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Arconic CEO resigns following pressure from Elliott
April 17, 2017 / 1:31 PM / 8 months ago

Arconic CEO resigns following pressure from Elliott

April 17 (Reuters) - U.S. specialty metals maker Arconic Inc’s chief executive, Klaus Kleinfeld, has resigned, following attempts by activist hedge fund Elliott Management to overthrow the company’s directors and top executives.

Arconic said Kleinfeld stepped down after the board learned he had sent a letter to a senior officer of Elliott Management without consulting the board.

“This decision was not made in response to the proxy fight or Elliott Management’s criticisms of the company’s strategy, leadership or performance...,” the company said in a statement.

Board member David Hess has been appointed as interim CEO. (Reporting by Arathy S Nair in Bengaluru; Editing by Saumyadeb Chakrabarty)

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