Ron Bloom
CLEVELAND-CLIFFSAbout Ron A. Bloom
Ron A. Bloom, age 70, has served as an independent director of Cleveland-Cliffs since January 3, 2024. He brings deep restructuring, M&A, labor, and public-sector experience: Managing Partner and Vice Chair of Brookfield Asset Management Private Equity Group (since 2016), Partner at Commonweal Ventures (since 2022), former Vice Chairman of U.S. Investment Banking at Lazard (2012–2016), former Senior Advisor to the U.S. Treasury (helped lead GM/Chrysler reorganizations), and former Assistant to the President for Manufacturing Policy in the Obama Administration; he also previously served as Special Assistant to the President of the United Steelworkers (USW). He holds a BA from Wesleyan University and an MBA (with Distinction) from Harvard Business School .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| U.S. Department of the Treasury | Senior Advisor to the Secretary | 2009–2011 | Helped lead reorganizations of General Motors and Chrysler . |
| The White House (Obama Administration) | Assistant to the President for Manufacturing Policy | Not disclosed | Led policy development/strategic planning for manufacturing revitalization . |
| Lazard | Vice Chairman, U.S. Investment Banking | 2012–2016 | Focused on restructurings and M&A . |
| United Steelworkers (USW) | Special Assistant to the President | 1996–2009 | Labor strategy and negotiations . |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Brookfield Asset Management Private Equity Group | Managing Partner and Vice Chair | Since 2016 | Senior leadership in private equity . |
| Commonweal Ventures | Partner | Since 2022 | Early-stage tech investing . |
| United States Postal Service | Board of Governors; Chair (final year) | 2019–2021 | Chaired the USPS Board in last year of service . |
| GrafTech International Ltd. (public) | Director; Chair of Governance & Compensation Committee | 2017–2019 | Former public company directorship and committee chair roles . |
Board Governance
- Independence: The Board determined Mr. Bloom is independent under NYSE standards; this was affirmed at appointment and again in the 2025 proxy .
- Committee assignments: Governance & Nominating Committee (member) and Strategy & Sustainability Committee (member); not a chair .
- Attendance: In 2024, the Board met 13 times and each director attended at least 98% of Board and committee meetings while serving; all then-serving directors standing for re-election attended the 2024 AGM .
- Committee activity levels (2024): Governance & Nominating (7 meetings; 3 members; all independent) and Strategy & Sustainability (5 meetings; 5 members; 4 independent) .
Fixed Compensation
| Component | 2024 Amount ($) | Notes |
|---|---|---|
| Annual Board Cash Retainer | 160,000 | Standard nonemployee director retainer . |
| Committee Chair Fees | — | Not applicable; Bloom is not a committee chair . |
| Lead Director Retainer | — | Not applicable . |
| Meeting Fees | — | Not disclosed (Company reimburses customary expenses) . |
| Retainer Share Election Program (cash in shares) | Elected | Bloom elected to receive a portion of cash retainer in shares under the program . |
Performance Compensation
| Award Type | Grant Date | Shares/Units | Grant-Date FV | Vesting/Terms |
|---|---|---|---|---|
| Annual Restricted Shares (2024 cycle) | Apr 25, 2024 | 7,679 | $140,000 (at $18.23/share) | Generally vest 12 months from grant; dividends may be reinvested; eligible for deferral . |
| Pro-rated Restricted Shares (2023 cycle) | Not disclosed | Not disclosed | Included in 2024 stock awards total | Issued upon Jan 3, 2024 appointment; pro-rated per Directors’ Plan . |
| Total Stock Awards Recognized in 2024 | — | — | $183,595 | Aggregate grant-date fair value reported for 2024 . |
- Director equity is time-based restricted share awards; no performance-vesting metrics are used for nonemployee directors .
Other Directorships & Interlocks
| Company | Capacity | Tenure | Interlock/Conflict Notes |
|---|---|---|---|
| GrafTech International Ltd. | Director; Chair of Governance & Compensation Committee | 2017–2019 | Former directorship; no current interlocks disclosed at CLF . |
| Current Public Company Boards | None | — | None disclosed . |
Expertise & Qualifications
- Governance/Compensation leadership (former committee chair at GrafTech); extensive M&A and restructuring expertise from Lazard and Brookfield; labor relations background from USW; public-sector oversight and policy from Treasury/White House/USPS .
- Education: BA (Wesleyan University); MBA with Distinction (Harvard Business School) .
Equity Ownership
| Metric | Value |
|---|---|
| Beneficial Ownership (as of Mar 17, 2025) | 68,279 common shares . |
| Percent of Class | <1% (per proxy’s “less than one percent” note unless otherwise indicated) . |
| Unvested Restricted/Deferred Shares (subject to forfeiture) at 12/31/2024 | 9,900 shares . |
| Shares Pledged as Collateral | None (no shares of directors/officers pledged) . |
| Director Share Ownership Guideline | 6x annual retainer (currently $960,000) within 5 years of joining Board . |
| Compliance Status | All nonemployee directors were in compliance or on track as of 12/31/2024 . |
Director Compensation (2024 reported)
| Component | Amount ($) |
|---|---|
| Fees Earned or Paid in Cash | 160,000 . |
| Stock Awards (Grant-Date Fair Value) | 183,595 . |
| All Other Compensation | — . |
| Total | 343,595 . |
Bloom also elected to take a portion of his cash retainer in CLF shares under the Retainer Share Election Program , and received a pro-rated 2023 restricted share award upon appointment on Jan 3, 2024 .
Governance Assessment
- Independence and conflicts: Bloom is independent under NYSE standards; the proxy’s related-party disclosures identify no transactions involving Bloom. The Audit Committee reviews related-party transactions quarterly under a written policy, and none tied to Bloom were disclosed for 2024, reducing conflict risk .
- Engagement and effectiveness: Board/committee attendance at ≥98% while serving, and active committee participation (Governance; Strategy & Sustainability) suggest strong engagement. The Governance Committee also oversees director compensation and Board evaluations, aligning with Bloom’s governance background .
- Alignment: Director equity is time-based restricted stock; Bloom also opted to take shares instead of cash for part of his retainer, and is on track with stringent 6x retainer ownership guidelines (no pledging), supporting shareholder alignment .
- Skills relevance: Deep restructuring/M&A, labor, and public policy expertise are pertinent to CLF’s strategic and industrial footprint; experience chairing Governance/Compensation at a prior public company enhances committee effectiveness .
RED FLAGS:
- None disclosed specific to Bloom: no pledging, no related-party transactions, and high attendance. Continue to monitor for any Brookfield-related counterparties that could create perceived conflicts; the RPT policy and committee oversight mitigate this risk, but vigilance is warranted .