TORONTO (miningweekly.com) – US iron-ore miner Cliffs Natural Resources on Friday named former Barrick Gold executive Gary Halverson (55) to the newly created position of president and COO, effective from November 18. He will eventually assume the role of CEO.

Halverson would report to the newly elected chairperson James Kirsch and, in turn, all members of the current Cliffs executive leadership team will report directly to Halverson.

Cliffs said Halverson’s focus over the coming months would be to refine the company's long-term strategy and continue to provide continuity during the leadership transition.

“This will provide Halverson the opportunity to build a deep understanding of the business at an operating level before assuming the CEO leadership position,” the company said in a statement.

The company in July announced that current director, president and CEO Joseph Carrabba would retire by the end of the year and on Friday announced he would step down effective on November 15.

“Halverson’s leadership experience in operating mines across Canada, the US and Asia Pacific, coupled with his large-scale project execution track record and cultural fit, made him a compelling choice based on the board's expectations for Cliffs' performance,” Kirsch said.

He added that Halverson’s financial discipline lined up well with the company’s focus on cost management and the significant investment decisions that are on the horizon. “Cliffs needs a strong leader who can manage this business through the inevitable and highly volatile cycles in a disciplined, value-enhancing manner,” he said.

Halverson's experience spans across the gold, copper and nickel mining industries. Most recently, he provided leadership for the largest gold region in the world at Barrick Gold.

Halverson received his Master of Business Administration from Athabasca University and a Bachelor of Science in Metallurgical Engineering from Michigan Technological University. He is an active member of mining industry and engineering associations, including the Association of Professional Engineers of Ontario, Canadian Institute of Mining/Metallurgy, the National Mining Association and the Nevada Mining Association.

Cleveland-based Cliffs on Thursday reported an increase in third-quarter profit as the miner reduced costs and iron-ore prices rose.

Net income attributable to common shareholders rose to $104.3-million, or $0.66 a share, from $85.1-million, or $0.59 a share, a year earlier. Revenue rose slightly to $1.55-billion from $1.54-billion.