Lourenco Goncalves, the Chairman, President, and CEO of Cleveland-Cliffs Inc., received approximately $26.2 million in total compensation for the 2023 fiscal year.
Cleveland-Cliffs CEO Compensation Details
The compensation for Cleveland-Cliffs' top executive, Lourenco Goncalves, for the year 2023 reached a significant figure. This amount covers his role as the head of the integrated steel producer and iron ore miner. The reported figure is based on the company's 2024 proxy filing, which details executive remuneration.
Key Aspects of 2023 CEO Compensation
| Executive Name | Title | Year | Compensation Amount | Notes |
|---|---|---|---|---|
| Lourenco Goncalves | Chairman, President, & CEO | 2023 | ~$26.2 million | Includes salary, stock awards, incentives, and other compensation. |
This substantial compensation package for Mr. Goncalves represented a notable increase from his earnings in the previous year. Specifically, his 2023 compensation saw an approximate 42% spike compared to 2022. Executive compensation packages typically comprise various elements, including:
- Base Salary: A fixed annual payment.
- Stock Awards: Equity granted to the executive, often vesting over time, aligning their interests with shareholders.
- Option Awards: Rights to purchase company stock at a pre-determined price.
- Non-Equity Incentive Plan Compensation: Performance-based bonuses tied to achieving specific company goals.
- Change in Pension Value and Nonqualified Deferred Compensation Earnings: Adjustments related to retirement plans.
- All Other Compensation: Includes perquisites, benefits, and other minor elements.
The total compensation reflects the company's performance, strategic achievements, and market benchmarks for executive pay within the industry.
