Cliffs Natural Resources Rejigs Senior Management

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9/13/2012 11:13 AM ET

Miner Cliffs Natural Resources, Inc. (CLF: Quote) announced Thursday a rejig in its senior management, effective October 1, in order to reposition it team to the current and future business environment. The appointments will report directly to Chairman, President and CEO Joseph Carrabba.

"As we transition Cliffs' strategic focus from M&A activities to executing organic growth projects, these executive changes will drive excellence in project execution, ensure operational stability and provide for a more disciplined approach to capital allocation and cost management," Carrabba said in a statement.

The company named Laurie Brlas to succeed Duncan Price, who is retiring, as executive vice president and president of global operations. Brlas most recently served as executive vice president, finance and administration & CFO.

Terrance Paradie is named senior vice president and CFO to succeed Brlas, and Steven Raguz is named senior vice President of corporate strategy and communications & chief strategy officer.

Most recently, Paradie was senior vice president, assistant general manager - Michigan Operations, while Raguz served as senior vice president of corporate strategy and treasurer. Meanwhile, Matthew Bittner will succeed Raguz as vice president & treasurer, and will report to Paradie.

Meanwhile, Kelly Tompkins is named executive vice president of legal, government affairs and sustainability, chief legal officer & president, Cliffs China. This is in addition to his role as Cliffs' legal, environmental, government and sustainability activities worldwide.

The company also appointed James Michaud as senior vice president of human resources & chief human resource officer. He was most recently serving as senior vice president of human resources.

"These management changes are indicative of the Company's ongoing commitment to strengthen and evolve our senior leadership. I am pleased to have this level of internal executive talent leading Cliffs," Carrabba added.

In Thursday's regular trading session, CLF is currently trading at $40.91, up $0.29 or 0.71% on a volume of 2.32 million shares.

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by RTT Staff Writer

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