The Cliffs Board recommends shareholders use the WHITE proxy card to vote "FOR ALL" of the Company's nine highly qualified and experienced director nominees with expertise in leading mining, steel, basic materials, engineering and natural resources businesses: Gary B. Halverson
, Barry J. Eldridge, Mark E. Gaumond, Susan M. Green, Janice K. Henry, Stephen M. Johnson, James F. Kirsch, Richard K. Riederer and Timothy W. Sullivan.
Cliffs' Board laid the foundation of the turnaround that Gary Halverson, President and Chief Executive Officer, and his team have continued to execute by updating the two most senior positions in the management team, beginning to sharpen the Company's capital allocation priorities (including placing every strategic asset under review), and initiating steps to significantly reduce SG&A and exploration costs.
The Company's Board and new management team, led by Gary Halverson
, have taken decisive steps to steadily improve Cliffs'
financial and operating performance, including through the ongoing, comprehensive
review of our portfolio of assets and strategic options.
WE BELIEVE GARY HALVERSON
IS THE RIGHT
LEADER FOR CLIFFS
AT THIS CRITICAL TIME
As part of its thorough search for a new CEO, which began in July of 2013, the Board engaged a leading independent executive search firm.
The entire Board was engaged in the process and interviewed all finalist candidates.
After an extensive review, the Board selected Gary Halverson as the best choice to lead Cliffs.
has the insights and experience to lead the Company in this critical and
volatile period and to create shareholder value, given his
30 years of experience in managing international large-scale, long-lived mining operations and understanding of the global commodities industry.
He has led business divisions similar in size and scale to Cliffs, most recently as the
Interim COO of Barrick Gold Corp.
, the world's largest gold miner.
experience managing large annual operating budgets and capital projects, and has been successful in optimizing mines, objectively assessing troubled operations and executing projects on time and on budget.
Gary's experience includes a wide range of underground and open-pit mines from the construction and development phases through the end-of-life stage.
successfully tackled many projects with complex operational and compliance challenges.
Your Board strongly supports Gary Halverson
and does not believe that
goal of replacing him is in the interests of Cliffs shareholders.
WE Have ASSEMBLED a Strong Board THAT IS
WELL MATCHED TO THE opportunities and CHALLENGES FACED BY CLIFFS
We have instituted a critical remake of our Board and senior management team, including therecent addition of four highly qualified directors: Timothy W. Sullivan, Mark E. Gaumond, Stephen M. Johnson and Gary B. Halverson.