(Corrects paragraph four to say that Christopher Ayers is a
"former" CEO of WireCo WorldGroup Inc)
May 25 Specialty metals producer Arconic Inc
said its shareholders had elected three of Elliott
Management Corp's nominees to its board of directors, based on a
preliminary vote count following the company's annual meeting on
Elliott, a New York hedge fund run by billionaire Paul
Singer, struck a deal with Arconic on Monday, ending a prolonged
battle for control of the company's board.
From the start of its public campaign in January, Elliott
said Arconic, the $12 billion company that separated from Alcoa
Corp last year, needed new leadership and that its
performance had missed targets and lagged peers.
Elliott's elected nominees are Christopher Ayers, former
chief executive of specialty steel wire ropes maker WireCo
WorldGroup Inc, Carlyle Group LP's Operating Executive
Elmer Doty and Patrice Merrin, who currently sits on the board
of commodities trading group Glencore Plc.
David Hess, Arconic's interim CEO, and Ulrich Schmidt, the
former finance chief of aircraft parts maker Spirit AeroSystems
, were also elected to the company's board, Arconic said.
Hess and Schmidt were Arconic's nominees.
Former Boeing Commercial Airplanes chief Jim Albaugh
was named to Arconic's board to fill a vacancy, the company
Arconic's shares were down 3 percent at $27.26 in midday
trading on Thursday.
Up to Wednesday's close, the stock had risen 51.5 percent
this year, compared with a 7.4 percent increase in the S&P 500
(Reporting by Ankit Ajmera in Bengaluru; Editing by Sai Sachin