, Columnist
Elliott Hasn’t Had the Magic Touch at Arconic
The CEO left and a director it backed rebuffed a deal it wanted. It’s harder to turn a company around than it looks.
A challenging situation for an activist.
Photographer: Luke Sharrett/BloombergThis article is for subscribers only.
It’s much easier to be a spectator than a player. That’s true in sports, but also in activist investing.
Elliott Management Corp. spent years pushing for changes at Arconic Inc. and its pre-breakup predecessor Alcoa Inc., arguing a better management team could steer the company toward higher profit margins. It was successful in removing many leaders, but less so in achieving a higher stock price.