(Corrects paragraph 4 in Feb 23 story to clarify that Alcoa
Corp is the spun off company, not Arconic Inc)
Feb 23 Hedge fund Elliott Management Corp said
on Thursday it had raised its stake in specialty metals maker
Arconic Inc to about 13 percent and stepped up pressure
for the ouster of Chief Executive Klaus Kleinfeld.
Elliott also made a big push for hiring Larry Lawson, former
CEO of aircraft parts maker Spirit AeroSystems Holdings Inc
, for the top job at the company, saying Arconic
shareholders deserved a "proven operator" as CEO.
The activist investor, which is Arconic's biggest
shareholder, had a stake of about 11 percent in the company as
of Feb 22, according to Thomson Reuters data.
Kleinfeld had engineered aluminum producer Alcoa Corp's
spin off from parent company Alcoa Inc, which has been
renamed as Arconic, last year.
Arconic's shares were down 3 percent at 29.60 in late
morning trading on the New York Stock Exchange.
(Reporting by Ankit Ajmera in Bengaluru; Editing by Anil