logo-loader
viewCliffs Natural Resources Inc

Cliffs chief Carrabba steps down

coal_lump350_51dd725adcdac.jpg

Shares of Cliffs Natural Resources (NYSE: CLF) are on the move on news that Joseph Carrabba is stepping down as president and chief executive officer. 

After close on Tuesday, the Cleveland, Ohio-based miner announced that Carrabba will leave the company by Dec. 31 and will immediately step aside as board chairman. Lead director James Kirsch will take Carrabba's place. Carrabba will also step down from the board once Cliffs has found someone to replace him as CEO. 

The company's board has hired executive search firm Heidrick & Struggles to search for candidates. 

"Now is the right time to begin this leadership transition," Carrabba said in a statement.

In other corporate governance moves, Cliffs says Laurie Brlas has retired as executive vice president and president, global operations. Additionally, the board has elected Mark Gaumond, formerly the senior vice-chair of Americas at Ernst & Young, as a new director.

Cliffs rose as high as 6.4 per cent before settling lower at $16.51 as of 10:34 am ET. 

Quick facts: Cliffs Natural Resources Inc

Price: 7.16 USD

NYSE:CLF
Market: NYSE
Market Cap: $1.93 billion
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Bull, Bears & Brokers: Shaw and Partner’s Davide Bosio talks about market...

Shaw and Partners WA state manager Davide Bosio updates Proactive on how share prices plunged this week, with stock market jitters in light of the coronavirus scare. Bosio gives his advice on how investors can protect their portfolios and takes a look at solid investment options during times...

9 hours, 48 minutes ago

2 min read