Cliffs Natural Resources Inc. Announces the Appointment of New President and
Chief Operating Officer
- Gary B. Halverson to Join the Company and Elected as New Director
- James Kirsch Named Executive Chairman of the Board
CLEVELAND, Oct. 25, 2013
CLEVELAND, Oct. 25, 2013 /PRNewswire/ --Cliffs Natural Resources Inc.(NYSE:
CLF) (Paris: CLF) announced today that its Board of Directors has appointed
Gary B. Halverson, 55, formerly interim chief operating officer of Barrick
Gold Corporation Inc., to the newly created position of president and chief
operating officer, effective Nov. 18, 2013. In addition, he will be serving
as a director on Cliffs' Board. With the addition of Mr. Halverson and the
previously announced retirement of Joseph Carrabba, Cliffs' Board will be
comprised of a total of 11 directors.
Cliffs' Board also announced that James Kirsch, non-executive chairman of the
Board, has been elected executive chairman of the Board, effective Nov. 18,
2013. As part of Cliffs CEO succession planning, the Company formed the Office
of the Chairman led by Mr. Kirsch to manage the leadership transition. Over
the coming months, his focus will be to refine the Company's long-term
strategy and continue to provide continuity during the leadership transition.
This will provide Mr. Halverson the opportunity to build a deep understanding
of the business at an operating level before assuming the CEO leadership
Mr. Halverson will report to Mr. Kirsch as executive chairman and, in turn,
all members of the current Cliffs' executive leadership team will report
directly to Mr. Halverson.
In addition, Joseph Carrabba will retire as president and CEO, and will also
step down as a director of Cliffs' Board effective at the close of business on
Nov. 15, 2013.
James Kirsch, Cliffs' chairman of the Board, said, "I am very pleased that
Gary is joining Cliffs as he brings over 30 years of mining experience and a
breadth of leadership skills well suited to lead our business. Gary's
leadership experience in operating mines across Canada, the U.S.and Asia
Pacific, coupled with his large-scale project execution track record and
cultural fit, made him a compelling choice based on the Board's expectations
for Cliffs' performance."
Kirsch added, "As a global mining executive, Gary has a proven track record
and possesses deep technical and operational expertise. His financial
discipline lines up well with our focus on cost management and the major
investment decisions that are on the horizon. Cliffs needs a strong leader who
can manage this business through the inevitable and highly volatile cycles in
a disciplined, value-enhancing manner."
Mr. Halverson's experience spans across the gold, copper, and nickel mining
industries. Most recently, he provided leadership for the largest gold region
in the world at Barrick Gold Corporation Inc. He has experience managing large
annual operating budgets and capital projects. At an operational level, he has
been successful in optimizing well run mines, objectively assessing troubled
operations and executing projects on-time and on budget. Many of the projects
he has led included complex tailings and water management issues. These
experiences include a wide range of underground and open-pit mines from the
construction and development phases through the end-of-life stage.
At Barrick Gold Corporation Inc., Mr. Halverson was named interim chief
operating officer this year and also is the regional president – North America
for Barrick. During his tenure as a regional president, he has led a complete
functional leadership team and was accountable for the regional business' P&L.
The region includes 6,200 employees employed at 10 mines across Canada, United
States and Dominican Republic. Barrick's North America unit was noted as the
company's largest producing region and generated 47% of total 2012 production.
With Barrick since 2005, he joined the company as the general manager of the
Cortez JV in North America. From 2006 to 2011, he took an assignment at the
company's Australia Pacific division. He began as director of operations where
he was responsible for four gold mines in Australia, Papua New Guinea, and
Tasmania. He managed a successful integration of two operations and the
start-up of a new mine. He was promoted to president – Australia Pacific in
2008 where he led a region of 6,500 employees across nine mine sites. He had
full responsibility for the business' P&L including an annual $1.8 billion
operating budget and $600 million for capital expenditures.
Prior to this, he was with Kinross Gold Corporation from 2000 to 2004 where he
held general manager roles at the Hoyle Pond Mine and Placer Dome Mine, both
located in the city of Timmins in Northeastern Ontario. Mr. Halverson was
responsible for the consolidation of these two mines' assets. In addition, he
was responsible for the approval and development of an open-pit mine. Mr.
Halverson's experience also includes project and general management of the New
Britannia mine in Manitoba and progressive experience at other mines across
Mr. Halverson received his Master of Business Administration from Athabasca
University and a Bachelor of Science in Metallurgical Engineering from
Michigan Technological University. He is an active member of mining industry
and engineering associations, including the Association of Professional
Engineers of Ontario, Canadian Institute of Mining/Metallurgy (CIM), National
Mining Association and the Nevada Mining Association.
Cliffs Natural Resources Inc. will host a conference call today, Oct. 25,
2013, at 10 a.m. ET. to discuss this appointment and its third-quarter 2013
earnings results. The call will be broadcast live and archived on Cliffs'
About Cliffs Natural Resources Inc.
Cliffs Natural Resources Inc. is an international mining and natural resources
company. A member of the S&P 500 Index, the Company is a major global iron ore
producer and a significant producer of high- and low-volatile metallurgical
coal. Cliffs' strategy is to continually achieve greater scale and
diversification in the mining industry through a focus on serving the world's
largest and fastest growing steel markets. Driven by the core values of
social, environmental and capital stewardship, Cliffs associates across the
globe endeavor to provide all stakeholders operating and financial
The Company is organized through a global commercial group responsible for
sales and delivery of Cliffs' products and a global operations group
responsible for the production of the minerals the Company markets. Cliffs
operates iron ore and coal mines in North America and an iron ore mining
complex in Western Australia. In addition, Cliffs has a major chromite
project, in the feasibility stage of development, located in Ontario, Canada.
News releases and other information on the Company are available on the
Internet at: http://www.cliffsnaturalresources.com
Follow Cliffs on Twitter at: http://twitter.com/CliffsNR.
SOURCE Cliffs Natural Resources Inc.
Contact: Jessica Moran, Director, Investor Relations, (216) 694-6532, or
Patricia Persico, Director, Global Communications, (216) 694-5316
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