Activist hedge fund Elliott Management released the private letter written by Arconic
Here is the Kleinfeld letter:
Elliott fired back with a letter of its own:
Elliott said late on Wednesday that
Elliott, run by activist investor Paul Singer, 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
Kleinfeld wrote to Singer on April 11 mentioning Singer's family trip to Germany in 2006, when he attended the World
After learning of this letter, Elliott's general counsel, Richard Zabel, wrote to
"This decision was not made in response to the proxy fight or Elliott Management's criticisms of the company's strategy, leadership or performance..." the company said in its statement on April 17 following Kleinfeld's departure.
Zabel made it clear to
Elliott said in February it has raised its stake in
Kleinfeld had served as Alcoa's CEO for eight years and oversaw the company's split-up into
—CNBC contributed to this report.