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CORRECTED-Arconic shareholders elect three Elliott nominees to board
May 25, 2017 / 4:35 PM / 6 months ago

CORRECTED-Arconic shareholders elect three Elliott nominees to board

(Corrects paragraph four to say that Christopher Ayers is a “former” CEO of WireCo WorldGroup Inc)

May 25 (Reuters) - 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 Thursday.

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 said.

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 Ravikumar)

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