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Big changes are coming to the executive suite at Cliffs Natural Resources Inc. (NYSE: CLF), which over the last 12 months has seen its stock lose nearly two-thirds of its value and has run into problems with a big investment in Canada.
The Cleveland-based producer of iron ore and metallurgical coal said Joseph Carrabba has informed the Cliffs board of his plans to retire as president and chief executive officer by Dec. 31.
In addition, Cliffs said Laurie Brlas, its executive vice president and president of global operations, has retired and is leaving the company, effective immediately. The company did not give a reason for her sudden departure.
Cliffs said James Kirsch, who currently serves on the 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 until a successor has been elected, after which point he also will step down from the board.