Apr
17
Arconic C.E.O. Ousted After Sending Unauthorized Letter to Hedge Fund
By
Klaus Kleinfeld in 2012. Mr. Kleinfeld, who stepped down as chief executive of Arconic on Monday, had drawn the ire of the hedge fund Elliott Management for failing to lift the company’s stock price.CreditBrendan Smialowski/Getty Images
As chief executive of Alcoa, Klaus Kleinfeld oversaw an effort to split the company in two. Last year, he won board approval to spin off what was supposed to be a fast-growing subsidiary, Arconic, and became the new company’s C.E.O.
Yet just months later, Mr. Kleinfeld is out at Arconic, after mounting pressure from the big hedge fund Elliott Management and a letter he sent in response without his board’s approval…
Arconic C.E.O. Ousted After Sending Unauthorized Letter to Hedge Fund
