Market Overview

ATI Announces CEO Succession Plan


Allegheny Technologies Incorporated (NYSE:ATI) announced today that its
Board of Directors has appointed Robert S. Wetherbee to become ATI's
President and Chief Executive Officer effective January 1, 2019, when he
will also join the ATI Board.

This press release features multimedia. View the full release here:

Robert S. Wetherbee (Photo: Business Wire)

Robert S. Wetherbee (Photo: Business Wire)

Mr. Wetherbee, 58, was identified through a robust, Board-driven
leadership development and succession planning process to succeed
Richard J. Harshman as ATI's President and Chief Executive Officer. Mr.
Harshman, who currently serves as ATI's Chairman, President and Chief
Executive Officer, has informed the Board he will retire after a
distinguished 41-year career with ATI to spend more time with his family.

To ensure a smooth leadership transition, Mr. Harshman will remain
Chairman, President and Chief Executive Officer until January 1, 2019,
following which he will continue to serve as Executive Chairman of the
Board until his retirement in conjunction with ATI's May 9, 2019 Annual

The Board has elected Diane C. Creel, who has served as ATI's Lead
Independent Director since 2011, to become Board Chair effective
immediately following Mr. Harshman's May 2019 retirement.

Bob Wetherbee has been ATI's Executive Vice President, Flat Rolled
Products Group since 2014. He was recruited in 2014 to transform ATI's
Flat Rolled Products (FRP) business, then heavily reliant on commodity
stainless steel and strip, into the business that it is today: a
producer of high-value differentiated flat rolled products, which
leverages its innovative Hot Rolling and Processing Facility (HRPF) and
other assets to serve global markets, including the aerospace and
defense, oil & gas, and chemical/hydrocarbon processing industries, with
a base load of commodity stainless products.

Bob first joined ATI in 2010 to run the Tungsten Materials business,
which under his leadership, achieved record financial performance
results prior to its divestiture by ATI in 2013. Bob left ATI in early
2013 to serve as the CEO of another public company for approximately one
year before being recruited back to ATI by Mr. Harshman to lead the
transformation of the FRP business. Prior to joining ATI, Bob spent 29
years at Alcoa serving in a variety of operational leadership roles

Mr. Harshman commented, "ATI begins the next phase of its journey from a
position of strength as a more aligned and integrated,
technology-focused global leader in specialty materials and complex
components. It is the absolute right time for this transition to a
leader who played a key role in all that we have accomplished since
2014. Bob is an excellent selection to lead the company into the future."

"Bob is an experienced, respected, values-based leader with deep
knowledge of ATI's global markets, customers, technologies, operations
and products. He has extensive operational leadership experience within
ATI and other large globally-focused specialty materials manufacturers,"
Ms. Creel stated. "The Board is confident that Bob will continue ATI's
strategy of leveraging its technology leadership and driving a
relentless focus on innovation and continuous improvement to create
long-term sustainable value for ATI's shareholders and customers and
opportunities for our employees."

"On behalf of ATI's Board of Directors, I want to thank Rich for his
outstanding leadership and commitment to ATI over the years," said Ms.
Creel. "He had the vision and courage to make tough decisions and to
create a values-based culture committed to teamwork, accountability, and
innovation. The Board respects and supports Rich's decision to retire."

"I am honored to succeed Rich as ATI's next CEO and to have the
opportunity and privilege to lead ATI's team of talented and dedicated
people," said Mr. Wetherbee. "We have significantly transformed ATI over
the last several years, and I will continue our relentless focus on
advancing ATI's strategy to be the world's best specialty materials and
components manufacturer."

Bob's successful leadership of ATI's Flat Rolled Products business led
to many significant achievements, most notably:

  • Completion and commissioning of ATI's state-of-the-art Hot Rolling
    Processing Facility
  • Shut down of underperforming and uncompetitive operations and product
  • Streamlining of FRP's operations and workforce
  • Achievement of critical cost reductions and work flow improvements
    through a variety of union negotiations
  • Re-focusing of the commercial and engineering organizations on
    differentiated products and growth strategies
  • Building a workforce with the necessary leadership, materials science,
    and process automation skills of the future.

These actions have ATI's Flat Rolled Products Group strongly positioned
for sustainable profitable growth.

Bob holds a Bachelor of Science in Industrial Administration with an
emphasis in Accounting from Iowa State University, attained his CPA, and
completed a variety of manufacturing education and leadership
development programs.

This news release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Forward-looking
statements are based on management's current expectations and include
known and unknown risks, uncertainties and other factors, many of which
we are unable to predict or control, that may cause our actual results,
performance or achievements to materially differ from those expressed or
implied in the forward-looking statements. Additional information
concerning factors that could cause actual results to differ materially
from those projected in the forward-looking statements is contained in
our filings with the Securities and Exchange Commission. We assume no
duty to update our forward-looking statements.

Creating Value Thru Relentless Innovation™

ATI is a global manufacturer of technically advanced specialty materials
and complex components. With revenue of $3.8 billion for the twelve
month period ending June 30, 2018, our largest market is aerospace &
defense, particularly jet engines. We also have a strong presence in the
oil & gas, electrical energy, medical, automotive, and other industrial
markets. ATI is a market leader in manufacturing differentiated
specialty alloys and forgings that require our unique manufacturing and
precision machining capabilities and our innovative new product
development competence. We are a leader in producing powders for use in
next-generation jet engine forgings and 3D-printed aerospace products.

View Comments and Join the Discussion!