Natural Resource Partners LP announced the retirement of two members from the board of directors of its general partner.
Robert Blakely and Robert Karn III retired Dec. 19 from GP Natural Resource Partners LLC's board of directors, effective Dec. 31, in keeping with NRP's corporate governance guidelines barring a director from being nominated to a new term on the board if he or she would be older than 75 at the time of the election. Blakely turned 75 in December 2016, and Karn reached that age in January.
Both men also retired from the audit, compensation, nominating and governance and conflicts committees of the board.
NRP reported a net income of $26.1 million in the third quarter of 2017, up from the $23.5 million reported in the third quarter of 2016 but down from the $42.4 million net income reported in the second quarter.
An executive said in an earnings call in November that the coal producer is on track to meet a two-year goal to ease its financial pressure.
