Cleveland, Ohio-based Cliffs Natural Resources Inc. announced Tuesday that Joseph Carrabba has informed the Board of Directors of his plans to retire as the company's president and chief executive officer by Dec. 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 Carrabba as chairman.
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 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.
Cliffs also said that its Board of Directors has elected Mark E. Gaumond, 62, former Senior Vice Chair - Americas of Ernst & Young, as a new director. The appointment is effective July 8, 2013. With the addition of Gaumond, Cliffs' Board will be comprised of a total of 10 directors.