TORONTO (miningweekly.com) – Cliffs Natural Resources, the biggest iron-ore pellet producer in North America, said late on Friday global metallics VP William Brake would leave the company effective March 31 on two years pay.
Brake would also receive a year’s incentive bonus paid at target, a further cash bonus, and continued medical coverage, the Cleveland-based company said, without giving reasons for his departure.
“In exchange for the benefits provided in the separation agreement, Mr. Brake has agreed to provide us with a general release of claims,” the firm said in a regulatory filing.
He had worked for Cliffs since March 2005, according to Forbes, which listed his 2010 base salary at $427 750.
The miner, which also owns coal assets in the US and Australia, did not respond to requests for comment.
Cliffs said it agreed with Brake on February 13 that he would leave the company effective March 31.
The New York-listed firm on Wednesday reported a 52% drop in fourth-quarter earnings to $185-million, or $1.30 a share, well shy of analyst expectations.