Cliffs Natural Resources CEO to Step Down

Add Cliffs Natural Resources (NYSE: CLF  ) to the list of companies in the market for a new chief executive. The company announced that the man currently occupying the position, Joseph Carrabba, has served notice that he intends to step down by the end of this year. He has also vacated his post of board chairman, effective immediately. The company's former lead director, James Kirsch, has been tapped to replace him as non-executive chairman.

Carrabba will serve as CEO and a director of Cliffs in an interim capacity until a successor is found. The board has retained Heidrick & Struggles to assist it in the search for a replacement.

Carrabba isn't the only top executive heading for the exit door. Cliffs also announced that Executive Vice President and President, Global Operations, Laurie Brias has left the company, effective immediately.

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  • Report this Comment On July 10, 2013, at 12:32 PM, cajun1958 wrote:

    Although CLF is down 50%+ over last 12 months, under Carrabba the stock has increased in values 8x (since 2004) and outperformed Vale & BHP (slightly). Yet it seems to be good news since there is an expectation that it might sell off some domestic entities and concentrate on those more geared to Pacific exports; or go private altogether. They also maintained the (already cut once dividend).

    The bad news might be for holders of Mesabi Trust (MSB) since their output and income is all derived from CLF's Northshore Mining div. at one mine in MN. Output there has already been scaled back due to low price/demand but royalties and payout from MSB could be suspended if CLF puts it up for sale or on hold due to a "strategic reorganization" of Cliffs. THX

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