Alcoa Inc., the largest U.S. aluminum maker, said Chief Executive Officer Klaus Kleinfeld has added the role of chairman.
Kleinfeld, 52, succeeds Alain Belda, 66, effective today, New York-based Alcoa said in a statement. Belda had previously announced his plans to retire after more than 40 years with the company.
Kleinfeld, a former chief executive officer of Siemens AG, joined Alcoa as president and chief operating officer in 2007 and has served on the board since 2003. He was named president and CEO in May 2008.
Belda announced plans to retire as chairman in July, and the company identified Kleinfeld as his intended replacement.
Alcoa rose 26 cents, or 1.9 percent, to $14.11 at 4:15 p.m. in New York Stock Exchange composite trading. The shares have declined 12 percent this year.