Cliffs Natural Resources CEO to Step Down
Add Cliffs Natural Resources to the list of companies in the market for a new chief executive. The company announced that the man currently occupying the position, Joseph Carrabba, has served notice that he intends to step down by the end of this year. He has also vacated his post of board chairman, effective immediately. The company's former lead director, James Kirsch, has been tapped to replace him as non-executive chairman.
Carrabba will serve as CEO and a director of Cliffs in an interim capacity until a successor is found. The board has retained Heidrick & Struggles to assist it in the search for a replacement.
Carrabba isn't the only top executive heading for the exit door. Cliffs also announced that Executive Vice President and President, Global Operations, Laurie Brias has left the company, effective immediately.
The article Cliffs Natural Resources CEO to Step Down originally appeared on Fool.com.Fool contributor Eric Volkman and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.