ARCONIC INC. (NYSE:ARNC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02.
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Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers. |
On April13, 2017, the Board of Directors (the Board) of
Arconic Inc. (the Company) appointed David P. Hess, a
current member of the Board, as Interim Chief Executive Officer
of the Company, and Patricia F. Russo, who was then serving as
Lead Director of the Company, as Interim Chair of the Board, in
each case effective on such date. Mr.Hess and Ms.Russo were
appointed to succeed Klaus Kleinfeld, who has stepped down as
Chairman and Chief Executive Officer of the Company and resigned
as a Board member, effective as of April13, 2017, by mutual
agreement between Mr.Kleinfeld and the Board.The compensation
arrangements for Mr.Hess and Ms.Russo have not yet been
determined.Mr.Hess will continue to serve on the Board.
Mr.Hess, age 61, has served as a member of the Board since
March2017. Mr.Hess served in numerous leadership roles over his
38-year career at United Technologies Corporation (UTC)
including his most recent position as UTC Executive Vice
President and Chief Customer Officer for Aerospace, held from
January 2015 through January 2017. Previously, Mr.Hess served as
President of Pratt Whitney from January 2009 through January
2014, where he was responsible for the companys global operations
in the design, manufacture and service of aircraft engines for
commercial and military aircraft. He joined Pratt Whitney after
four years as President of Hamilton Sundstrand, the UTC business
where he began his professional career in 1979. Mr.Hess was a
10-year member on the Aerospace Industries Association (AIA)
Board of Governors Executive Committee, serving as Chairman in
2012. Mr.Hess is a Fellow of the Royal Aeronautical Society. He
holds a bachelors degree in physics from Hamilton College and a
bachelors and masters degree in electrical engineering from
Rensselaer Polytechnic Institute. He was awarded an MIT Sloan
Fellowship in 1989 and earned a masters degree in management in
1990. Mr.Hess recently joined the Board of Directors for GKN
Aerospace Transparency Systems, Inc. He also serves on the Board
of Directors for Hartford HealthCare, the parent company of
Hartford Hospital and the second largest health care provider in
Connecticut.
Ms. Russo, age 64, has served on the Arconic Board as Lead
Director since the Company was launched as a standalone entity
after the separation of Alcoa Inc. Ms. Russo joined the Alcoa
Inc. board in 2008 and was appointed Lead Director in 2015.
Ms.Russo is Chair of Hewlett Packard Enterprise Company and
serves on the Board of Directors of General Motors Company, KKR
Management LLC and Merck Co., Inc. Ms. Russo was the Chief
Executive Officer of Alcatel Lucent, a large global
communications company, from December 2006 to September 2008. She
served as Chair of Lucent Technologies Inc. from 2003 to 2006 and
as its Chief Executive Officer and President from 2002 to 2006,
during which time she led the company through one of the most
challenging periods in the telecommunications sectors history.
She led the companys return to profitability and growth after the
telecom industry downturn and later led the company through its
strategic merger with Alcatel. Ms.Russo was Chair of Avaya Inc.
from December 2000, until she joined Lucent as Chief Executive
Officer in January 2002.
On April17, 2017, the Company issued a press release announcing
the appointments of Mr.Hess and Ms.Russo and that Mr.Kleinfeld
had stepped down as Chairman and Chief Executive Officer of the
Company and resigned as a Board member by mutual agreement
between Mr.Kleinfeld and the Board. A copy of the press release
is filed with this Form 8-K and attached hereto as Exhibit 99.1.
| Item9.01. | Financial Statements and Exhibits |
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Exhibit Number |
Description |
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| 99.1 | Press Release issued by Arconic Inc. on April17, 2017 |
About ARCONIC INC. (NYSE:ARNC)
Arconic Inc., formerly Alcoa Inc., is engaged in providing materials and engineered products. The Company operates through segments, including Global Rolled Products, Engineered Products and Solutions, and Transportation and Construction Solutions. The Company offers engineered products and solutions, including fastening systems and rings, titanium and engineered products, power and propulsion, and forgings and extrusions. Its transportation and construction solutions include wheel and transportation products; building and construction systems, and extrusions. Its global rolled products include aerospace and automotive products; Micromill products and services, and brazing, commercial transportation and industrial solutions. It offers a range of aluminum sheet and plate products for the aerospace, automotive, commercial transportation, brazing and industrial markets. The Company’s product portfolio is focused on Arconic Micromill technology. ARCONIC INC. (NYSE:ARNC) Recent Trading Information
ARCONIC INC. (NYSE:ARNC) closed its last trading session down -0.89 at 25.80 with 12,633,715 shares trading hands.
