GrafTech International Board Member Marcel Kessler to Resign on Dec. 31
GrafTech International Ltd., a Brooklyn Heights-based company specializing in graphite electrodes for steelmakers using electric arc furnaces, is experiencing a change in its board. Marcel Kessler, a director, has decided to resign effective Dec. 31, according to a recent filing with the U.S. Securities and Exchange Commission. The departure was confirmed as an amicable one, with no disputes over the company’s operations or policies.
Kessler, initially appointed as President and CEO of GrafTech in July 2022, later transitioned to a director role. After stepping down from the executive positions in November 2023 due to personal reasons, Kessler has continued serving as a board member. With his impending departure, GrafTech has not disclosed any succession plans or how it intends to fill the vacant position on the board.
Following Kessler’s decision, Timothy K. Flanagan took over as President and CEO on a permanent basis in March 2024. Since then, Flanagan has focused on strengthening the company’s financial position and operational efficiency. In the recent third-quarter earnings release, GrafTech highlighted its efforts to boost sales volume, control costs, and manage cash flow despite challenging market conditions.
Despite proactive measures, the company reported a decline in net sales and a net loss in the third quarter of 2024 due to unfavorable pricing dynamics. To bolster its financial flexibility, GrafTech secured $275 million in new debt financing through Barclays Bank plc. This move aims to support the company’s ongoing efforts to navigate industry-wide challenges.
As of Wednesday morning, GrafTech stock was trading at $1.92 per share, slightly lower than the previous day’s close. The company had recently regained compliance with the NYSE’s listing standards after falling below the minimum share price threshold. This development indicates GrafTech’s commitment to sustaining its market presence and financial standing.
Overall, GrafTech’s leadership changes coincide with a period of strategic adaptation and financial resilience as the company continues to address market headwinds and optimize its operational performance.
