Cliffs Natural's New Operating Chief in Line To Take Over as CEO

   By Michael Calia 
 

Cliffs Natural Resources Inc. (CLF) on Friday said Gary B. Halverson, who it named chief operating officer, is line to take the helm of the company.

The company intends Mr. Halverson, 55 years old, to eventually take over as chief executive, although there is no set time frame for the transition, a company representative said. His appointment as president and operating chief is effective Nov. 18. Joseph Carrabba, who has been with the company since 2005, previously said he intended to retire as CEO this year, and will do so Nov. 15, the company said. Meanwhile, James Kirsch, the company's nonexecutive chairman, will take over as executive chairman on Nov. 18 and will manage the transition between CEOs.

Mr. Halverson, who will also replace Mr. Carrabba on the board, is a former interim chief operating officer at Barrick Gold Corp. (ABX).

The coal and iron-ore producer's results have slumped in recent quarters amid weaker prices, decreased volume and some cost pressures. In July, the company posted a 43% profit decline.

Shares of Cliffs were up 1.6% to $23.95 in premarket trading. The stock is down 39% so far this year.

Write to Michael Calia at [e-mail]

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