Elliott Management Says Kleinfeld Exit at Arconic ‘Long Overdue’
(Bloomberg) -- Klaus Kleinfeld’s resignation as Arconic chief executive officer “is a necessary first step on the path to a new, stronger Arconic for shareholders and employees,” Elliott Management says in a statement.
- NOTE: Earlier, Arconic CEO Exits After ‘Poor Judgment’ in Elliott Fight
- Elliot funds own 13.2% of Arconic
- Says letter sent to Elliot executive “read as a threat to intimidate or extort a senior officer” was “based on completely false insinuations”
- Intends to pursue campaign “for fundamental board-level change as vigorously as ever”
- Says board is “poor judge of character and doesn’t even appear to understand how profoundly it has failed Arconic’s shareholders and employees”
Link to Statement:Link
Alert:
HALISTERSource: BFW (Bloomberg First Word)
Tickers ARNC US (Arconic Inc)
978325Z US (Elliott Management Corp)
AA US (Alcoa Corp)
People Klaus Kleinfeld (Arconic Inc)
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