Cleveland-Cliffs Announces Replacement for Chairman John Brinzo
05/09/2007 - Cleveland-Cliffs’ Board of Directors announced its new Chairman of the Board—President and Chief Executive Officer Joseph A. Carrabba, replacing John S. Brinzo, who is retiring.
Cleveland-Cliffs Inc’s Board of Directors has elected President and Chief Executive Officer Joseph A. Carrabba as Chairman of the Board. As Chairman, Carrabba replaces John S. Brinzo, who is retiring, as previously announced.
"We took many significant steps in our leadership succession plan this past year,” commented Brinzo, “not the least of which was the appointment of Joe Carrabba as President and Chief Executive effective upon my retirement from those roles in September. Joe had served as President and Chief Operating Officer of Cliffs since 2005, and before that, as a global mining executive for more than 22 years. His exceptional experience and demonstrated leadership abilities will continue to benefit our company as we strengthen domestically and expand globally.
"It has been my pleasure and privilege to be a part of the Cliffs family for the past 39 years,” continued Brinzo. “As I step down as chairman today, I do so with complete confidence that our company's assets and resources are in very capable hands."
President and CEO Joseph A. Carrabba added: "I am truly honored to have had the opportunity to work with John, a man whose clarity of vision and exceptional leadership through troubled times for the integrated steel industry in the early 2000s led to Cliffs' dramatic transformation from a local mine manager and mineral holder to today's global merchant mining company. On behalf of everyone at Cliffs, I wish John the very best in his well-deserved retirement."
The company also announced that, effective immediately, David H. Gunning has retired as planned from his position as a Director. Mr. Gunning has been a member of Cliffs' Board of Directors since 2001 and served on its Strategic Advisory Committee.
"We are grateful to David for his contributions and guidance as a member of Cliffs' executive team and Board of Directors,” said Carrabba. “David played key roles in the company's recent transformation over the past several years and was instrumental in furthering our international growth objectives," he concluded.
Headquartered in Cleveland, Ohio, Cleveland-Cliffs Inc. is the largest producer of iron ore pellets in North America, selling the majority of its pellets to integrated steel companies in the United States and Canada.
Cleveland-Cliffs operates a total of six iron ore mines located in Michigan, Minnesota and Eastern Canada, and owns 80% of Portman Limited, a large iron ore mining company in Australia that serves the Asian iron ore markets with direct-shipping fines and lump ore. It also has a 30% interest in the Amapa Project, a Brazilian iron ore project, and a 45% economic interest in the Sonoma Project, an Australian coking and thermal coal project.
