Elliott Seeks Ouster of CEO at Former Alcoa Unit Arconic
- Hedge fund starts proxy fight with five nominees to board
- Arconic CEO Klaus Kleinfeld is underperforming, Elliott says
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Elliott Management Corp. called for the ouster of Klaus Kleinfeld, chief of executive officer of Arconic Inc., setting the stage for a battle over control of the aluminum-parts maker that split from Alcoa Corp. last year.
The company should consider replacing Kleinfeld with Larry Lawson, former CEO of Spirit AeroSystems Holdings Inc., whom Elliott has hired as a consultant, the New York-based hedge fund said in a presentation Tuesday. Elliott, run by billionaire Paul Singer, also announced five nominees to Arconic’s board.