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 michael.calia@wsj.com
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