Cliffs Natural Resources Inc Announces CEO Succession Plan

Tuesday, 9 Jul 2013 04:15pm EDT 

Cliffs Natural Resources Inc announced that Joseph Carrabba has informed the Board of Directors of his plans to retire as the Company's President and Chief Executive Officer(CEO) by December 31, 2013. James Kirsch, who currently serves on Cliffs' Board as lead director, has been elected non-executive Chairman of the Board, effectively immediately, replacing Mr. Carrabba as Chairman. Mr. Carrabba 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. Cliffs' Board has retained an executive search firm, Heidrick & Struggles, to help identify candidates to lead the Company. To facilitate the transition, Cliffs has formed an Office of the Chairman, led by Mr. Kirsch. The Company also announced today that Laurie Brlas has retired as executive vice president and president, global operations and is leaving the Company, effective immediately.