Hallador Energy (HNRG) expands board and promotes Heath Lovell to COO
Rhea-AI Filing Summary
Hallador Energy Company reported leadership changes focused on its power and coal operations. The company appointed industry veteran Daniel Hudson to its Board of Directors effective March 6, 2026, expanding the Board to seven members, six of whom are independent under Nasdaq standards.
Effective the same date, Heath Lovell was promoted to Chief Operating Officer while continuing as President of Hallador Power Company, LLC and Sunrise Coal, LLC. The company plans to finalize his compensation arrangements later. Barbara Ann Sugg was also added to the Audit and Compensation Committees. These changes were summarized in a press release attached as Exhibit 99.1.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Appointment of New Director
On March 6, 2026, the Company appointed Daniel Hudson to the Board of Directors (the “Board”), with the appointment effective as of March 6, 2026. With Mr. Hudson’s appointment, Hallador’s Board expands to seven members, six of whom are independent in accordance with the Nasdaq listing standards.
Mr. Hudson will serve as a director until the expiration of his term at the Company’s 2026 annual meeting of stockholders. If elected at the annual meeting of stockholders, he will continue in this role until his successor has been duly elected and qualified.
Mr. Hudson will receive compensation for his service as an independent director consistent with our director compensation program for non-employee directors, as approved by the Board on December 23, 2025, which provides for:
| ● | a $200,000 annual retainer fee that will be paid: 50% in cash, 50% in restricted stock units (RSUs) to be granted under the Company’s Second Amended and Restated 2008 Restricted Stock Unit Plan |
| ● | payment of the cash component of the annual retainer fees quarterly at the end of each quarter |
| ● | grant of the RSU component of the annual retainer immediately after the annual shareholders’ meeting with a one-year vesting period, with the amount of restricted stock units granted based on the volume weighted average trading price for the 10 trading days prior to the annual meeting |
There are no family relationships between Mr. Hudson and any of the Company’s directors or executive officers, and there is no arrangement or understanding between Mr. Hudson or any other person and the Company or any of its subsidiaries pursuant to which he was appointed as a director of the Company. There are no transactions between Mr. Hudson or any of his immediate family members and the Company or any of its subsidiaries that would be required to be reported under Item 404(a) of Regulation S-K.
Appointment to Committees
Effective March 6, 2026, Barbara Ann Sugg was appointed as a member to the Audit Committee and the Compensation Committee.
Appointment of Officer
On March 6, 2026, the Board appointed Heath Lovell to serve as Chief Operating Officer of the Company, effective March 6, 2026.
Mr. Lovell has served as President of Hallador Power, LLC, a wholly owned subsidiary of the Company, since 2022, and has served as President of Sunrise Coal, LLC, also a wholly owned subsidiary of the Company, since 2024. He will continue to serve in those roles concurrently with his position as Chief Operating Officer of the Company.
In connection with Mr. Lovell’s appointment as Chief Operating Officer, the Company expects to enter into compensation arrangements with Mr. Lovell; however, such arrangements have not yet been finalized. The Company will file an amendment to this Current Report on Form 8-K to disclose the material terms of any such arrangements when determined.
There are no arrangements or understandings between Mr. Lovell and any other person pursuant to which he was appointed as Chief Operating Officer. There are no family relationships between Mr. Lovell and any director or executive officer of the Company, and there are no transactions in which Mr. Lovell has an interest requiring disclosure under Item 404(a) of Regulation S-K.
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Item 7.01 Regulation FD Disclosure.
On March 9, 2026, the Company issued a press release announcing the director and officer appointments described herein. A copy of this press release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K, and the text of such press release is incorporated herein by reference.
None of the information furnished in this Item 7.01 will be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor will it be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended.
Item 9.01 - Financial Statements and Exhibits.
(d) Exhibits
Number | Description |
99.1 | Press Release dated March 9, 2026 |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| Hallador Energy Company |
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March 9, 2026 | By: | /s/ BRENT K. BILSLAND |
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| Brent K. Bilsland President and Chief Executive Officer |
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EXHIBIT 99.1
Hallador Energy Appoints Power Industry Veteran Daniel Hudson to Board of Directors and elevates Heath Lovell to Chief Operating Officer
TERRE HAUTE, Ind., March 9, 2026 – Hallador Energy Company (Nasdaq: HNRG) (“Hallador” or the “Company”) today announced the appointment of Daniel Hudson to the Board of Directors (the “Board”), effective March 6, 2026. Mr. Hudson brings a wealth of executive leadership experience and strategic expertise in the energy sector. With his election, Hallador’s Board expands to seven members, six of whom are independent under the Nasdaq listing standards.
Mr. Hudson brings more than three decades of leadership across power generation, asset acquisition and divestiture, capital formation, restructuring, and energy infrastructure optimization. Over the course of his career, he has successfully led and advised on more than $35 billion in energy asset acquisitions, financings, restructurings, and strategic transactions. He currently serves as Chairman and Chief Executive Officer of Woodlands Energy Management, LLC, where he advises debt and equity holders on power and energy-related investments.
"We are honored to welcome Daniel to our Board," said Brent Bilsland, President and Chief Executive Officer. “Daniel’s deep experience in power generation, large-scale M&A, capital markets, and power asset optimization directly aligns with Hallador’s strategic focus on expanding and strengthening our generation platform. His track record of executing complex transactions and enhancing asset value will provide meaningful strategic guidance as we continue to scale our power business and pursue long-term contracting opportunities.”
Throughout his career, Mr. Hudson has served as Chief Executive Officer, Chairman, Director, and Committee Chair for numerous power and energy infrastructure companies. He has led large-scale natural gas combined-cycle facilities and overseen multi-gigawatt power portfolios across various competitive power markets. Mr. Hudson has also provided board-level oversight for portfolios representing more than 10,000 MW of thermal generation capacity. Earlier in his career, Mr. Hudson held leadership roles at multiple Fortune 500 companies, including Duke Energy, NRG Energy, Xcel Energy/Northern States Power, and Navigant Corporation.
Mr. Hudson added, “Hallador is executing a clear strategy to expand its power generation platform and capitalize on the growing demand for reliable capacity and electricity. I look forward to working with the Board and management team to support the Company’s long-term growth and help drive continued shareholder value creation.”
Mr. Hudson holds a Bachelor of Science in Mechanical Engineering from the University of Minnesota, Minneapolis, Minnesota.
Further, effective March 6, 2026, Heath Lovell has been promoted to Chief Operating Officer of Hallador Energy Company. Heath has been with Hallador since 2022, and most recently served as the President of Hallador Power Company, LLC and Sunrise Coal, LLC, positions he will continue to hold in addition to his new role. Before joining Hallador, Heath was Vice President at Alliance Coal, LLC overseeing operations in Illinois, Indiana, and Kentucky. Heath is also the past president of the Indiana Coal Council, Kentucky Coal Association, and West Virginia Coal Association.
Heath holds an MBA and a Bachelor of Science in Electrical Engineering from the University of Kentucky.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as "expects," "believes," "intends," "anticipates," "plans," "estimates," "guidance," "target," "potential," "possible," or "probable" or statements that certain actions, events or results "may," "will," "should," or "could" be taken, occur or be achieved. Forward-looking statements are based on current expectations and assumptions and analyses made by Hallador and its management in light of experience and perception of historical trends, current conditions and expected future developments, as well as other factors appropriate under the circumstances that involve various risks and uncertainties that could cause actual results to differ materially from those reflected in the statements. These risks include, but are not limited to, those set forth in Hallador’s annual report on Form 10-K for the year
ended December 31, 2024, and other Securities and Exchange Commission filings. Hallador undertakes no obligation to revise or update publicly any forward-looking statements except as required by law.
About Hallador Energy Company
Hallador Energy Company (Nasdaq: HNRG) is a vertically-integrated Independent Power Producer (IPP) based in Terre Haute, Indiana. The Company has two core businesses: Hallador Power Company, LLC, which produces and provides accredited capacity at its one Gigawatt (GW) Merom Generating Station, and Sunrise Coal, LLC, which produces and supplies fuel to the Merom Generating Station and other companies. To learn more about Hallador, visit the Company’s website at http://www.halladorenergy.com/.
Company Contact
Todd E. Telesz
Chief Financial Officer
TTelesz@halladorenergy.com
Investor Relations Contact
Sean Mansouri, CFA
Elevate IR
(720) 330-2829
HNRG@elevate-ir.com
FAQ
What leadership changes did Hallador Energy (HNRG) announce in this 8-K?
Hallador Energy announced a new director and a new Chief Operating Officer. Daniel Hudson joined the Board, while Heath Lovell was promoted to COO and will retain his roles leading Hallador Power Company, LLC and Sunrise Coal, LLC.
Who is Daniel Hudson and what is his role at Hallador Energy (HNRG)?
Daniel Hudson has been appointed to Hallador Energy’s Board of Directors. He brings more than three decades of power and energy leadership, including experience in asset acquisitions, financings, restructurings, and managing large power generation portfolios across multiple competitive power markets.
What responsibilities will Heath Lovell have as Hallador Energy’s new COO?
As Chief Operating Officer, Heath Lovell will oversee Hallador’s operations while continuing as President of Hallador Power Company, LLC and Sunrise Coal, LLC. His background includes senior operational roles at Alliance Coal and leadership positions in multiple state coal associations.
How did Hallador Energy’s Board composition change with this filing?
With Daniel Hudson’s appointment, Hallador Energy’s Board expanded to seven members. Six directors now qualify as independent under Nasdaq listing standards, increasing the proportion of independent oversight on the company’s governing body.
What committee changes did Hallador Energy (HNRG) disclose?
Hallador Energy disclosed that effective March 6, 2026, Barbara Ann Sugg was appointed to both the Audit Committee and the Compensation Committee, strengthening independent director participation in oversight of financial reporting and executive compensation decisions.
Did Hallador Energy issue a press release about these management changes?
Yes. On March 9, 2026, Hallador Energy issued a press release describing the director and officer appointments. This release was filed as Exhibit 99.1 and incorporated by reference into the current report for informational purposes.
Filing Exhibits & Attachments
5 documentsPress Releases
