March 2 U.S. specialty metals maker Arconic Inc
said on Thursday it appointed former United
Technologies Corp executive David Hess as an independent
director on its board amid a proxy battle with hedge fund
Elliott Management Corp.
Arconic said Hess will replace Martin Sorrell, chief
executive of advertising company WPP, who will not stand
for board re-election. (bit.ly/2mdLR50)
Arconic has been under pressure from hedge fund Elliott
Management Corp, which last month raised its stake in the
company to about 13 percent and pushed for the ouster of Chief
Executive Klaus Kleinfeld.
The company said on Thursday it has taken Elliott's concerns
"very seriously", but remains convinced in Kleinfeld's ability
to run the company.
Kleinfeld had engineered aluminum producer Alcoa Corp's
spin off from parent company Alcoa Inc, which was renamed
Arconic last year.
(Reporting by Ankit Ajmera in Bengaluru; Editing by Sai Sachin