Advanced Emissions Solutions Appoints New President and Chief Executive Officer

Strategic Insights -

Advanced Emissions Solutions, Inc. has announced that Mr. Robert "Bob" Rasmus has been appointed as the new President and Chief Executive Officer, effective July 17, 2023. Rasmus succeeds Greg Marken, who has led the company for the past three years. L. Spencer Wells, Chairman of the Board, has expressed gratitude to Marken for his service and leadership during a challenging period.

During his tenure, Marken strengthened the company's business by signing a master supply agreement and securing important wins in non-Power Generation markets, which expanded the company's PAC production and diversified its markets. He also navigated a complex strategic review process, laying the foundation for the company's future as a differentiated environmental technology business. The company recently acquired Arq Limited, which has enabled the development of novel process for producing specialty carbon products from coal mining waste.

Rasmus brings extensive experience in the broader Energy and Materials industries, as well as capital markets, to the role. His confidence in the company's prospects is evident, as he has aligned his interests with shareholders by tying a significant portion of his compensation to the equity performance of ADES. Rasmus is excited to lead the company's next phase of growth strategy, driving innovation and execution.

Key Takeaways:

  • Mr. Robert "Bob" Rasmus has been appointed as the new President and Chief Executive Officer of Advanced Emissions Solutions, effective July 17, 2023.
  • Rasmus succeeds Greg Marken, who has led the company for the past three years.
  • During his tenure, Marken strengthened the company's business, secured important wins in non-Power Generation markets, and navigated a complex strategic review process.
  • Rasmus brings extensive experience in the Energy and Materials industries, as well as capital markets, to the role.
  • His compensation is tied to the equity performance of Advanced Emissions Solutions.
  • Rasmus is excited to lead the company's next phase of growth strategy, driving innovation and execution.

Statistics:

  • 1,000,000 shares of common stock granted to Mr. Rasmus as an option at an exercise price of $3.00 (or, if greater, the fair market value per share on the grant date).
  • 400,000 restricted stock units ("RSUs") granted to Mr. Rasmus, with 250,000 RSUs vesting when the volume weighted average price ("VWAP") of the Company's common stock over a 30-day period equals $10.00 per share and 150,000 RSUs vesting when the VWAP equals $15.00 per share.
  • 950,000 shares of the Company's common stock purchased by Mr. Rasmus for $1,800,000, reflecting a premium over the current fair market value.

Sources:

  • Advanced Emissions Solutions, Inc.
  • GlobeNewswire press release, "Advanced Emissions Solutions Announces Appointment of New President and Chief Executive Officer"
  • Advanced Emissions Solutions, Inc. website, "About Us" section.