Management ChangeJul 24, 2026, 04:42 PM
Cleveland-Cliffs Appoints Celso Goncalves President & CFO
AI Summary
Cleveland-Cliffs Inc. announced the appointment of Celso L. Goncalves Jr. as President and Chief Financial Officer, effective July 21, 2026. He was also appointed to the company's Board of Directors. His father, Lourenco Goncalves, will continue as Chairman and CEO, relinquishing the President title. In connection with his new role, Celso Goncalves' annual base salary was increased to $1,000,000, and his severance multiple was extended from two to three years.
Key Highlights
- Celso L. Goncalves Jr. appointed President and Chief Financial Officer, effective July 21, 2026.
- Celso L. Goncalves Jr. also appointed to the Board of Directors, effective immediately.
- Lourenco Goncalves continues as Chairman and CEO, no longer holding the President title.
- Celso Goncalves' annual base salary increased from $884,000 to $1,000,000.
- Severance multiple under his Change in Control Severance Agreement increased from two years to three years.
- Celso Goncalves is the son of Lourenco Goncalves, the Chairman and CEO.
Price Impact
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