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Companies Core Natural Resources, Inc.

Core Natural Resources (CEIX): executive pay, fiscal 2025

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CEO total pay$19,445,313CEO James Brock · source
CEO vs. named peers99th pct.Of 15 peer CEOs
CEO pay ratio148:1To the median employee · source

CEO pay, last three years

  • $13,194,665FY2023
  • $13,091,307FY2024
  • $19,445,313FY2025

CEO total pay was $19,445,313 in fiscal 2025, up from $13,091,307 in fiscal 2024.

FY2025: salary $1,000,000 · bonus $0 · stock awards $15,922,176 · option awards $0

Frequently asked questions

Who was the highest-paid executive at Core Natural Resources, Inc. in fiscal 2025?
As disclosed, Paul Lang (Former Chief Executive Officer) was the highest-paid executive at Core Natural Resources, Inc. in fiscal 2025, with total compensation of $27,246,982.
How does Core Natural Resources, Inc.'s chief executive pay compare to its disclosed peer group?
As disclosed, James Brock's total compensation ranked at the 99th percentile of Core Natural Resources, Inc.'s disclosed peer group.
What is Core Natural Resources, Inc.'s CEO-to-median employee pay ratio?
As disclosed, Core Natural Resources, Inc.'s CEO-to-median employee pay ratio was 148:1.
How much does Core Natural Resources, Inc. spend in total on board compensation for fiscal 2025?
As disclosed, Core Natural Resources, Inc. reported total board compensation of $4,325,392 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

Full detail

Every table from the filing. Open any section.

Summary compensation table
Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Paul Lang$780,769$0$11,677,388$0$509,231$0$14,279,594$27,246,982
Former Chief Executive Officer
James Brock1,000,000015,922,17602,128,750121,035273,35219,445,313
Chief Executive Officer and Chair
Mitesh Thakkar675,00006,165,9610701,57829,690106,3957,678,624
President and Chief Financial Officer
George Schuller Jr.635,00003,698,2690502,6030236,3865,072,258
Senior Vice President and Chief Operating Officer
Rosemary Klein510,00003,329,8670318,8520590,8204,749,539
Senior Vice President, Chief Legal Officer and Corporate Secretary
Deck Slone500,00003,268,8520324,6000571,8144,665,266
Senior Vice President, Chief External and Government Affairs Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Paul Lang$27,246,982———
James Brock19,445,31313,091,30713,194,665↑ +6,354,006
Mitesh Thakkar7,678,6244,268,4953,425,289↑ +3,410,129
George Schuller Jr.5,072,258———
Rosemary Klein4,749,539———
Deck Slone4,665,266———

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

Incentive-plan design — the Compensation Discussion & Analysis

Core's compensation philosophy targets total compensation at market competitive levels (50th percentile) to attract and retain key talent, emphasizing a pay-for-performance culture that links a significant portion of pay to financial and operational results. The program balances fixed and variable pay, with long-term incentives focused on time-based and performance-based restricted stock units to align executive interests with long-term stockholder value.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantMercer
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
Equity grants and outstanding awards

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Mitesh ThakkarPSU2025-02-185,18510,370—20,740$815,082
James BrockRSU2025-02-18——20,100—1,579,860
James BrockPSU2025-02-1812,28524,570—49,1402,141,030
Deck SloneRSU2025-02-18——5,030—395,358
Deck SlonePSU2025-02-183,0756,150—12,300535,911
Deck SlonePSU2025-02-183,0756,150—12,300483,390
Mitesh ThakkarRSU2025-02-18——8,480—666,528
Mitesh ThakkarPSU2025-02-185,18510,370—20,740903,642
Rosemary KleinRSU2025-02-18——5,130—403,218
James BrockPSU2025-02-1812,28524,750—49,1401,931,202
Rosemary KleinPSU2025-02-183,1356,270—12,540546,368
Rosemary KleinPSU2025-02-183,1356,270—12,540492,822
Paul LangRSU2025-02-18——20,100—1,579,860
Paul LangPSU2025-02-1812,28524,570—49,1402,141,030
Paul LangPSU2025-02-1812,28524,570—49,1401,931,202
George Schuller Jr.RSU2025-02-18——7,500—589,500
George Schuller Jr.PSU2025-02-184,5859,170—18,340799,074
George Schuller Jr.PSU2025-02-184,5859,170—18,340720,762
James BrockRSU2025-02-18——20,100—1,579,860
Deck SloneRSU2025-02-18——5,030—395,358
Paul LangRSU2025-02-18——20,100—1,579,860
Rosemary KleinRSU2025-02-18——5,130—403,218
George Schuller Jr.RSU2025-02-18——7,500—589,500
Mitesh ThakkarRSU2025-02-18——8,480—666,528

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Mitesh Thakkar$1,333,056$1,718,724$056.3%
James Brock3,159,7204,072,232056.3%
Deck Slone790,7161,019,301056.3%
Rosemary Klein806,4361,039,190056.3%
Paul Lang3,159,7204,072,232056.3%
George Schuller Jr.1,179,0001,519,836056.3%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Deck SloneRSU10,060—$890,411
Rosemary KleinRSU10,260—908,113
Deck SlonePSU12,300—1,088,673
Rosemary KleinPSU12,540—1,109,915
George Schuller Jr.RSU15,000—1,327,650
Mitesh ThakkarRSU16,960—1,501,130
George Schuller Jr.PSU18,340—1,623,273
Mitesh ThakkarPSU20,740—1,835,697
James BrockRSU40,200—3,558,102
James BrockPSU49,140—4,349,381
Director compensation
DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Richard A. NavarreIndependent · Lead Independent Director · Compensation Committee · Nominating and Corporate Governance Committee (Chair)$220,000$410,000——$377,977$1,007,977
Patrick A. KriegshauserIndependent · Audit Committee (Chair) · Health, Safety and Environmental Committee170,000300,000——350,155820,155
Holly Keller KoeppelIndependent · Nominating and Corporate Governance Committee · Health, Safety and Environmental Committee (Chair)156,552300,000——288,430744,982
Joseph P. PlattIndependent · Audit Committee · Compensation Committee (Chair)170,000352,028——53,333575,361
Valli PereraIndependent · Audit Committee · Nominating and Corporate Governance Committee160,000352,028——55,000567,028
Cassandra PanIndependent · Not standing for re-election · Departed during FY82,500352,028——55,000489,528
John T. MillsIndependent · Not standing for re-election · Departed during FY052,028——68,333120,361

Board fee structure and ownership guideline

Annual cash retainer$140,000
Annual equity retainer$150,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)30,000 / 20,000 / 15,000
Stock ownership guidelineThe Core policies in place to mitigate compensation-related risk include stock ownership guidelines, equity vesting periods, insider trading prohibitions, a clawback policy, caps on the amount of compensation that may be earned, and independent Compensation Committee oversight.

Total cost of the board

ComponentFY2025
Cash retainers and fees$959,052
Equity awards (grant-date value)$2,118,112
All other compensation$1,248,228
Total cost of the board$4,325,392

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

Peer group, and who names Core Natural Resources as a peer

Companies that benchmark against CEIX

1 company names CEIX as a compensation peer

Each company listed discloses CEIX in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named CEIX in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy, which names it the “Compensation Peer Group” — the reference set behind the percentile above.

Peer reciprocity

The companies Core Natural Resources, Inc. names as compensation peers that name it back in their own disclosed peer groups.

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Core Natural Resources, Inc.2025James Brock$1,000,000$15,922,176$0$2,128,750$19,445,313
2Cleveland-Cliffs Inc.2025Lourenco Goncalves2,201,00012,874,37403,345,52019,023,041
3Ryerson Holding Corporation2025Edward Lehner1,200,00016,127,6000451,50017,857,908
4Diamondback Energy, Inc.2025Kaes Van t Hof1,109,50011,101,46202,676,35014,931,423
5Vulcan Materials Company2025J. Thomas Hill1,235,0007,906,5131,976,2883,043,00014,699,497
6Martin Marietta Materials, Inc.2025C. Howard Nye1,368,3339,428,72602,835,71914,264,065
7ATI Inc.2025Kimberly Fields950,00010,051,70002,295,79413,512,737
8Carpenter Technology Corporation2026Tony Thene1,055,3568,250,41802,924,78412,393,230
9Expand Energy Corporation2025Domenic Dell'Osso947,3468,890,444——9,879,106
10Peabody Energy Corporation2025James Grech1,075,0005,080,12501,835,8539,025,131
11CVR Energy, Inc.2025David Lamp1,200,0001,678,68302,034,0008,602,449
12Commercial Metals Company2025Peter Matt1,084,6165,505,80501,322,5308,022,901
13Warrior Met Coal, Inc.2025Walter Scheller III900,0004,121,83102,011,7257,336,513
14Worthington Steel, Inc.2026Geoffrey Gilmore1,082,0772,976,54803,005,3477,194,997
15Alpha Metallurgical Resources, Inc.2025C. Andrew Eidson943,8462,660,3570520,9564,167,842
—Ramaco Resources, Inc.——————not in coverage universe

Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Core Natural Resources, Inc.not disclosedPSU 55 · RSU 45not disclosedMercer
Alpha Metallurgical Resources, Inc.not disclosedRSU 50 · PSU 50not disclosedMeridian Compensation Partners, LLC
ATI Inc.not disclosedPSU 70 · RSU 30not disclosedMeridian Compensation Partners, LLC
Carpenter Technology Corporationnot disclosedPRSU 50 · RSU 50Yes — Total Stockholder Return (TSR)Korn Ferry
Cleveland-Cliffs Inc.not disclosedPerformance Cash 34 · PSU 33 · RSU 33not disclosedPearl Meyer & Partners, LLC
Commercial Metals Companynot disclosednot disclosednot disclosedFW Cook
CVR Energy, Inc.113%RSU 100not disclosedNone (not engaged in 2025)
Diamondback Energy, Inc.161%PSU 60 · RSU 40Yes — Total Stockholder Return (relative to TSR performance peer group)Meridian
Expand Energy Corporationnot disclosedPSU 70 · RSU 30Yes — Absolute TSRMeridian Compensation Partners, LLC
Martin Marietta Materials, Inc.185%PSU 55 · RSU 45Yes — Relative TSRPay Governance
Peabody Energy Corporationnot disclosedPSU 50 · RSU 50not disclosedF.W. Cook
Ramaco Resources, Inc.not disclosednot disclosednot disclosednot disclosed
Ryerson Holding Corporation30%PSU 67 · RSU 33NoCompensation Advisory Partners (CAP)
Vulcan Materials Companynot disclosedPSU 60 · RSU 20 · SOSAR 20Yes — Total Shareholder Return (TSR) percentile rank relative to S&P 500 IndexMeridian Compensation Partners, LLC
Warrior Met Coal, Inc.not disclosednot disclosednot disclosednot disclosed
Worthington Steel, Inc.not disclosednot disclosednot disclosedWillis Towers Watson

Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.

Say-on-pay history and pay ratio

No say-on-pay vote is on file for this company.

CEO pay ratio

Ratio (CEO : median employee)148 : 1
CEO total compensation$19,445,313
Median employee compensation$131,400
Insider trades since the proxy

No insider equity transactions reported since the proxy statement.

Sources (58 citations)

Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.

  • Section 01, Paul Lang. DEF 14A, filed 2026-03-16. Section “Executive Compensation” · page 46. As printed: 27,246,982. View filing ↗
  • Section 01, James Brock. DEF 14A, filed 2026-03-16. Section “Executive Compensation” · page 46. As printed: 19,445,313. View filing ↗
  • Section 01, Mitesh Thakkar. DEF 14A, filed 2026-03-16. Section “Executive Compensation” · page 46. As printed: 7,678,624. View filing ↗
  • Section 01, George Schuller Jr.. DEF 14A, filed 2026-03-16. Section “Executive Compensation” · page 46. As printed: 5,072,258. View filing ↗
  • Section 01, Rosemary Klein. DEF 14A, filed 2026-03-16. Section “Executive Compensation” · page 46. As printed: 4,749,539. View filing ↗
  • Section 01, Deck Slone. DEF 14A, filed 2026-03-16. Section “Executive Compensation” · page 46. As printed: 4,665,266. View filing ↗
  • Section 03, Mitesh Thakkar PSU. DEF 14A, filed 2026-03-16. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, James Brock RSU. DEF 14A, filed 2026-03-16. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, James Brock PSU. DEF 14A, filed 2026-03-16. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Deck Slone RSU. DEF 14A, filed 2026-03-16. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Deck Slone PSU. DEF 14A, filed 2026-03-16. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Deck Slone PSU. DEF 14A, filed 2026-03-16. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Mitesh Thakkar RSU. DEF 14A, filed 2026-03-16. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Mitesh Thakkar PSU. DEF 14A, filed 2026-03-16. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Rosemary Klein RSU. DEF 14A, filed 2026-03-16. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, James Brock PSU. DEF 14A, filed 2026-03-16. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Rosemary Klein PSU. DEF 14A, filed 2026-03-16. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Rosemary Klein PSU. DEF 14A, filed 2026-03-16. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Paul Lang RSU. DEF 14A, filed 2026-03-16. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Paul Lang PSU. DEF 14A, filed 2026-03-16. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Paul Lang PSU. DEF 14A, filed 2026-03-16. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, George Schuller Jr. RSU. DEF 14A, filed 2026-03-16. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, George Schuller Jr. PSU. DEF 14A, filed 2026-03-16. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, George Schuller Jr. PSU. DEF 14A, filed 2026-03-16. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, James Brock RSU. DEF 14A, filed 2026-03-16. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Deck Slone RSU. DEF 14A, filed 2026-03-16. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Paul Lang RSU. DEF 14A, filed 2026-03-16. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Rosemary Klein RSU. DEF 14A, filed 2026-03-16. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, George Schuller Jr. RSU. DEF 14A, filed 2026-03-16. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Mitesh Thakkar RSU. DEF 14A, filed 2026-03-16. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 07, pay ratio. DEF 14A, filed 2026-03-16. Section “CEO Pay Ratio”. As printed: 148 : 1. View filing ↗
  • Section 08, Richard A. Navarre. DEF 14A, filed 2026-03-16. Section “Director Compensation”. As printed: 1,007,977. View filing ↗
  • Section 08, Patrick A. Kriegshauser. DEF 14A, filed 2026-03-16. Section “Director Compensation”. As printed: 820,155. View filing ↗
  • Section 08, Holly Keller Koeppel. DEF 14A, filed 2026-03-16. Section “Director Compensation”. As printed: 744,982. View filing ↗
  • Section 08, Joseph P. Platt. DEF 14A, filed 2026-03-16. Section “Director Compensation”. As printed: 575,361. View filing ↗
  • Section 08, Valli Perera. DEF 14A, filed 2026-03-16. Section “Director Compensation”. As printed: 567,028. View filing ↗
  • Section 08, Cassandra Pan. DEF 14A, filed 2026-03-16. Section “Director Compensation”. As printed: 489,528. View filing ↗
  • Section 08, John T. Mills. DEF 14A, filed 2026-03-16. Section “Director Compensation”. As printed: 120,361. View filing ↗
  • Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
  • Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
  • Section 09b board cost (computed). Computed. Cash 959,052 + equity 2,118,112 + all other 1,248,228 = 4,325,392, summed across the director compensation table rows.
  • Core Natural Resources, Inc. (subject), Section 10b CEO total. DEF 14A, filed 2026-03-16. CEO total compensation as printed in Core Natural Resources, Inc.'s own proxy. As printed: 19,445,313. View filing ↗
  • Cleveland-Cliffs Inc., Section 10b CEO total. DEF 14A, filed 2026-04-02. CEO total compensation as printed in Cleveland-Cliffs Inc.'s own proxy. As printed: 19,023,041. View filing ↗
  • Ryerson Holding Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-18. CEO total compensation as printed in Ryerson Holding Corporation's own proxy. As printed: 17,857,908. View filing ↗
  • Diamondback Energy, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-09. CEO total compensation as printed in Diamondback Energy, Inc.'s own proxy. As printed: 14,931,423. View filing ↗
  • Vulcan Materials Company, Section 10b CEO total. DEF 14A, filed 2026-03-24. CEO total compensation as printed in Vulcan Materials Company's own proxy. As printed: 14,699,497. View filing ↗
  • Martin Marietta Materials, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-15. CEO total compensation as printed in Martin Marietta Materials, Inc.'s own proxy. As printed: 14,264,065. View filing ↗
  • ATI Inc., Section 10b CEO total. DEF 14A, filed 2026-03-24. CEO total compensation as printed in ATI Inc.'s own proxy. As printed: 13,512,737. View filing ↗
  • Carpenter Technology Corporation, Section 10b CEO total. DEF 14A, filed 2026-09-11. CEO total compensation as printed in Carpenter Technology Corporation's own proxy. As printed: 12,393,230. View filing ↗
  • Expand Energy Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-24. CEO total compensation as printed in Expand Energy Corporation's own proxy. As printed: 9,879,106. View filing ↗
  • Peabody Energy Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-26. CEO total compensation as printed in Peabody Energy Corporation's own proxy. As printed: 9,025,131. View filing ↗
  • CVR Energy, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-21. CEO total compensation as printed in CVR Energy, Inc.'s own proxy. As printed: 8,602,449. View filing ↗
  • Commercial Metals Company, Section 10b CEO total. DEF 14A, filed 2025-11-25. CEO total compensation as printed in Commercial Metals Company's own proxy. As printed: 8,022,901. View filing ↗
  • Warrior Met Coal, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-10. CEO total compensation as printed in Warrior Met Coal, Inc.'s own proxy. As printed: 7,336,513. View filing ↗
  • Worthington Steel, Inc., Section 10b CEO total. DEF 14A, filed 2026-08-14. CEO total compensation as printed in Worthington Steel, Inc.'s own proxy. As printed: 7,194,997. View filing ↗
  • Alpha Metallurgical Resources, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-31. CEO total compensation as printed in Alpha Metallurgical Resources, Inc.'s own proxy. As printed: 4,167,842. View filing ↗
  • Section 10a, Cleveland-Cliffs Inc. reciprocity. DEF 14A. Cleveland-Cliffs Inc. names Core Natural Resources, Inc. in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Peabody Energy Corporation reciprocity. DEF 14A. Peabody Energy Corporation names Core Natural Resources, Inc. in its own disclosed peer group (read from its most recent proxy). View filing ↗
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