Klaus Kleinfeld steps down as Chair and CEO of Arconic

Apr 18, 2017   People

David P. Hess, Arconic Board Member, appointed to serve as Interim CEO, Patricia F. Russo, Lead Director, appointed to serve as Interim Chair.

Arconic has announced that Klaus Kleinfeld, by mutual agreement with the Arconic Board of Directors, has stepped down as Chair and Chief Executive Officer of Arconic and has resigned as a Board member.

David P. Hess, a current Board member, has been appointed as Interim CEO of Arconic and will remain on the Board. Hess has decades of experience in leading aerospace and industrial businesses. Patricia F. Russo, Arconic's current Lead Director, has been appointed as Interim Chair of the Board. Russo has served on the Board since 2008 and has been serving as Lead Director since 2015.

"The Board is focused on hiring a world-class CEO to lead Arconic into its next chapter. We are focused on ensuring a smooth leadership transition for our customers, employees and many stakeholders," said Russo. "The Board is deeply grateful to Klaus Kleinfeld for his dedication and service as Chair and CEO of Arconic, and previously of Alcoa Inc., and appreciates his assistance with this transition. Klaus led a complex and highly successful transformation of Alcoa Inc. that culminated in the launch of two strong, standalone companies – Alcoa Corporation and Arconic. Today, Arconic is a leading advanced manufacturer of highly engineered products with strong market positions."

Kleinfeld said: "I have had the honour and the privilege of working with so many talented and dedicated colleagues at Alcoa Inc. and now at Arconic. Together we have accomplished a lot. Today, Arconic is well positioned for the next phase. I am committed to supporting David and the Board through this transition phase."

Russo continued: "We are fortunate to have a proven leader of David Hess' caliber to step into the CEO role on an interim basis while the Board conducts its search process for a permanent CEO. We are confident that David's abilities and experience will ensure a smooth transition for the benefit of all of our stakeholders."

Hess said: "I look forward to working closely with the Board, senior leadership team and our dedicated and hard-working employees. Klaus and the Arconic team have built a great company and over the coming months my focus will be on continuing to serve our customers seamlessly, and deliver for our shareholders."

Kleinfeld stepped down as Chair and CEO by mutual agreement after the Board learned that, without consultation with or authorisation by the Board, he had sent a letter directly to a senior officer of Elliott Management that the Board determined showed poor judgment.

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