Cleveland-Cliffs names Celso Goncalves president at $1 million salary, adds him to board
CLEVELAND, July 25. Cleveland-Cliffs Inc. (CLF) named Celso L. Goncalves Jr. as President on July 21, 2026, lifting his annual base salary to $1,000,000 and appointing him to the Board of Directors, according to an 8-K filed with the Securities and Exchange Commission. The 38-year-old chief financial officer takes the President title from his father, Lourenco Goncalves, who remains Chairman and Chief Executive Officer.
Key takeaways
- Cleveland-Cliffs named Celso L. Goncalves Jr. as President on July 21, 2026, and raised his annual base salary to $1,000,000 from $884,000.
- Goncalves, the 38-year-old Executive Vice President and CFO, was also appointed to the Board of Directors as an employee director with no additional compensation for board service.
- He takes the President title from his father, Lourenco Goncalves, who remains Chairman and CEO.
- The Board's committee extended the 'Continuation Period' severance multiple under his Change in Control Severance Agreement from two years to three years.
- The 8-K disclosed the father-son relationship and stated there were no related-party transactions exceeding the $120,000 SEC disclosure threshold beyond what was set out.
CLEVELAND, July 25. Cleveland-Cliffs Inc. (CLF) named Celso L. Goncalves Jr. as President on July 21, 2026, lifting his annual base salary to $1,000,000 and appointing him to the Board of Directors, according to an 8-K filed with the Securities and Exchange Commission. The 38-year-old chief financial officer takes the President title from his father, Lourenco Goncalves, who remains Chairman and Chief Executive Officer.
Compensation changes under the promotion
The Compensation and Organization Committee of the Board approved the salary increase from $884,000, effective July 21. The new rate applies to Celso Goncalves' participation in Cleveland-Cliffs' annual cash incentive award for 2026. The committee also extended the "Continuation Period" severance multiple under his Change in Control Severance Agreement from two years to three years, the filing shows. That change is described as primarily for calculating potential benefits under the agreement.
Celso Goncalves will receive no additional compensation for board service. The filing designates him an employee director.
Family relationship and governance disclosures
The 8-K explicitly disclosed that Celso Goncalves is the son of Lourenco Goncalves, the Chairman and CEO. The company said there are no arrangements or understandings between Celso Goncalves and any other persons pursuant to which he was appointed. Cleveland-Cliffs also stated there are no related-party transactions with him that exceed the $120,000 SEC disclosure threshold, apart from what the filing sets out.
The company referred investors to its definitive proxy statement on Schedule 14A, filed with the SEC on April 2, 2026, for a fuller description of the compensatory plans and arrangements covering Celso Goncalves.
Background on the new president
Celso Goncalves joined Cleveland-Cliffs in 2016 and has served as Executive Vice President and Chief Financial Officer since 2021, according to the filing. Before joining the company, he held investment banking positions at Deutsche Bank and Jefferies. He retains the CFO title alongside the new President designation.
Lourenco Goncalves continues as Chairman and CEO but gives up the President title. The 8-K was signed July 24, 2026, by James D. Graham, the company's Executive Vice President, Chief Legal and Administrative Officer and Secretary. Cleveland-Cliffs is incorporated in Ohio and listed on the New York Stock Exchange under the ticker CLF.