Cliffs Natural Resources Inc (NYSE:CLF) has elected Eric M. Rychel to company’s Board of Directors. Mr. Rychel is Executive VP, Treasurer and Chief Financial Officer of Aleris Corporation. He presently heads the global finance segment for the organization. Mr. Rychel will be a part of the Audit Committee of the Board. With the latest change, the Cliffs’ Board now comprises total ten members.
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Lourenco Goncalves, the CEO, President and Chairman of Cliff’s Board, said that he felt honored that Rychel is now a part of Board. He has known and respected him for many years, from Corporate Executive to Investment Banker to a successful CFO. His diverse experience and knowledge will further strengthen board’s breadth of expertise and talent.
As Aleris’ CFO since 2014, Rychel has directed all of Aleris’ key initiatives in finance and looked after capital structure. He offers leadership for the IT functions, global finance and investor relations, and also heads company’s risk and benefits committees. Earlier, Mr. Rychel was treasurer and vice president at Aleris, with responsibility for investor relations, treasury, strategy and corporate development, upon joining the firm in 2012.
Rychel was associated with Barclays Capital, Inc. as a managing director in between 2010 and 2012, where he commenced its Metals industry banking initiatives. Prior to that, Rychel served as a MD at Deutsche Bank Securities, Inc., where he managed the Metals industry investment banking segment. He started his career with LSG Advisors, a predecessor to SG Cowen and also an M&A boutique.
In addition to Rychel’s engagement to the Audit Committee, Cliffs reported other changes to its Board assignments effectively immediately. Gabriel Stoliar is now longer a member of the Audit Committee. He is now a part of the Compensation & Organization Committee of the Board. Michael Siegal, who is a member of Board, has been chosen as a member of the Audit Committee.