Market Overview

Alcoa To Consolidate Sales, Procurement And Commercial Operations, Cuts Staff

Share:
Alcoa To Consolidate Sales, Procurement And Commercial Operations, Cuts Staff

Alcoa Corporation (NYSE: AA) announced it will cut staff and eliminate its business unit structure and consolidate sales, procurement and other commercial capabilities at an enterprise level effective Nov. 1.

Under the new operating model, the Alcoa executive team will be streamlined from 12 to seven people directly reporting to the CEO. The new structure will reduce overhead and “increase connectivity’ between the company's plants and leadership.

"These changes to our operating model build on the important progress we've made since our 2016 Separation to reduce complexity, drive returns and strengthen the balance sheet, all with the goal of creating a stronger Alcoa," said Roy Harvey, CEO of Alcoa. "Most importantly, this new organizational structure reinforces that our operations are the heart of Alcoa. Among other benefits, it will promote stronger connectivity between our plants and executive leadership and swift decision-making."

The new executive team will be made up of Leigh Ann Fisher, Jeffrey Heeter, Benjamin Kahrs, Michelle O'Neill, William F. Oplinger, Timothy Reyes and John Slaven.

Alcoa shares were trading down 0.52% at $19.01 in Monday's pre-market session. The stock has a 52-week high of $45.45 and a 52-week low of $16.46.

Related Links:

Genesco Reports Mixed Q2 Earnings, Raises Guidance

Meredith Corporation Reports Q4 Earnings Beat

Alcoa's Wagerup alumina refinery in Australia. Courtesy photo.

Posted-In: News Management Best of Benzinga

 

Related Articles (AA)

View Comments and Join the Discussion!
Fastest Market News Application
You'll Hear It First On Pro
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com

Allison Transmission Buys Walker Die Casting And C&R Tool and Engineering For $103M

The Week Ahead In Cannabis: Aurora Earnings, Mexico Launches Legalization Conferences