New leadership will bring operational excellence and a renewed focus on shareholder value creation to Arconic
NEW YORK--(BUSINESS WIRE)-- Elliott Management Corporation (“Elliott”), which manages funds that are collectively the largest shareholder of Arconic Inc. (NYSE: ARNC) (“Arconic” or the “Company”), today released a statement strongly supporting the hiring of Charles “Chip’ Blankenship to become the next CEO of Arconic. In the statement, Elliott Senior Portfolio Manager Dave Miller also praised the appointment of John Plant to serve as the Company’s next Board Chair.
Mr. Miller said, “Chip Blankenship is an excellent selection. After meeting with Chip and putting extensive time and resources into understanding both his background and Arconic’s current opportunities and challenges, we enthusiastically recommended his appointment. Chip is a talented and hands-on operator who knows Arconic’s core businesses exceedingly well. We have confidence that Chip will deliver the results and returns that Arconic is capable of producing, and we look forward to working constructively with him.
“In addition, we are very pleased with the elevation of John Plant to Board Chair. Having followed John’s career closely for many years, we have long felt that his track record of consistent shareholder value creation and focus on delivering results made him a great addition to the Arconic boardroom. We can’t think of anyone better to lead the Board now and work with Chip to supplement Chip’s deep aerospace experience with similarly deep experience in Arconic’s other principal end market.”
Elliott Management Corporation manages two multi-strategy funds which combined have approximately $34 billion of assets under management. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds of its kind under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm.
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Elliott Management Corporation
Stephen Spruiell, 212-478-2017
Source: Elliott Management Corporation