March 2, 2017 / 4:28 PM / 5 months ago

Arconic names former UTC exec to board amid proxy fight with Elliott

1 Min Read

March 2 (Reuters) - 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 Ravikumar)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below