Boston, MA 11/04/2013 (wallstreetpr) – Before the year is through, Cliffs Natural Resources Inc (NYSE:CLF) will see another of its leaders leaving. The company announced last week that on Dec 31’13, its EVP Donald Gallagher will retire. Gallagher will be leaving the Cleveland-based iron ore and metallurgical coal producer’s global commercial desk. In the past five months, several executives have left the company while others are expected to leave in the coming months. The outgoing EVP sold 13,640 shares of the company he held at an average price of $25 per unit, earning about $342K in the transaction which occurred October 30. The EVP is now left with 47,840 direct stake in the company, reflecting about $1.2 million.
Moving on, the international mining and natural resources company announced in July the Dec 31’13 exit of its president and CEO, Joseph Garrabba. Also, the company’s EVP global operations Laurie Brlas was announced to leave the company with immediate effect.
In July, the company will see off its VP for government and public affairs, Dana Byrne, who is regarded as a long serving veteran of the company for a period of 34 years. But even as the company revealed its long list of retiring officers, it also came out that it had suspended its troubled chromite project in Canada, valued at $3.3 billion. This follows hot issues touching on land surface rights, delays in environmental assessment and negotiations with the Ontario province officials.
Cliff has now tapped a former interim COO at Barrick Gold Corp., Gary Halverson to be its president and chief operations officer starting Nov. 18.
Cliff announced its most recent quarter data on October 24, posting $0.68 EPS, ahead of Thomson Reuters estimate of $0.61. Its revenue came in at $1.55 billion, again topping consensus estimate of $1.44 billion. In a year ago quarter, it earned $0.61 a share. Its revenue this time around was up 1% against the comparable quarter in the prior year.
