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Arconic Inc. (NYSE: ARNC), New York, NY – the recent spinoff from Alcoa Inc. – announced that Klaus Kleinfeld has resigned as CEO. David Hess, a current board member, has been appointed as interim CEO.
According to the company, Kleinfeld stepped down as by mutual agreement after the Arconic board learned that, "without consultation with or authorization by the board, (Kleinfeld) had sent a letter directly to a senior officer of Elliott Management that the board determined showed poor judgment." The letter followed a proxy dispute between Kleinfeld and hedge fund Elliott Management over the Arconic spinoff.
But, the company added in a press release, "this decision was not made in response to the proxy fight or Elliott Management’s criticisms of the company’s strategy, leadership or performance and is not in any way related to the financials or records of the company. The board continues to believe that under Mr. Kleinfeld’s leadership, the company successfully executed a transformative vision and improved business performance amid a complex market environment, and the board reaffirms the strategy developed under Mr. Kleinfeld’s leadership and shared with our investors, customers and employees."