Cliff’s President and Chief Financial Officer Step Down
MARQUETTE, MI – (Great Lakes Radio News) – Cliffs Natural Resources Inc. says President and CEO Joseph Carrabba will be stepping down by the end of this year.
James Kirsch, who currently serves on Cliffs’ Board as lead director, has been elected non-executive chair of the Board, effectively immediately, replacing Carrabba. Carrabba says he will continue to serve as president and CEO and a Director of the Company until a successor has been elected, after which point he will also step down from the Board.
Carrabba joined Cliffs in 2005 as chief operating officer and became CEO in 2006.
Reports say Cliffs has struggled with a softer Chinese construction market, which has cut into its ore sales. Cliffs idled iron ore mines in Michigan and Minnesota and also announced in November it would postpone expansion of its Bloom Lake mine in Canada.
Cliffs’ shares have dropped 53 percent this year. Laurie Brlas, president of global operations and the company’s former chief financial officer, has retired and will leave immediately, Cliffs said.
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