Cliffs Natural Says Joseph Carrabba Plans To Retire As CEO By Year-End

(RTTNews) - Cliffs Natural Resources Inc. (CLF) announced that its president and chief executive officer or CEO, Joseph Carrabba has planned to retire from his positions by Dec. 31, 2013. 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 said its Board has retained an executive search firm, Heidrick & Struggles, to help identify candidates to lead the company.

The company stated that 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.

The company also announced that Laurie Brlas has retired as executive vice president and president, global operations and is leaving the company, effective immediately.