Boston, MA 08/18/2014 (wallstreetpr) – Cliffs Natural Resources Inc (NYSE:CLF) will no longer have Timothy W. Sullivan in its board. In the latest news, Director, Timothy W. Sullivan has resigned the company’s board. The resignation was effective immediately. In resignation letter, he stated that he is not in a position to adequately represent the interests of shareholders.
The details
Sullivan has mentioned that he had always wanted to be a part of Directors to Cliffs Natural Resources Inc (NYSE:CLF). He has got ample experience of working in the mining industry. It was his dream to serve as a Director before the telephonic board meeting conducted few days back. He was not satisfied with the proceedings. He didn’t mention the details of the meeting. However, he added that during the meeting it was apparent that no member of the board or the new Directors wanted to consider the points that might work as contrary to the pre-decided plans. The resignation letter was submitted to SEC’s website on August 15, 2014. The company representative didn’t provide any other information.
The tenure
Sullivan joined Cliffs Natural Resources Inc (NYSE:CLF) one year back in January 2013. It was a short working tenure with Cliffs. Still, he believes that enough has been done in a short period to improve the bad situations. He considers the new leadership to be involved in the disservice by not engaging the legacy board members. It is a form of dismissing the works performed by the former CEO Gary Halverson. He started working with Cliffs on the profile of the president and CEO last November. Halverson was promoted as CEO in February. He worked on the profile of CEO until Goncalves’ appointment.
Cliffs Natural Resources Inc (NYSE:CLF) has made a payment of around $11 million to Halverson in respect to his terminated employment. There is a significant change in the structure, and the future will tell what impact it will have on the company.
