Alcoa Announces Post-Separation Executive Management Teams
November 24 2015 - 1:05PM
Business Wire
Top leadership named for Upstream and Value-Add
Companies as Alcoa prepares to separate into two publicly-traded
companies
Lightweight metals leader Alcoa (NYSE: AA) today announced
executive management appointments for the future Upstream and
Value-Add Companies, expected to become effective upon completion
of Alcoa’s previously announced separation in the second half of
2016.
Roy Harvey, Executive Vice President and Alcoa President of
Global Primary Products, will serve as Chief Executive Officer of
the new Upstream Company. William Oplinger, Executive Vice
President and Chief Financial Officer of Alcoa, will serve as the
Upstream Company’s Chief Financial Officer.
In the Value-Add Company, Ken Giacobbe will serve as Chief
Financial Officer. Mr. Giacobbe is currently Chief Financial
Officer of Alcoa’s Engineered Products and Solutions business.
As previously announced, Klaus Kleinfeld, Alcoa Chairman and
Chief Executive Officer, will lead the Value-Add Company as
Chairman and Chief Executive Officer. He will also serve as
Chairman of the Upstream Company for the critical initial phase,
ensuring a smooth and effective transition.
About Alcoa
A global leader in lightweight metals technology, engineering
and manufacturing, Alcoa innovates multi-material solutions that
advance our world. Our technologies enhance transportation, from
automotive and commercial transport to air and space travel, and
improve industrial and consumer electronics products. We enable
smart buildings, sustainable food and beverage packaging, high
performance defense vehicles across air, land and sea, deeper oil
and gas drilling and more efficient power generation. We pioneered
the aluminum industry over 125 years ago, and today, our more than
60,000 people in 30 countries deliver value-add products made of
titanium, nickel and aluminum, and produce best-in-class bauxite,
alumina and primary aluminum products. For more information,
visit www.alcoa.com, follow @Alcoa on Twitter at
www.twitter.com/Alcoa and follow us on Facebook at
www.facebook.com/Alcoa.
Forward-Looking Statements
This release contains statements that relate to future events
and expectations and as such constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements include those containing such
words as “anticipates,” “believes,” “could,” “expects,” “may,”
“plans,” “projects,” “should,” “will,” “would,” or other words of
similar meaning. All statements that reflect Alcoa’s expectations,
assumptions or projections about the future other than statements
of historical fact are forward-looking statements, including,
without limitation, statements regarding the separation
transaction, including the expected timing of completion of the
separation and the executive management appointments expected to be
made for the two independent companies. Forward-looking statements
are not guarantees of future performance and are subject to risks,
uncertainties, and changes in circumstances that are difficult to
predict. Although Alcoa believes that the expectations reflected in
any forward-looking statements are based on reasonable assumptions,
it can give no assurance that these expectations will be attained
and it is possible that actual results may differ materially from
those indicated by these forward-looking statements due to a
variety of risks and uncertainties. Such risks and uncertainties
include, but are not limited to: (a) uncertainties as to the timing
of the separation and whether it will be completed; (b) the risk
that the businesses will not be separated successfully or such
separation may be more difficult, time-consuming or costly than
expected, which could result in additional demands on Alcoa’s
resources, systems, procedures and controls, disruption of its
ongoing business and diversion of management’s attention from other
business concerns; (c) material adverse changes in aluminum
industry conditions; (d) deterioration in global economic and
financial market conditions generally; (e) unfavorable changes in
the markets served by Alcoa; (f) the potential failure to retain
key employees while the separation transaction is pending or after
it is completed; and (g) the other risk factors discussed in
Alcoa’s Form 10-K for the year ended December 31, 2014, and other
reports filed with the U.S. Securities and Exchange Commission.
Alcoa disclaims any obligation to update publicly any
forward-looking statements, whether in response to new information,
future events or otherwise, except as required by applicable
law.
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version on businesswire.com: http://www.businesswire.com/news/home/20151124006020/en/
AlcoaInvestor ContactNahla Azmy,
212-836-2674Nahla.Azmy@alcoa.comorMedia ContactMonica Orbe,
212-836-2632Monica.Orbe@alcoa.com
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