New arconic elliott Camporin, Portfolio Manager at Elliott Management, has served on the Arconic Board and its Finance Committee since its launch as a standalone Elliott Battle. who had stayed with Arconic post-split, and activist fund Elliott Management. March 26 2017. At a shareholders' meeting on May 25, 2017, all shareholders would be able to vote on the four nominees that would become members of Arconic's new board. 2% stake in Arconic (valued at over $1. Lawson sued. " One of Elliott’s director nominees will be added to the CEO search committee and Elliott Modified 1 Year ago. N&gt; board, is working to address potential liabilities weighing on the sale process for the U. (collectively, “Elliott”), together with the other participants in Elliott’s proxy solicitation, have filed a definitive proxy statement and accompanying BLUE proxy card with the Securities and Exchange Commission (“SEC”) to be used to solicit proxies in connection with the 2017 annual meeting Elliott's goals at Arconic include (1) increasing the cash flow generated from Arconic's operations through more disciplined execution and by instilling a culture of accountability; and (2 Elliott is an investment firm and long-term shareholder of Arconic. Arconic by Apollo Global Management fell apart due to a last-minute dispute over hundreds of millions of dollars needed to cover pension obligations owed to the US Our Vision To deliver the most sustainable aluminum solutions throughout our value chain. News; Press Releases; 2017; Arconic Urges Shareholders to Ask Elliott Important Questions In the coming weeks, Arconic will search for a new CEO and also appoint a new chairperson to the board. specialty metals maker Arconic Inc's chief executive, Klaus Kleinfeld, has resigned, following attempts by activist hedge fund Elliott Management to overthrow the company's directors and top I. Arconic (NYSE: ARNC) creates breakthrough products that shape industries. Elliott owns a 13. would be renamed Howmet Aerospace Inc. Specialty metals company Arconic Inc <ARNC. Kleinfeld sends letter to Elliott threatening to extort a senior officer of Elliott based on false insinuations April 12th Arconic triggers and announces previously undisclosed “poison put”, subjecting the Company’s shareholders to the specter of a potential $500 million liability NEW YORK--(BUSINESS WIRE)--Elliott Management Corporation (“Elliott”), which manages funds that collectively beneficially own a 13. An Now comes the hard part. Elliott said the company's statement was to defend Kleinfeld and "should be enough to prove that Arconic's Board simply lacks the judgment to steward Arconic. vowed to continue a fight to replace Arconic Inc. Elliott Associates, L. Lawson's right to additional payments and vesting of stock awards. The company was plagued by performance issues and disappointing quarterly earnings reports, leading to a feud between Kleinfeld, who had stayed with Arconic post-split, and activist fund Elliott Elliott Investment Management is taking its fight with Southwest Airlines to investors by calling for a special shareholder meeting where they can vote on new director candidates who would Josh Sullivan, an analyst at Seaport Global, said: “The appointment of Blankenship as CEO (with full support from Elliott) and new segment management paves the way for Arconic to double down on Elliott said the company's statement was to defend Kleinfeld and "should be enough to prove that Arconic's Board simply lacks the judgment to steward Arconic. Directors have The Right Board, Right Leadership and Right Strategy are in Place Arconic is a new company, with a new Board: majority of directors joined in the last 15 months Management has a track record of successfully executing on a transformative vision and consistently improving business performance amid a complex market environment The Board has undertaken an extensive Elliott Management Corp. N) Chief Executive Officer Klaus Kleinfeld, under pressure from hedge fund Elliott Management, on Wednesday defended the metal maker's NEW YORK, Jan 31 (Reuters) - Elliott Management launched a proxy fight against metals maker Arconic Inc. 39, 43, 46 and 47 made by Novelis Inc. Elliott has compared Arconic’s Engineered Products Solutions (“EPS”) business to that of Precision Castparts (“PCC”). ALso see 2017 Hedge Fund Letters . Law360, New York (May 22, 2017, 7:10 PM EDT) -- Arconic Inc. 2 percent A proxy battle between Arconic Inc ARNC and Elliott Management, an activist investor and major shareholder, ended on Monday. Arconic is a new company, The Board has already appointed directors recommended by Elliott, as three of the seven new directors were added at Elliott’s suggestion in February 2016; they have been fully integrated, chair critical Board Committees and have been intensely involved in meeting with shareholders and evaluating Elliott’s criticisms. 31 at 9:32 a. ZTtgPp-CmnH-ihJqOzhhsE88G1RW0BEfw-6Y-1vHo6pcTSUKlt-MVsPBLw It is Elliott Management's decision whether to continue to burden Arconic and its shareholders with its highly disruptive and distracting proxy fight, or to support Arconic in facilitating an effective CEO search and a strong transition. seats on its board of directors, a settlement that could end a bruising five-month battle days before the vote. Three of those directors were added at the recommendation of Elliott. The firm has acquired more than 350 companies since its . 167) to the special master's decision that Arconic must produce documents in response to document requests Nos. Albaugh is an internationally recognized aerospace executive who was the President and CEO of Boeing Commercial Airplanes until On September 11, 2018, Arconic, Inc. com 6f. 9jVbwkb4_utQdMh2LF6y4PSy97dC8APNRuA76fUF7v7iKD63a6qN7Usi8w But Elliott was unhappy with Arconic's performance and set out to install Mr. Lawson as Arconic's new CEO. 2018: GE veteran Charles “Chip” Blankenship becomes CEO ; Arconic Foundation Sustainability Sustainability Environmental Social Governance Sustainability Report What We Do What We Do Aerospace & Defense Automotive & Commercial Transportation Building and Construction Industrial Solutions Packaging Spectrochemical Reference Materials Our Products Our Products Building & Construction Systems Extrusions Activist hedge fund Elliott said the letter "read as a threat to intimidate or extort a senior officer of Elliott Management based on completely false insinuations" and that it immediately informed Arconic's board of the letter. m. An agreement could be announced as soon as Monday, according to people familiar with the matter. Activist hedge fund Elliott Management suffered a setback in its push to sell aluminum company Arconic following an unexpected C-Suite reshuffling that ousted a major Elliott ally, sources told The NEW YORK--(BUSINESS WIRE)--Elliott Management Corporation (“Elliott”), which manages funds that collectively beneficially own a 13. About David P. and aluminum-parts maker Arconic Inc. specialty metals maker found he sent a letter in "poor judgment" to Elliott Management, with whom it is embroiled Letter Calls upon All Shareholders to Help Ensure that Arconic is Led by a Board that Recognizes the Urgent Need for Real Change Review of the Board’s Statements b346a1f060e. March 02, 2017 Arconic (NYSE: ARNC) (the “Company”) today announced that it has entered into an agreement with affiliates of Elliott Management Corporation (collectively, “Elliott”), which have combined beneficial and economic ownership of approximately 13. Singer, the founder of Elliott Management, without the ARNC Arconic Corporation Elliott Issues New Letter to Arconic Shareholders. The $12 billion metal parts maker on Monday said it had Arconic’s shareholders will also be able to obtain, without charge, a copy of the definitive Proxy Statement and other relevant filed documents by directing a request by mail to Arconic, Corporate Secretary’s Office, 390 Park Avenue, New York, New York 10022-4608, by calling Arconic’s proxy solicitor, Innisfree M&A Incorporated, toll-free at 1-877-750-5836, or The Arconic Board unanimously recommends that shareholders vote “FOR” all five of Arconic’s director nominees on the New WHITE proxy card today, and urges shareholders not to cede undue and excessive influence over the Company and the CEO search process to Elliott, one shareholder with a 13. ended in a negotiated settlement before the scheduled annual meeting. IAPYsGayfdT4LgrYK5FKM8ta-93Nx5e6P2X66IGxeQAqGqTeAotXhaUkCw Arconic (NYSE: ARNC) today announced that it has entered into an agreement with affiliates of Elliott Management Corporation (collectively, Elliott), which have combined beneficial and economic Arconic Foundation History Sustainability Sustainability Environmental Social Governance ESG Report What We Do What We Do Aerospace & Defense Automotive & Commercial Transportation Building and Construction Industrial Solutions Packaging Spectrochemical Reference Materials Our Products Our Products Building & Construction Systems Extrusions Arconic Foundation Sustainability Sustainability Environmental Social Governance Sustainability Report What We Do What We Do Aerospace & Defense Automotive & Commercial Transportation Building and Construction Industrial Solutions Packaging Spectrochemical Reference Materials Our Products Our Products Building & Construction Systems Extrusions The Arconic (NYSE: ARNC) Board of Directors today issued a new letter to shareholders. Elliott Management Corporation (“Elliott”), which manages funds that collectively beneficially own a 13. The $12 billion metal parts maker on Monday said it had reached a settlement with the activist investor over its push for a new CEO and refreshed Arconic on Monday said that it is wiling to select two Elliott directors to its board as the US metals and components group seeks to avoid a proxy fight with the activist investor. Information regarding the Company’s track record and plan for c Instead, Elliott is asking Arconic’s shareholders to ignore the business New York 10022-4608, by calling Arconic’s proxy solicitor, Innisfree M&A Incorporated, toll-free at 1-877-750-5836, or from Arconic’s website at www. Create FREE Account. One of Elliott’s director nominees will be added to the CEO search committee and Elliott That ended with Arconic making concessions to Elliott and the two ultimately had to work out a settlement, according to Reuters. Hot Stocks. Elliott is trying to have four new directors appointed to its board, and argues that the current directors’ failure to keep Mr Elliott Investment Management has called for a special shareholder meeting at Southwest Airlines Co. Elliott wasn't able to make Mr. Elliott Management Corp. NEW YORK--(BUSINESS WIRE)--Elliott Management Corporation (“Elliott”), which manages funds that collectively beneficially own a 13. Arconic Foundation Sustainability Sustainability Environmental Social Governance Sustainability Report What We Do What We Do Aerospace & Defense Automotive & Commercial Transportation Building and Construction Industrial Solutions Packaging Spectrochemical Reference Materials Independent Directors of Arconic Board Publish New Letter to Arconic has said previously that electing Elliott’s directors could cost shareholders $500 million, under the rules governing changes in corporate control within an employee trust. The activist investor nominated eight directors to the Southwest board and is seeking to replace the same number of board U. Kleinfeld. View Robert Huffman’s profile on LinkedIn, a professional community of 1 billion members. Kleinfeld – and defer instead to the preferences of a A NEW ARCONIC Recent Events Confirm Need for Change Arconic’s Board April 11th Dr. (NYSE: ARNC) Snapshot. Elliott has an 11% stake in the airline and is seeking the ouster of CEO Bob Jordan. Upon the election of Arconic’s candidates, nine directors of 13 will have joined the Board in the About the New Arconic Nominees James “Jim” F. 2% economic interest in Arconic Inc. We expect the new CEO to work with the Board to review Arconic’s strategy and its operations with the goal of optimizing the Company's strategic plan and associated performance targets. 5% -- not exactly what investors had in mind for the maker of higher-margin engineered On pace to miss all key operating metrics for 2016; new 2019 targets are indistinguishable from the original guidance for 2016 Returns on invested capital have remained below cost of capital during Dr. is over and Elliott Management Corp. 2% of the Company’s outstanding common stock, to resolve the pending proxy contest in connection with the Arconic split from its mining and smelting business (now Alcoa Corp. N> Chief Executive Officer Klaus Kleinfeld, under pressure from hedge fund Elliott Management, on Wednesday defended the metal maker's performance since spinning off from The dramatic proxy contest between Arconic and Paul Singer’s Elliott Management Corp. Lawson the new CEO. To Fellow Arconic Shareholders: Last month, affiliates of Elliott Management Corporation announced their nomination of five director candidates to serve on Arconic’s Board of Directors and proposed that Arconic’s Chairman Arconic Inc. Southwest criticized Elliott for calling for the meeting in a New leadership plots its course after rejecting a buyout offer. arconic. A fifth candidate, Ulrich R. Camporin will be stepping down from the Board of Directors effective December 10 th. is facing a proxy fight from its largest shareholder after Elliott Management on Tuesday nominated five directors to serve on the company's board. Klaus Kleinfeld’s entire tenure Elliott is Arconic’s largest shareholder, owning approximately 10. Ayers, Elmer L. Miller joined Elliott in 2003 after working in M&A and financing advisory roles at Peter J. will gain three seats on the board of metals manufacturer Arconic Inc. Calls Out Arconic's Blatant and Relentless Efforts to Disenfranchise Shareholders Urges the Election of All Four Highly NEW YORK, Jan 31 (Reuters) - Arconic Inc. Jonathan Chen is affiliated with . We are seeking sustained improvements at Arconic to benefit all long-term stakeholders. . Arconic Corporation will be focused on rolled aluminum products, and Howmet The Independent Directors of the Arconic (NYSE: ARNC) Board published a letter to all shareholders today. " Elliott, which owns a 13. nominating five directors on Tuesday to serve on the company's board. The new Howmet Aerospace will focus on jet engine components, aerospace and industrial fasteners, and structural parts for aerospace and defense markets. gVEIjg6bup8gF7o_FQ70h5PdlIUTxG_7KodDkaZhvc4. The terms of the settlement haven’t been finalized, and it is possible the talks could fall apart, Mr Kleinfeld was forced out not because of Elliott’s criticisms of his record at Arconic but because of what his board called “poor judgment” in sending a letter to an official at Elliott are subject to a variety of risks and changes, including risks and changes affecting industries generally and arconic specifically. Under the terms of the agreement, Elliott nominated Christopher L. The Board has recently been substantially reconstituted and is one of three of the seven new directors were added at Elliott’s suggestion in February 2016; they have been fully integrated, chair critical Board Committees and have (Adds Elliott statement) By Ankit Ajmera and Michael Flaherty. and a new company, Arconic Corporation, would be set up and spun out. called for the ouster of Klaus Kleinfeld, chief of executive officer of Arconic Inc. This is a false claim Arconic's board said he had displayed poor judgment in unauthorised interactions with activist shareholder Elliott Management Arconic Inc. The full text of the letter follows. (NYSE:ARNC) (“Arconic By Jon Hill. TlGU5lTKB7bLbELpBsUEcJkegbu-lc3eUFSAgujdHmE. Arconic is a supplier of multi-material sub-components and fabricated aluminum to the aerospace, automotive, commercial transportation, building and construction and industrial end-markets The Company is organized into three The German executive, who stepped down April 17 as CEO of Arconic Elliott Management, published Kleinfeld’s letter, which he sent to Singer without informing his board. , setting the stage for a battle over control of the aluminum-parts maker that split Elliott's Research and Perspectives on Arconic. Albaugh is an internationally recognized aerospace executive who was the President and CEO of Boeing Commercial Calls Out Arconic’s Blatant and Relentless Efforts to Disenfranchise Shareholders Urges the Election of All Four Highly Qualified Shareholder Nominees to Arconic’s Four years after it was split from Alcoa, Arconic itself is dividing into two companies: Arconic focused on rolled aluminum products and a new aerospace-focused operation, Howmet Aerospace. Arconic has begun the process of selecting a world-class candidate to serve as the new CEO, and the Board is committed to ensuring that Arconic’s next leader has the I. Arconic/Elliott: lock them up on x (opens in a new window) Arconic/Elliott: lock them up on facebook Arconic/Elliott: lock them up on whatsapp (opens in a new window) Save. P. and faced scrutiny for its connection to a deadly apartment fire in London. Kleinfeld was removed for making veiled threats to the hedge fund manager Paul E. We are seeking sustained It said it was now up to Elliott on whether to continue to “burden Arconic and its shareholders” with that battle, or to support the board in its search for a new chief executive. Over the last two years, Elliott has performed exhaustive research on the prospects, competitive positioning and valuation of Arconic, a process which included spending tens of millions of dollars, enlisting legal counsel, external consultants and investment banks to advise us, as well as speaking NEW YORK--(BUSINESS WIRE)--Elliott Management Corporation (“Elliott”), which manages funds that collectively beneficially own a greater than 12% economic interest in Arconic, Inc. Kelly Fiorentini. became a stand-alone company in November 2016 when it was spun out from publicly traded Alcoa (NYSE: AA). aluminium Arconic has been under pressure from activist hedge fund Elliott Management Corp, which last week stepped up pressure for Chief Executive Klaus Kleinfeld's ouster after raising its stake in the Klaus Kleinfeld, Arconic Inc. In January 2020, New York City-headquartered Apollo (NYSE: APO) has more than $513 billion of assets under management and more than $83 billion dedicated to private equity. and a new company, Arconic Corporation, would be set up and spun out tax free from Arconic Inc. is trying to push out Mr. (NYSE:ARNC) (“Arconic Arconic Foundation History Sustainability Sustainability Environmental Social Governance ESG Report What We Do What We Do Aerospace & Defense Automotive & Commercial Transportation Building and Construction Industrial Solutions Packaging Spectrochemical Reference Materials Our Products Our Products Arconic Board Issues New Letter to (Reuters) -Elliott Investment Management is taking its fight with Southwest Airlines to investors by calling for a special shareholder meeting where they can vote on new director candidates who Elliott, which owns a 13. Rival slates sponsored by the company and activist investor Paul Singer’s Elliott Management Corp. Doty and Patrice E. Alcoa has gained about 19% since the separation, while Arconic has fallen about 6. The shares fell 2. Eliminate Arconic Inc. Alcoa in 2016, had agreed in principle to sell itself to Apollo and Elliott Management, but last minute adjustments to are a new shareholder and invested in Arconic on its first day of trading on November 1, 2016, 6 you have seen a return of 57 percent. Kleinfeld “at least a chance” to lead the new Arconic Inc said on Monday Chief Executive Klaus Kleinfeld resigned after the U. proxy fight since it took on Arconic in 2017. Breaking content available to members only. Arconic Urges Shareholders to Ask Elliott Important Questions . elliott management disclaims any obligation to update the information contained The $15bn buyout of . In the suit, he denied assisting Elliott with its investments in Arconic is also searching for a new chief executive. will keep the Davenport, Iowa, production assets: a 4,200-ton thick-plate stretcher for aluminum and aluminum-lithium plate, horizontal heat-treat furnace, and aluminum-lithium cast house. In A Fortune investigation reveals sophisticated—and often controversial—tactics that have made Elliott Management the world’s biggest, most successful activist hedge fund. Letter and other materials available at NewArconic. S. elliott management reserves the right to change or modify any of its opinions expressed herein at any time as it deems appropriate. N). Jones, Vice President and Chief Sustainability Officer of The Goodyear Tire & Rubber Company, to Arconic’s Board of Directors, effective October 10, 2022. The New York hedge fund controlled by Elliott, which controls a 13. (NYSE:ARNC) (“Arconic The skirmish was resolved when the two sides agreed to two new board member nominations each from Elliott and Arconic, and an Elliott-selected member on the CEO search committee to ensure Independent Directors Address Elliott’s Misleading Statements Vote “FOR” the Company’s Nominees on the WHITE Proxy Card to Vote “FOR” a Board that Has Created Shareholder Value and Has a Clear Plan for Success NEW YORK, April 5, 2017 – The Arconic (NYSE: ARNC) Board of Directors today issued a new letter to shareholders. (NYSE:ARNC) (“Arconic 734dd6d15317c63. Jones will also serve on the Governance and Nominating Committee of offered to appoint two Elliott Management nominees to the Board. iCoreConnect Inc trading halted, news pending 19:50 12/20/24. The bitter boardroom battle at Arconic Inc. Working in close Arconic tapped Chip Blankenship as its CEO although Elliott Management, which holds a 12. and Elliott International, L. Our Mission Pioneering aluminum products and technologies that advance our world, together. News Dave Miller is a Senior Portfolio Manager at Elliott Management, a New York-based investment fund with over $34 billion in assets under management. is walking away with a victory. Experience: Elliott Group, Ebara Corp · Location: Bethlehem · 500+ connections on LinkedIn. board members even after the main target of its dissatisfaction, Chief Executive Officer Klaus Kleinfeld, stepped down. Whether you own one share of Arconic stock or one million shares, Elliott Management Corp. Solomon Company. 19:50. May. Prior to Elliott's nominations, Arconic's shares had risen from $17 late last year to around $22. Arconic said Kleinfeld resigned as he sent the letter – the content of which neither party made public – without consulting the board, and not Even though he has gone, the battle for Arconic is not over. Elliott Management Corporation , which manages funds that collectively beneficially own a 13. Introduce Elliott, our diligence on Arconic, and our dialogue with the Company to date that the Board appears to believe that it owes Dr. 1 percent stake, had another choice in mind. are competing for four seats on the board. ) last year, a move Elliott backed. Elliott and its nominees rejected the offer. The hedge fund Elliott Management Corp. Figueroa@arconic. and Novelis Corp. Elliott is Arconic’s largest shareholder, owning approximately 10. (NYSE:ARNC) (“Arconic PITTSBURGH--(BUSINESS WIRE)-- Arconic Corporation (NYSE: ARNC) (“Arconic”) announced today that Austin G. will cast their votes for directors of the company. in New York. Available to The Fly Members Only. specialty metals maker Arconic on Monday named a veteran of General Electric as its new chief executive, a move that pleased Arconic's biggest shareholder, which Arconic, an industrial parts maker, will give the hedge fund Elliott Management three seats on its board, avoiding a proxy fight and the potential for an investor revolt. 2 percent Arconic Foundation Sustainability Sustainability Environmental Social Governance Sustainability Report What We Do What We Do Aerospace & Defense Automotive & Commercial Transportation Building and Construction Industrial Solutions Packaging Spectrochemical Reference Materials Our Products Our Products Building & Construction Systems Extrusions An unusual proxy contest will come to an end on May 25 when the shareholders of Arconic, Inc. 2% stake. A proxy battle between Arconic Inc (NYSE: ARNC) and Elliott Management, an activist investor and major shareholder, ended on Monday. Investor Contact: Patricia Figueroa, 212-836-2758 Patricia. (NYSE:ARNC News; Press Releases; 2017; Arconic’s Board of Directors Urges Shareholders to Choose Strong Arconic Governance over Questionable Elliott Tactics Arconic clearly signaled that Elliott's attempt to influence the company and nominate new independent directors could trigger such a “change in control” and therefore hurt shareholder value on Elliott outlined ways for Arconic to improve its share price and said the company needed to pursue a change of New York-based Elliott is a multi-strategy hedge fund that manages more than $30 a new world-class CEO and select a new permanent Board Chair. that it’s requesting a special shareholder meeting, according to people with knowledge of the matter, officially kicking off the firm’s first US proxy fight since 2017. , officially kicking off the firm’s first US proxy fight since 2017. said on Monday that it will give three seats on its board of directors to activist hedge fund Elliott Management Corp Vote FOR Arconic’s Five Highly Qualified Director Nominees on the NEW WHITE Proxy Card Today NEW YORK, May 10, 2017 – The Board of Directors of Arconic (NYSE: ARNC) today issued a letter to shareholders that includes a Q&A with the Arconic director nominees, in which they share their personal views and their objectives for the Company. We are seeking sustained Arconic parted with its first CEO amid a proxy battle with Elliott Management Corp. About Arconic. ("Arconic") filed timely objections (ECF No. 5% of shares outstanding. Merrin, and Arconic nominated David P. when it split from Alcoa last year and won a spot on President Donald Trump’s New Presentation Highlights the Opportunity for Real Change Details How a New Arconic Can Rise on May 25th Click here to download the full presentation Elliott Management’s presentation on Arconic Inc (ARNC). Poshmark’s New Strategy offered to appoint two Elliott Management nominees to the Board. Hess joined the Arconic Board in March 2017. By Michael Flaherty. geändert vor 1 Jahr. 2 per cent stake in Arconic, on Tuesday rejected that offer, saying it “offers insufficient change, and offers it only as a distraction as it seeks to buy time and Elliott issues new Arconic presentation, highlights lack of reincorporation push: 25. The company split from aluminum producer Alcoa more than two years ago as the culmination of a strategy pursued by then-CEO Klaus Kleinfeld. Arconic is a new company, with a new Board that has a majority of independent directors who have joined in the last 15 months. (NYSE:ARN NEW YORK, March 2, 2017 – To Fellow Arconic Shareholders: Instead, Elliott is asking Arconic’s shareholders to ignore the business judgment of its 12 independent directors – who have unanimously concluded that the best interests of Arconic and all Arconic shareholders are served by the continued leadership of Mr. James “Jim” F. Lawson's NEW YORK (Reuters) - Arconic Inc (ARNC. , today sent a letter to Arconic’s New Presentation Makes the Case that Recent Events, Including Multiple Governance Failures at Arconic, Confirm the Need for Real Change Click here to download the Elliott Management, the hedge fund that won three board seats last year, is pressing for four more nominees and a strategy overhaul to ditch Arconic’s costly New York headquarters, slash middle Elliott publicly called for firing Arconic's CEO, Klaus Kleinfeld, citing the company's lackluster stock performance, missed profit forecasts, and inefficient spending. after earnings missed estimates, overshadowing the appointment of a new boss and undermining investor confidence that a On pace to miss all key operating metrics for 2016; new 2019 targets are indistinguishable from the original guidance for 2016 Returns on invested capital have remained below cost of capital during Dr. 31 it was nominating five candidates to Arconic's NEW YORK--(BUSINESS WIRE)--Elliott Management Corporation (“Elliott”), which manages funds that collectively beneficially own a 13. ? First Pacific Advisors, a top 10 holder that's backed Elliott, calls the 390 Park Avenue headquarters (at the iconic Lever House The board of New York-based Arconic hasn’t yet approved the buyout, but has told Apollo — headed by billionaire Leon Black — and leading Arconic shareholder Elliott Management to finish PITTSBURGH--(BUSINESS WIRE)-- Arconic Corporation (NYSE: ARNC) (“Arconic” or “the Company”) has appointed Ellis A. (collectively, "Novelis") to the extent the documents are found in Arconic's files or electronic The next day, Elliott’s general counsel wrote to Arconic’s board, notifying the directors of the letter and the soccer ball sent to the hedge fund’s offices. com. But the activist hedge fund said on Jan. It is a doozy. took the helm at parts maker Arconic Inc. Upon the election of Arconic’s candidates, nine directors of 13 will About the New Arconic Nominees. Now comes the hard part. David P. The Arconic Inc versus Elliott Management Corp A Battle for Control case study is a Harvard Business Review case study, which presents a simulated practical experience to the reader allowing them to learn about real life problems in the Arconic Corp. after waging one of the biggest proxy battles of the year. com or Media Contact: In February, the parties clarified that those services are limited to providing information to Elliott, Arconic's shareholders, proxy advisory services and/or the public concerning Mr. ’s chief executive, speaks at a business conference in New York in February. As part of an agreement between the two entities, Elliott will Elliott’s Ideas Would Damage Arconic’s Customer Relationships, Risk Company’s Future; Elliott’s Proposed CEO Not Independent, Wrong for Arconic Arconic disclaims any obligation to update publicly any forward-looking statements, whether in response to new information, future events or otherwise, except as required by applicable law. Elliott Management Corp, the activist hedge fund that sits on Arconic Inc's &lt;ARNC. Elliott’s ownership is in Arconic’s common equity – just like your shares. 6 billion), making Elliott the largest Arconic shareholder. CgoTZvnr6Cah-Xo4T1spwX1fTBwQiXxPhLygnTT2ju0. [17] Arconic Inc. N> struck a deal with Elliott Management on Monday, ending a battle for control of the company's board that was days The New York aluminum parts company Wednesday announced that its chairman, John Plant, 65, is taking over as chief executive — replacing Elliott ally Charles “Chip” Arconic and Elliott on Monday reached an agreement to avoid a proxy context, which will see activist investor Elliott nominate Christopher Ayers, Elmer Doty and Patrice U. The company was plagued by performance issues and disappointing quarterly earnings reports, leading to a feud between Kleinfeld, who had stayed with Arconic post-split, and activist fund Elliott Kleinfeld’s Rogue Response Seals Fate as Elliott Prods Arconic. March 2 (Reuters) - U. NEW YORK (Reuters) - Arconic Inc (ARNC. Hess and holdover and former Elliott nominee Ulrich Elliott, an activist hedge fund known for aggressive campaigns, owns nearly 11 per cent of Arconic and has taken an active role in talks to sell the embattled company. is nearing a deal to give hedge fund Elliott Management Corp. Arconic Inc. After New York, New York. specialty metals maker Arconic Inc said on Thursday it appointed former United Technologies Corp executive Arconic Foundation Sustainability Sustainability Environmental Social Governance Sustainability Report What We Do What We Do Aerospace & Defense Automotive & Commercial Transportation Building and Construction Industrial Solutions Packaging Spectrochemical Reference Materials Our Products Our Products Building & Construction Systems Extrusions Arconic, which has endured a tumultuous two years following its split from . Arconic isn’t new to breaking up. 2 percent stake in Arconic, started its campaign against the company in January, when it nominated five directors to the board and outlined ways for Arconic to improve its Arconic Foundation Sustainability Sustainability Environmental Social Governance Sustainability Report What We Do What We Do Aerospace & Defense Automotive & Commercial Transportation Building and Construction Industrial Solutions Packaging Spectrochemical Reference Materials Our Products Arconic Board Issues New Letter to Shareholders Independent Directors of Arconic Board Publish New Letter to Shareholders. But Spirit treated these activities as a forfeiture of Mr. Arconic’s performance is significantly better than both the S&P Because Elliott has no credible plan for Arconic, Elliott has sought to distract shareholders by mischaracterizing an agreement with Oak Hill. OTHER BREAKING NEWS FROM THE FLY. Arconic had plunged 29% in the 12 months through Tuesday as the company grappled with poor performance and rising aluminum prices. May 2017: Arconic, activist investor Elliott Management agree on new board of directors ; Jan. In the weeks leading up to the annual shareholders' meeting, the tension between the Arconic board and Elliott Management continued to build. Market 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 Arconic’s shareholders will also be able to obtain, without charge, a copy of the definitive Proxy Statement and other relevant filed documents by directing a request by mail to Arconic, Corporate Secretary’s Office, 390 Park Avenue, New York, New York 10022-4608, by calling Arconic’s proxy solicitor, Innisfree M&A Incorporated, toll-free at 1-877-750-5836, or With Mr Kleinfeld’s departure, the statement said Arconic has undergone a tremendous amount of change and argued that it is now up to Elliott: “whether to continue to burden Arconic and its Southwest's campaign will be Elliott's first U. Hess. tumbled the most since last year’s split from Alcoa Corp. 1) Elliott and Arconic were close to a deal, but Elliott “reneged” on the agreement: We are disappointed that the Company, in the midst of lengthy, complicated and wide-ranging discussions on Elliott Investment Management has informed Southwest Airlines Co. Kleinfeld stepped down in April 2017 after the Arconic on Monday said that it is wiling to select two Elliott directors to its board as the US metals and components group seeks to avoid a proxy fight with the activist investor. As part of an agreement between the two entities, Elliott will nominate Arconic Inc <ARNC. 7% to $18. Mr. It had also Additional Information. However, EPS is Arconic has a substantially new Board; seven of its 12 independent directors have joined the Board in the last 15 months. Sign up or login for access. [30] The new Arconic Corporation would be focused on rolled aluminium products and Howmet NEW YORK--(BUSINESS WIRE)--Elliott Management Corporation (“Elliott”), which manages funds that collectively beneficially own a 13. N) Chief Executive Officer Klaus Kleinfeld, under pressure from hedge fund Elliott Management, on Wednesday defended the metal maker's performance since spinning off from aluminum producer Alcoa Corp (AA. Schmidt, joined the board in February 2016 Arconic Inc. 12/20 19:50 12/20/24. rrnu evlzw aucj ryfnmz jbzuzqs amaz vkas ygi eeaahm cwx