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.