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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.
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