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Indebta > Markets > Stocks > SunCoke Energy appoints new CEO as Rippey retires
Stocks

SunCoke Energy appoints new CEO as Rippey retires

News Room
Last updated: 2024/03/11 at 7:21 PM
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© Reuters.

LISLE, Ill. – SunCoke Energy, Inc. (NYSE: SXC), a prominent player in the production of high-quality coke for steel manufacturing, announced a significant transition in its executive leadership. Michael G. Rippey, the current Chief Executive Officer, will retire from his position and from the company’s Board of Directors effective May 15, 2024. Following Rippey’s retirement, Katherine T. Gates, who currently serves as President, will take on the role of CEO while retaining her presidency.

Rippey’s tenure at SunCoke has been marked by a strategic restructuring effort that strengthened the company and reduced its risk profile. The company credits him with fostering a culture focused on safety and integrity, as well as achieving record earnings and profitability. In anticipation of his retirement, Rippey is expected to continue his association with SunCoke in an advisory capacity.

Arthur F. Anton, Chairman of SunCoke, expressed the Board’s gratitude towards Rippey for his substantial contributions and welcomed Gates as the successor. Gates, whose decade-long executive experience at SunCoke spans operations, commercial, strategic, legal, and environmental, health, and safety (EHS) matters, has been recognized for her leadership qualities, integrity, and energy.

Gates expressed her gratitude for the Board’s trust and the opportunity to lead SunCoke, as well as her appreciation for Rippey’s mentorship. She is committed to building on the company’s achievements and continuing to deliver value to shareholders.

SunCoke Energy specializes in supplying coke to both domestic and international markets, with a majority of sales under long-term contracts. The company’s innovative heat-recovery cokemaking technology also allows for steam or electrical power generation, contributing to its operational efficiency.

The company’s announcement is based on a press release statement and comes with the usual caveats about forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. SunCoke advises investors and other interested parties to monitor its website and regulatory filings for updates and material information.

InvestingPro Insights

As SunCoke Energy, Inc. (NYSE: SXC) prepares for a significant leadership transition, the company’s financial health and market performance continue to be of interest to investors. With Michael G. Rippey’s retirement and Katherine T. Gates stepping into the CEO role, investors may find the following insights from InvestingPro valuable:

InvestingPro Data indicates that SunCoke Energy has a market capitalization of 917.98M USD, reflecting its scale in the coke production industry. The company’s P/E ratio stands at 16.06, with an adjusted P/E ratio for the last twelve months as of Q4 2023 at 15.96, suggesting a reasonable valuation relative to earnings. Additionally, the dividend yield as of the latest data is 3.7%, which is attractive to income-focused investors, especially considering the 25.0% dividend growth over the last twelve months.

An InvestingPro Tip highlights that SunCoke Energy has a high shareholder yield, which could be appealing to investors seeking companies with potential for return of capital. Moreover, the company’s stock has been trading near its 52-week high and has experienced a strong return over the last three months, with a 20.79% price total return, indicating robust recent performance in the market.

Investors interested in a deeper dive into SunCoke Energy’s financial metrics and potential investment opportunities can explore additional InvestingPro Tips by visiting https://www.investing.com/pro/SXC. With 6 more tips available on InvestingPro, investors can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing a comprehensive toolset for informed decision-making.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Read the full article here

News Room March 11, 2024 March 11, 2024
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