Cliffs to pay former CEO Halverson $11M

|By:, SA News Editor

Cliffs Natural Resources ([[ClF]] +0.3%) says it expects to pay ~$11M to former CEO Gary Halverson in connection with the termination of his employment after serving in the position for only six months.

CLF also expects to make additional payments of ~$16.9M this quarter, as a result of its incentive equity plan for key employees and related changes in control provisions.

Also, one of CLF's few directors who had re-elected after Casablanca Capital triumphed in last month's proxy battle is stepping down, delivering a resignation letter accusing new CEO Lourenco Goncalves and the new board of an "unwillingness to engage the legacy directors in a meaningful way."