Friday, 26 May, 2017

Klaus Kleinfeld resigns as Arconic CEO

Yahoo Finance All Markets Summit The board said Kleinfield showed"poor judgment by writing to Elliott without its knowledge
Juana Turner | 18 April, 2017, 01:23

The company said in a statement that Kleinfeld stepped down after the broad learned that he sent a letter directly to a senior officer at investor Elliott Management, which has been pushing for Kleinfeld to step down (https://www.wsj.com/articles/arconic-says-elliott-board-win-could-trigger-500-million-poison-put-payment-1492102654), and for four new board members.

Later in a release, the activist firm slammed Kleinfeld, saying "the letter read as a threat to intimidate or extort a senior officer of Elliott Management based on completely false insinuations, a threat that we took seriously and about which we immediately and privately informed the Board".

The company said Mr. Kleinfeld's decision to step down had nothing to do with the proxy fight being waged by Elliott, a New York-based hedge fund. Arconic's statement praised Mr. Kleinfeld for his "transformative vision" and said he improved the company's performance despite a hard environment.

The company also said that it had not made the decision in reponse to Eliott's criticisms. Elliott said it believed that Lawson's work as a consultant or his potential role as Arconic CEO were not in violation of the non-compete clause.

Kleinfeld had served as Alcoa Inc's CEO for eight years and oversaw the company's split-up into Arconic and Alcoa Corp AA.N last year.

Arconic's stock price has jumped on the news, rising about $1 in value from $26 per share at the start of Monday morning, according to Markets Insider data.

Elliott reported in March that Spirit AeroSystems had said Lawson breached a non-compete clause in his retirement contract by consulting for Elliott, a view the hedge fund has said it disagreed with.

Elliott Management has an 11.6 per cent stake in Arconic.

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