
15 Dec 2022
CNX Board Approves 2023 CEO Compensation Reduction to Fund $1.5 Million to Advance Initiatives of the Mentorship Academy
Endowment will support new UPMC partnership, adding healthcare-focused opportunities for regional Mentorship Academy students
PITTSBURGH, PA – December 15, 2022 – CNX Resources Corporation’s (NYSE: CNX) Board of Directors (“CNX Board”) and Nick DeIuliis, President and Chief Executive Officer of the Company, today announced that the CNX Board approved Mr. DeIuliis’ request to make a $1.5 million donation to the CNX Foundation and commensurately reduce his 2023 compensation. This donation is intended to further enhance programming at the Mentorship Academy, CNX’s community workforce development and job training initiative that prepares regional underserved youth for family-sustaining careers. This follows a $1 million contribution to the CNX Foundation funded through a reduction in Mr. DeIuliis’ 2022 compensation.
As part of a unique educational- and workforce development-focused agreement, it is intended that $1 million will launch the program’s expansion into the healthcare space through a proposed partnership with the UPMC Orthopedics and UPMC Hillman Cancer Center as well as UPMC’s School of Nursing and Health Sciences. The remaining $500,000 will support ongoing operations and programming at the Mentorship Academy.
CNX President and CEO Nick DeIuliis said, “These commitments continue to place the Mentorship Academy on a secure path to long-term financial sustainability and help open doors to the middle class for young adults in underserved urban and rural communities throughout the Pittsburgh region.” Mr. DeIuliis continued, “We said when we created the CNX Foundation that the approach would target community investments that are tangible, impactful, and local. I can’t think of anything that is more tangible, impactful, and local than the Mentorship Academy. So, I am happy to help fund the effort in a way where it is most beneficial to the region and to the shareholder owners of CNX.”
This investment is consistent with CNX Foundation's core efforts aimed at youth in underserved communities, career readiness, and connecting high school seniors in those communities with family-sustaining employment opportunities across the region. Now in its second year, the Mentorship Academy program is attracting a larger talent pool with a diverse range of focus areas. The inaugural Mentorship Academy class officially graduated in May of this year, with six standout students accepting full-time positions at CNX Resources.
The CNX Foundation is a key element of CNX’s Appalachia First strategic vision for the region. To learn more about the Appalachia First plan, visit https://www.positiveenergyhub.com/appalachia-first
To learn more about the Mentorship Academy and apply to enroll in the program, visit CNX.com/Mentorship-Academy.
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About CNX Resources
CNX Resources Corporation (NYSE: CNX) is unique. We are a premier, ultra-low carbon intensive natural gas development, production, midstream, and technology company centered in Appalachia, one of the most energy abundant regions in the world. With the benefit of a 158-year regional legacy, substantial asset base, leading core operational competencies, technology development and innovation, and astute capital allocation methodologies, we responsibly develop our resources and deploy free cash flow to create long-term per share value for our shareholders, employees, and the communities where we operate. As of December 31, 2021, CNX had 9.63 trillion cubic feet equivalent of proved natural gas reserves. The company is a member of the Standard & Poor's Midcap 400 Index. Additional information is available at www.cnx.com.
About CNX Foundation
The CNX Foundation is a registered 501c(3) philanthropic organization that invests tangibly, impactfully, and locally, targeting urban and rural communities within the Appalachian Basin that face socio-economic challenges. With a commitment of $30 million over six years and a focus on underserved populations, the CNX Foundation seeks to set a new standard for how corporations engage with their communities. Additional information, including funding criteria and grant application details can be found at cnx.com/foundation.
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