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.