Peter Leidel
Ramaco ResourcesAbout Peter Leidel
Independent director? No—classified as a non‑independent director due to affiliation with a significant shareholder. Age 68. Director since November 2019. Founder and partner of Yorktown Partners; prior roles include venture capital at Dillon, Read & Co., corporate treasury at Mobil, and positions at KPMG Peat Marwick and the U.S. Patent & Trademark Office. Education: B.B.A. (with Honors) University of Wisconsin; M.B.A. Wharton; Certified Public Accountant since 1979; former adjunct faculty at Wharton teaching financial/managerial accounting .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Yorktown Partners | Founder and Partner | — | Focus on energy investments across industries |
| Dillon, Read & Co. (Venture capital group) | Partner | — | Energy-focused private investments; Yorktown’s predecessor affiliation |
| Mobil Corporation | Corporate Treasury positions | — | Finance and liquidity experience |
| KPMG Peat Marwick | Professional staff | — | Accounting foundation; CPA since 1979 |
| U.S. Patent & Trademark Office | Position not specified | — | Government/technical exposure |
| University of Pennsylvania (Wharton) | Adjunct faculty (financial & managerial accounting) | — | Academic credentials |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| University of Wisconsin Foundation | Director | — | Non‑profit board |
| American Spectator Foundation | Director | — | Non‑profit board |
| Several private energy companies | Director | — | Not individually named |
Board Governance
- Independence: Non‑independent (Board determined only Atkins, Leidel, Lawrence, Jenkins are non‑independent; all other directors independent under Nasdaq rules) .
- Committee assignments: None (does not currently serve on any standing committee) .
- Attendance: The Board met 4 times in 2024; each director attended more than 75% of Board and applicable committee meetings; all directors attended the 2024 annual meeting .
- Executive sessions: Independent directors hold separate scheduled meetings without management .
- Hedging policy: Company prohibits hedging/monetization transactions in Company securities by directors, officers, employees, and consultants .
Fixed Compensation
| Year | Annual Retainer (Cash) | Committee Member Fees | Committee Chair Fees | Meeting Fees |
|---|---|---|---|---|
| 2024 | $0 | $0 | $0 | Not disclosed |
| Notes | Mr. Leidel did not receive any compensation for serving as a director in 2024 . |
For context, independent directors (e.g., Whiting, Graney, Christian, Frischkorn, Jones, Giacometto) received $125,000 in director fees plus $25,000 for committee chair roles where applicable (paid in installments), totaling $150,000 cash in 2024 . They also received equity (see next section).
Performance Compensation
| Year | Equity Type | Grant Date | Shares/Units | Grant‐Date Fair Value | Vesting |
|---|---|---|---|---|---|
| 2024 | — | — | — | — | — |
| Notes | Mr. Leidel received no stock awards for 2024 . Independent directors then in office received a restricted stock award of 5,297 Class A shares on Feb 29, 2024 (grant‐date fair value $93,121), fully vesting in Jan 2025 . |
- Performance metrics in director pay: Not applicable; director equity grants (for other directors) were time‑based, not performance‑conditioned in 2024 .
Other Directorships & Interlocks
| Company/Entity | Type | Role | Interlock/Notes |
|---|---|---|---|
| Yorktown Energy Partners IX/X/XI funds (indirect) | Investment funds | Affiliated via Yorktown Partners | Due to Yorktown affiliation, Leidel may be deemed an indirect beneficial owner of Yorktown funds’ METC holdings; he disclaims beneficial ownership beyond pecuniary interest . |
| Bryan H. Lawrence (fellow METC director) | Person | Yorktown founder and senior manager; METC director | Also non‑independent; large Yorktown‑related stake; highlights a Yorktown‑affiliated presence on the Board . |
- Compensation Committee interlocks: The company disclosed no Compensation Committee interlocks in 2024, reducing classic interlock risk; Leidel is not on the committee .
Expertise & Qualifications
- Energy private equity investing and board governance experience; financial and accounting expertise; CPA; academic teaching experience in accounting .
- Board skill fit includes Finance & Accounting and Governance/Board experience per Board’s identified competency areas .
Equity Ownership
| Holder | Class A Shares | Class A % | Class B Shares | Class B % | Total Common | Total % |
|---|---|---|---|---|---|---|
| Peter Leidel | 11,072,336 | 24.9% | 2,704,400 | 26.3% | 13,776,736 | 25.2% |
| Notes | Due to relationships with Yorktown Energy Partners IX, X, and XI, Messrs. Lawrence and Leidel may be deemed indirect beneficial owners of 13,683,096 shares held by the Yorktown funds; each disclaims beneficial ownership beyond pecuniary interest. Ownership percentages based on 54,693,210 total common shares outstanding as of Apr 29, 2025 . |
Additional alignment and risk controls:
- Hedging in Company securities is prohibited by policy (mitigates misalignment) .
- Pledging: No specific disclosure regarding pledged shares for Leidel; not addressed in the proxy—no claim made.
Related‑Party Exposure and Conflicts
- Historical affiliate transactions: The Company acquired Ramaco Coal, LLC on Apr 29, 2022; Yorktown IX and CEO Randall Atkins were owners of Ramaco Coal prior to acquisition. A Special Committee of independent directors negotiated and approved the deal; all remaining installment obligations from the acquisition were retired by Dec 31, 2023 .
- Conflict acknowledgment: The proxy explicitly notes that given common ownership among Ramaco Coal, Yorktown, Mr. Atkins and the Company, conflicts could arise; oversight via the Audit Committee and a written Related Persons Transactions Policy is in place .
- Ongoing related‑party payments in 2024 (not involving Leidel personally): payments to relatives of the CEO and a former director’s firm are disclosed and governed under policy .
Governance Assessment
Strengths
- Deep energy investment and accounting expertise; CPA; aligns with Board finance competency needs .
- High attendance (≥75% of Board meetings in 2024) and participation in annual meeting—supports engagement .
- Significant equity stake (approx. 25% of total common when including deemed beneficial ownership) aligns interests with shareholders; director waived fees/awards in 2024, suggesting alignment beyond cash comp .
Watch items / RED FLAGS
- Non‑independent status due to Yorktown affiliation, alongside another Yorktown‑affiliated director, concentrates influence among affiliated holders; careful monitoring of independent oversight is warranted .
- History of affiliate transactions (Ramaco Coal) created potential conflict scenarios; while handled by a Special Committee and now fully settled, continued vigilance on related‑party reviews is advisable .
- Not serving on any standing committees limits direct oversight roles (e.g., audit/compensation) despite expertise .
Overall implication for investor confidence
- Leidel’s finance/accounting depth and substantial equity exposure are positive for alignment and oversight. However, dual Yorktown‑affiliated presence and prior affiliate dealings elevate perceived conflict risk; the company’s formal policies (Related Persons Transactions Policy) and committee oversight are important mitigants investors should continue to monitor for robustness and independence .