Arconic stock jumps after Klaus Kleinfeld steps down as chair and CEO [CNBC]
Arconic Corporation (ARNC)
Last arconic corporation earnings: 1/27 06:50 am
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arconic.com/global/en/investors/overview.asp
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Source: CNBC
show chapters In a surprise move, Klaus Kleinfeld has stepped down as chair and CEO of Arconic and resigned from the company's board after he displayed "poor judgment," Arconic announced on Monday. Shares of the aluminum, titanium, and nickel products manufacturer were initially 9 percent higher following the news. They have since pared their gains, but are still more than 3 percent higher. Arconic said Kleinfeld's departure was not in response to the proxy fight Paul Singer's Elliott Management launched or to the activist investor's criticisms of Arconic and lobbying for it to replace Kleinfeld. "Mr. Kleinfeld stepped down as Chair and CEO by mutual agreement after the Board learned that, without consultation with or authorization by the Board, he had sent a letter directly to a senior officer of Elliott Management that the Board determined showed poor judgment," according to the release. Later, the activist firm said "the letter read as a
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