Cleveland-Cliffs Inc (NYSE:CLF) reported that P. Kelly Tompkins, Chief Operating Officer and Executive Vice President will retire effective December 31, 2017. Lourenco Goncalves, the CEO, Chairman and President expressed that Tompkins has been a cherished member of the executive team of company and he has enjoyed working with him for the previous 3-1/2 years. He is extremely grateful to Tompkins for his commitment and dedication to Cliffs through a time of notable changes at the firm. Goncalves added that he wishes him well during his retirement.
Tompkins assumed his current role in January 2017, after having worked as Chief Financial Officer and Executive Vice President since April 2015. Over the preceding several years, he has been key in Cliffs’ change during some of the most tough times in the steel and iron industry. He joined Cleveland-Ciffs in 2010 and has held numerous executive vice president profiles overseeing business development, strategy, environment, commercial, legal, communications and government affairs functions during his tenure. Tompkins is also extremely active in the Cleveland community and has represented company in many education, arts and civic organizations.
Cleveland-Cliffs posted third-quarter financial results for the quarter closed September 30, 2017. Consolidated revenues stood at $698 million, a jump of 26% over the prior year’s revenue of $553 million. Cost of goods sold was $538 million versus $468 million posted in the third quarter of 2016. SG&A expenses came at $25 million, a 21% drop compared to Q3 2016 expenses of $31 million. The drop was driven mainly by a union signing bonus last year that was not repeated in this year, as well as lower external services spend.
In the last trading session, the stock price of Cleveland-Cliffs jumped more than 1% to close the day at $6.13. The gains came at a share volume of 6.66 million compared to average share volume of 11.87 million.