Cleveland-Cliffs names ceo's son president, lifts pay to $1M. Cleveland-Cliffs promoted Chief Financial Officer Celso Goncalves, the 38-year-old son of Chairman and Chief Executive Lourenco Goncalves, to president and to a board seat, lifting his salary to $1,000,000 and his severance period to three years, according to a Form 8-K filed with the SEC. The Market Context in 60 Seconds * 01 Cleveland-Cliffs told the Securities and Exchange Commission that on July 21 its board named Chief Financial Officer Celso L. Goncalves Jr., age 38, president of the steelmaker and seated him as a director, both effective immediately. * 02 Chairman and Chief Executive Lourenco Goncalves keeps both of those roles but gives up the president title, and the filing states in plain language that Celso Goncalves is his son. * 03 Celso Goncalves has been chief financial officer since 2021 and joined the company in 2016 from investment banking positions at Deutsche Bank and Jefferies. He keeps the finance job alongside the new one. * 04 Two pay changes took effect the same day. Base salary rises from $884,000 to $1,000,000, and the continuation period in his change-in-control severance agreement goes from two years to three. * 05 The board acted on Tuesday, July 21, and the report reached the SEC after the close on Friday, July 24, three business days later and still inside the four-day window the rule allows. One executive, three titles. Cleveland-Cliffs, the Ohio steelmaker whose common shares trade on the New York Stock Exchange as CLF, disclosed the change in a Form 8-K filed on Friday. The board acted on July 21 and handed Celso L. Goncalves Jr. two new jobs at once. He becomes president while remaining chief financial officer, and he joins the board as a director. All of it took effect immediately. Lourenco Goncalves stays on as chairman and chief executive. What he gives up is the president title, which he had been holding alongside the top job. The filing does not explain why the board made the change, sets no timetable, and uses no succession language. It records what was decided and when. The document then does what an Item 5.02 disclosure is built to do, which is to put the relationships and the money on the record. Celso Goncalves, age 38, has been executive vice president and chief financial officer since 2021 and has worked at Cleveland-Cliffs since 2016. Before that he held investment banking positions at Deutsche Bank and Jefferies. As an employee director he receives no additional compensation for board service, so the two operating titles carry all of his pay. The severance line the promotion headline leaves out. The board's compensation and organization committee approved two changes, both effective July 21. The first is the one a headline can hold. Celso Goncalves' annual base salary rate goes from $884,000 to $1,000,000, an increase of $116,000, and the higher rate also feeds the calculation of his 2026 annual cash incentive award. The second is quieter and larger. The committee raised the effective continuation period under his change-in-control severance agreement from two years to three. A continuation period is the multiple that sizes what an executive is owed if the company is sold and he loses his job. Moving it from two to three lifts that multiple by 50%, and unlike a salary line it costs the company nothing unless Cleveland-Cliffs changes hands. One paragraph carries a $116,000 raise. The next one carries an extra year of severance. Around those numbers the company files the disclosures the rules require. There are no arrangements or understandings with any other person under which Celso Goncalves was appointed. There are no transactions above $120,000 in which he holds a direct or indirect material interest beyond what the filing describes. And in the flattest sentence in the document, Cleveland-Cliffs states that Celso Goncalves is the son of Lourenco Goncalves, the chairman and chief executive officer of the company. What to watch. 1. The clock on the filing. The board acted on Tuesday, July 21, and the report reached the SEC after Friday's close on July 24, three business days later, with the four-business-day deadline Item 5.02 sets still a session away. A company that wanted this read during a trading session had three earlier chances to file it. 2. The proxy statement. The 8-K points to the definitive proxy Cleveland-Cliffs filed on April 2, 2026 for the fuller description of the plans and agreements Celso Goncalves participates in. That document, and the one that follows it next spring, are where the change-in-control arithmetic becomes legible rather than referenced. 3. Whether the title travels further. Lourenco Goncalves kept chairman and chief executive, and the filing names no successor to either. The next Item 5.02 report from Cleveland-Cliffs is the document that would say more, and there is nothing in this one that predicts when it arrives. Verified as of July 25, 2026.

FTI Consulting appoints Mike Davies to Capital Markets practice. London, 27 April 2026 - FTI Consulting, Inc. (NYSE: FCN) today announced the appointment of Mike Davies as a Senior Managing Director within the firm's Strategic Communications segment. Mr. Davies, who is based in London, brings more than 25 years of investment banking experience, with deep expertise across capital markets in the Europe, Middle East and Africa ("EMEA") region. Throughout his career, he has advised boards and C-suite leaders on high-profile transactions, IPOs and investor engagement strategies, building strong relationships with senior portfolio managers across the investment community. In his role at FTI Consulting, Mr. Davies will join the Capital Markets practice within the Strategic Communications segment, where he will help clients navigate complex market situations, with a focus on equity story development, investor engagement and transaction communications. "Mike brings exceptional experience from the heart of the EMEA capital markets ecosystem, with a track record of advising senior leaders through high-stakes transactions and market-facing situations," said Charles Armitstead, UK Head of the Strategic Communications segment at FTI Consulting. "As market conditions become increasingly complex and investor scrutiny intensifies, his expertise further enhances our ability to support clients across the full capital markets lifecycle. Mike's appointment reflects our continued investment in senior talent as we build on FTI Consulting's long-standing leadership in this space." Prior to joining FTI Consulting, Mr. Davies spent more than a decade at Jefferies, most recently serving as Head of Sales, EMEA Equities. As a senior leader within the firm's European equities and investment banking franchise, he helped drive the growth of its equity capital markets and institutional client business across the region. Earlier in his career, he held senior positions at J.P. Morgan Cazenove and UBS. Commenting on his appointment, Mr. Davies said, "I'm delighted to be joining FTI Consulting and begin this exciting new chapter in my professional career with such talented colleagues. I'm greatly looking forward to helping grow and expand the Capital Markets practice, develop new client relationships and enhance the firm's competitive position." Mr. Davies' appointment follows a series of recent senior hires in FTI Consulting's Strategic Communications segment in the UK, including Senior Managing Director Benedict Brogan and Managing Director Duncan Mavin, as the firm continues to invest in its capabilities to meet growing client demand. About FTI Consulting FTI Consulting, Inc. is a leading global expert firm for organisations facing crisis and transformation, with more than 8,100 employees located in 32 countries and territories as of December 31, 2025. In certain jurisdictions, FTI Consulting's services are provided through distinct legal entities that are separately capitalised and independently managed. The Company generated $3.80 billion in revenues during fiscal year 2025. More information can be found at www.fticonsulting.com. FTI Consulting, Inc. 200 Aldersgate Aldersgate Street London, EC1A 4HD Media contacts. * Corporate Communications Matthew Bashalany +1 617 897 1545 * Americas - U.S. (East Coast, Midwest) Sam Ford +1 617 480 7402 * Americas - U.S. (West Coast), Latin America Nick Emmons +1 617 747 1708 * Europe, Middle East, Africa Helen Obi +44 79 7759 1658 * Asia Yammie Ng +852 3768 4560 * Australia Rebecca Hine +61 7 3225 4972