Market Overview

Alcoa Appoints Three Industry Vets To Board To 'Further Strengthen The Company' In Aerospace And Automotive


Alcoa Inc (NYSE: AA) announced on Monday it has appointed three industry executives to its Board of Directors, effective February 5.

Alcoa noted it has named Ulrich "Rick" Schmidt, John C. Plant and Sean O. Mahoney to serve on its Board of Directors. The company stated that the three appointees will "further strengthen the Company and add valuable aerospace and automotive experience to the Board as Alcoa prepares to separate into two independent companies in the second half of 2016."

Ulrich Schmidt is a former Executive Vice President and Chief Financial Officer of Spirit Aerosystems Holdings.

John C. Plant is the former chairman of the board, president and chief executive officer of TRW Automotive which was acquired by ZF Friedrichshafen AG.

Sean Mahoney is a private investor that currently serves on the Boards of Delphi Automotive, Cooper-Standard Holdings and Formula One Holdings.

Alcoa also pointed out that Elliott Management, a large shareholder of Alcoa's with an approximate 7.5 percent stake, will support the company's slate of director nominees at the upcoming 2016 Annual Meeting of Shareholders.

Dave Miller, Senior Portfolio Manager at Elliott Management said, "We believe the Company is taking the right steps as it moves forward with its separation. This is a pivotal moment for Alcoa and represents an opportunity to create substantial value for shareholders. We are pleased to have worked constructively with Alcoa and believe that Rick, John and Sean bring relevant experience to the Alcoa Board and the future Value-Add Co."


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Posted-In: Alcoa Alcoa Board Of Directors John Plant Sean Mahoney Ulrich SchmidtNews Management

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