Top leadership named for Upstream and Value-Add Companies as Alcoa prepares to separate into two publicly-traded companies
NEW YORK--(BUSINESS WIRE)--Lightweight metals leader Alcoa (NYSE: AA) today announced executive management appointments for the future Upstream and Value-Add Companies, expected to become effective upon completion of Alcoa’s previously announced separation in the second half of 2016.
Roy Harvey, Executive Vice President and Alcoa President of Global Primary Products, will serve as Chief Executive Officer of the new Upstream Company. William Oplinger, Executive Vice President and Chief Financial Officer of Alcoa, will serve as the Upstream Company’s Chief Financial Officer.
In the Value-Add Company, Ken Giacobbe will serve as Chief Financial Officer. Mr. Giacobbe is currently Chief Financial Officer of Alcoa’s Engineered Products and Solutions business.
As previously announced, Klaus Kleinfeld, Alcoa Chairman and Chief Executive Officer, will lead the Value-Add Company as Chairman and Chief Executive Officer. He will also serve as Chairman of the Upstream Company for the critical initial phase, ensuring a smooth and effective transition.
A global leader in lightweight metals technology, engineering and manufacturing, Alcoa innovates multi-material solutions that advance our world. Our technologies enhance transportation, from automotive and commercial transport to air and space travel, and improve industrial and consumer electronics products. We enable smart buildings, sustainable food and beverage packaging, high performance defense vehicles across air, land and sea, deeper oil and gas drilling and more efficient power generation. We pioneered the aluminum industry over 125 years ago, and today, our more than 60,000 people in 30 countries deliver value-add products made of titanium, nickel and aluminum, and produce best-in-class bauxite, alumina and primary aluminum products. For more information, visit www.alcoa.com, follow @Alcoa on Twitter at www.twitter.com/Alcoa and follow us on Facebook at www.facebook.com/Alcoa.
This release contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as “anticipates,” “believes,” “could,” “expects,” “may,” “plans,” “projects,” “should,” “will,” “would,” or other words of similar meaning. All statements that reflect Alcoa’s expectations, assumptions or projections about the future other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding the separation transaction, including the expected timing of completion of the separation and the executive management appointments expected to be made for the two independent companies. Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict. Although Alcoa believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that these expectations will be attained and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Such risks and uncertainties include, but are not limited to: (a) uncertainties as to the timing of the separation and whether it will be completed; (b) the risk that the businesses will not be separated successfully or such separation may be more difficult, time-consuming or costly than expected, which could result in additional demands on Alcoa’s resources, systems, procedures and controls, disruption of its ongoing business and diversion of management’s attention from other business concerns; (c) material adverse changes in aluminum industry conditions; (d) deterioration in global economic and financial market conditions generally; (e) unfavorable changes in the markets served by Alcoa; (f) the potential failure to retain key employees while the separation transaction is pending or after it is completed; and (g) the other risk factors discussed in Alcoa’s Form 10-K for the year ended December 31, 2014, and other reports filed with the U.S. Securities and Exchange Commission. Alcoa disclaims any obligation to update publicly any forward-looking statements, whether in response to new information, future events or otherwise, except as required by applicable law.