Leadership shake-up at Cliffs Natural Resources

There's been a leadership shake-up at Cliffs Natural Resources.

The changes come less than a month after the company announced it has decided to temporarily suspend its environmental assessment activities on its Ring of Fire chromite project largely because of a series of regulatory delays.

The project's specs include a $1.8-billion processing facility in Capreol,

President and CEO Joseph Carrabba announced July 9 that he plans to retire from the company by Dec. 31, 2013. He'll continue to serve as the head of the company until his successor is found.

James Kirsch, who currently serves on Cliffs' board as lead director, has been elected non-executive chairman of the board, effective immediately, replacing Carrabba as chairman.

As well, the company's executive vice-president and president of global operations, Laurie Brlas, has retired and is leaving the company immediately.

To facilitate the transition, Cliffs has formed an office of the chairman, led by Kirsch.

“It has been a privilege to lead this great company over the last eight years,” Carrabba said, in a press release.

“I am proud of the global operational footprint we have established, and believe now is the right time to begin this leadership transition. I look forward to working with the office of the chairman during this period as we continue to provide world-class iron ore and coal products to the world's largest steel markets.

“We thank Laurie for her service over the past seven years as chief financial officer and most recently as executive vice-president, global operations. We wish her well in future endeavours.

Kirsch said the company has a strong executive team that will aid in a seamless transition.

“On behalf of the entire board of directors, I want to thank Joe for his dedication to Cliffs over the last eight years,” he said.

“We greatly appreciate his contributions and look forward to his continued leadership during the transition period ahead. I am honoured to have the opportunity to work closely with my fellow board members and Cliffs' senior management team as non-executive chairman.

“We are committed to improving our operating performance and increasing our competitiveness in challenging market conditions as we work to create value for our shareholders.”