Mettle test

4 May 2017 By Tom Buerkle

Firing CEO Klaus Kleinfeld gave hope directors might embrace bigger strategic changes to improve results. Now they’re contending the former boss had it right and that two new board nominations should be change enough. Its argument, like the outfit’s performance, is poor.

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The company nominated James Albaugh, former president and chief executive of Boeing’s commercial-airplane division, and Janet Wolfenbarger, a retired U.S. Air Force general, for board seats. They join a company slate headed by David Hess, who was appointed interim CEO after the board fired Klaus Kleinfeld last month for unauthorized contact with activist investor Elliott Management.

The hedge fund, which owns a 13.2 percent economic stake in Arconic, has put forward a rival slate as part of its campaign to overhaul the company’s strategy and improve its financial performance.

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