By Simon Casey Aug 7, 2014 11:06 AM ET
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Cliffs Names Goncalves CEO After Casablanca Proxy Win
By Simon Casey Aug 7, 2014 11:06 AM ET
Cliffs Natural Resources Inc. (CLF) appointed Laurenco Goncalves as chairman and chief executive officer, the candidate put forward by activist investor Casablanca Capital LP, which last week won a proxy fight for control of the mining company’s board.
Goncalves, the former CEO of Metals USA Holdings Corp., starts in his new roles immediately, Cleveland-based Cliffs said today in a statement. He replaces Jim Kirsch, who started as chairman in July 2013, and Gary Halverson, who took over as CEO in February.
Casablanca’s six-month campaign to change Cliffs’ management succeeded at the miner’s July 29 annual shareholder meeting, at which all six of Casablanca’s nominees were voted to the board. Casablanca has urged Cliffs to take measures including raising its dividend and spinning off foreign assets.
To contact the reporter on this story: Simon Casey in New York at scasey4@bloomberg.net
