0.66 |
- 2024 STI performance focus areas for non-CEO NEOs included operational/financial delivery, strategy & growth, and sustainability. Bitzer’s principal factors: safety leadership, lower-cost coal flows (Curragh Underground; Buchanan expansion), operational improvements to maximize production and reduce costs, asset optimization, and emissions reduction projects .
Long-Term Incentives (PSUs) – Grants and Outcomes
| Item | Detail |
|---|---|
| 2024 PSU Grant (Grant Date) | PSUs granted Sep 13, 2024 under the 2018 Plan; Bitzer grant-date fair value $531,246; performance period Jan 1, 2024–Dec 31, 2026; vesting upon certification after FY2026 results; settlement within 30 days; dividends not earned during period but settlement gross-up for distributions between period end and vest . |
| 2022–2024 PSU Scorecard | Metrics and weightings: Safety 33.33%, Relative TSR 33.33%, Cash Flow 33.33%. Outcomes: Safety (AUS outcome 32% → 16.7% achieved; US 72% → 11.7% achieved), TSR outcome 11% → 0% achieved, Cash Flow $762.2m > $42m target → 33.3% achieved; Overall achievement 61.7% . |
| 2022–2024 PSU Earned | Bitzer conditionally earned 365,860 PSUs; performance certified Feb 12, 2025; PSUs vested Feb 14, 2025 (service) . |
| 2024 Stock Vested | 5,092 shares vested in 2024; value realized $48,785; no options exercised in 2024 . |
Outstanding Unvested Stock Awards (as of Dec 31, 2024)
| Grant Date | Unvested Shares (#) | Market Value ($) |
|---|---|---|
| 06/07/2021 | 9,215 | 43,829 |
| 04/25/2022 | 59,297 | 282,015 |
| 04/11/2023 | 30,073 | 143,032 |
| 09/13/2024 | 53,125 | 252,661 |
| Notes | Each share = 10 CDIs; spot FX A$1=US$0.62 used; values as of 12/31/2024 . |
- Options: No option awards outstanding for Bitzer in the table; no options granted 2022–2024 to NEOs .
2024 Grants of Plan-Based Awards (Bitzer)
| Type | Grant Date | Grant-Date Fair Value ($) | STI Target ($) | STI Maximum ($) |
|---|---|---|---|---|
| PSU | Sep 13, 2024 | 531,246 | — | — |
| FY24 STI | — | — | 312,500 | 625,000 |
Equity Ownership & Alignment
| Holder | Instrument | Amount | % Ownership |
|---|---|---|---|
| Jeffrey D. Bitzer | CDIs | 150,663 CDIs | <1% (“*”) |
| Jeffrey D. Bitzer | Equivalent Shares of Common Stock | 15,066.3 shares (CDIs are 1/10th share) | <1% (“*”) |
- Beneficial ownership table as of Apr 16, 2025; total shares/CDI equivalents outstanding: 167,645,373 .
- Clawback policy applies to 2018 Plan awards and to STI awards for Bitzer; triggers include fraud/dishonesty, gross misconduct, disrepute, breach of duties, material misstatement/restatement, and certain derivative cases; Board may cancel unvested/vested/unexercised awards and recoup sale proceeds, cash in lieu, and dividends .
- Hedging policy prohibits hedging of unvested securities and any securities under holding lock or plan restrictions .
Employment Terms
| Term | Detail |
|---|---|
| Employment Agreement | Effective Aug 4, 2021 (for then‑COO U.S. Operations); participates in STI/LTI plans . |
| Base Salary | Initial $425,000; $625,000 as of Dec 31, 2024 . |
| Term/Auto‑Renewal | Employment set to terminate automatically Dec 31, 2022; automatically extends each year to Dec 31 of the following year unless either party gives notice by Sep 30 . |
| Non‑Compete/Non‑Solicit | 12 months post‑termination, except for “good reason” terminations . |
| Severance (No Cause/Good Reason) | 12 months’ base salary, payable within 60 days post‑termination . |
| Consulting/Garden Leave Pay | To enforce restrictive covenants, company pays 3 months of base salary in six monthly payments over six months; Bitzer provides consultation services up to 20 hrs/week . |
| Change in Control | PSUs vest pro‑rata for the period through CoC subject to performance measured at CoC; unvested balance forfeited; vested PSUs settled on CoC unless Board determines otherwise. Board has discretion for STI in specific CoC circumstances . |
| Benefits/Perquisites | Eligible for 401(k) match (6% rate for 2024); 2024 perqs include vehicle allowance, insurance/medical benefits, and company-paid housing in Brisbane . |
Compensation Structure vs Performance Metrics
- STI structure: For 2024, target 50% of salary (no threshold), max 100%; Bitzer’s actual payout was $453,125 vs $625,000 max, tied to operational, strategic, and sustainability objectives .
- LTI structure: PSUs measured on a multi‑metric scorecard; for 2022–2024, Safety and Cash Flow drove 61.7% achievement while relative TSR underperformed; Bitzer earned 365,860 PSUs, vesting Feb 14, 2025 following certification .
- 2024 PSU grant performance period runs through 2026; vesting and settlement occur post‑FY2026 results, aligning longer‑term performance with payout timing .
Vesting Schedules and Insider Selling Pressure
- Near‑term vesting: PSUs from the 2022–2024 cycle vested on Feb 14, 2025 (service), following Feb 12, 2025 certification; these represent realized equity that can create incremental liquidity post‑vesting .
- Upcoming LTI: 2024 PSUs (granted Sep 13, 2024) have a performance period through Dec 31, 2026 and settle shortly after certification; this clusters potential equity settlements around early 2027 .
- 2024 vesting activity: 5,092 shares vested for Bitzer during 2024; no option exercises reported .
Equity Ownership & Alignment Details
- Ownership level: Bitzer’s beneficial ownership is 150,663 CDIs (equivalent to 15,066.3 shares), which is less than 1% of outstanding shares .
- Outstanding unvested stock awards (as of Dec 31, 2024): see detailed table above (aggregate 151,710 unvested shares across 2021–2024 grants) .
- Peer group for relative TSR (2022–2024 cycle): Warrior Met Coal, CONSOL Energy, Arch Coal, Whitehaven Coal, Alpha Metallurgical Resources, New Hope Corporation, Peabody Energy, Teck Resources, Cleveland‑Cliffs, South32 .
Performance & Track Record
- 2024 individual priorities achieved by Bitzer centered on safety leadership, unlocking lower‑cost coal flows (Curragh Underground, Buchanan expansion), and operational improvements to maximize production and reduce costs; also advanced asset optimization and emissions reduction projects .
- LTI performance (2022–2024) indicates strong cash generation ($762.2m vs >$42m target) and mixed safety outcomes by geography; relative TSR outcome at 11% delivered 0% of the TSR component, producing 61.7% overall achievement .
Investment Implications
- Pay‑for‑performance alignment: STI and PSU structures link a significant portion of compensation to operational delivery, safety, cash generation, and market‑relative TSR; 2022–2024 results (61.7% payout) highlight strong cash generation but TSR underperformance risk .
- Retention and overhang: Multi‑year PSUs with performance periods through FY2026 and sizable unvested stock awards create retention hooks but may result in settlement‑related selling windows around early 2027; enforcement of non‑compete includes paid consulting, further reducing near‑term flight risk .
- Ownership alignment: Direct ownership is modest (<1%), which limits “skin‑in‑the‑game” but is partially offset by ongoing PSU exposure and clawback provisions that reinforce accountability; hedging restrictions reduce misalignment risk .
- Change‑of‑control economics: Pro‑rata PSU vesting subject to performance during CoC may mitigate windfalls while preserving earned value; Board discretion on STI at CoC adds flexibility but also governance scrutiny .