Strategy and Portfolio Review Update to be Provided on February 8, 2019
NEW YORK–(BUSINESS WIRE)–Arconic Inc. (NYSE: ARNC) announced today that its Board of Directors
has appointed John C. Plant, current Chairman of the Board, to serve as
Chairman and Chief Executive Officer. The Board has also appointed Elmer
L. Doty, a current Director, to serve as Chief Operating Officer, and
Arthur D. Collins, Jr., a current Director, to serve as Lead Director.
These appointments are effective immediately.
Mr. Plant succeeds Chip Blankenship as Chief Executive Officer, and
together with Mr. Doty, Mr. Plant will oversee the company’s operations
as well as the ongoing strategy and portfolio review. It is expected
that Mr. Plant will serve in the role of Chief Executive Officer for a
period of one year. Arconic also announced that it expects to provide an
update regarding the strategy and portfolio review when it announces
fourth quarter 2018 and full year 2018 financial results on February 8,
2019.
Mr. Plant has had a distinguished career in the automotive industry and
as a public company leader who has generated significant shareholder
value. He previously served as Chief Executive Officer of TRW Automotive
from 2003 to 2015, and as Chairman of its Board from 2011 to 2015. Under
his leadership, TRW employed more than 65,000 people in approximately
190 major facilities around the world, was ranked among the top 10
automotive suppliers globally and produced total shareholder returns
significantly in excess of the broader market and an index of industry
peers.
Mr. Doty has extensive knowledge of Arconic’s aerospace and defense
markets, having served from December 2012 to February 2016 as President
and Chief Executive Officer of Accudyne Industries LLC, a provider of
precision-engineered flow control systems and industrial compressors.
Mr. Doty was the President and Chief Executive Officer of Vought
Aircraft Industries, Inc., a leading global manufacturer of
aerostructures for commercial, military and business jet aircraft, from
2006 until its acquisition in 2010 by Triumph Group.
“We are very excited that John and Elmer are taking on executive roles
at the company,” commented Mr. Collins. “The Board is focused on
continuing to identify and implement operational improvements and other
potential strategic initiatives, and John and Elmer will bring extensive
management experience, intimate knowledge of our businesses and markets,
and a strong track record of driving value for shareholders as we
continue that effort,” Mr. Collins continued.
Mr. Plant said, “I am confident in Arconic’s significant potential, and
look forward to working as CEO to capitalize on the opportunities before
us and build momentum in our businesses and enhance value for our
shareholders.”
“On behalf of the Board, we would like to thank Chip Blankenship for
stabilizing and guiding the company over the past year and positioning
the company for improved operations and significant value creation,”
said Mr. Plant.
“Arconic has a lot of strengths and a lot of opportunities, and I’m
excited to join the team as COO and get to work enhancing our operations
and charting a new strategic direction to deliver for our shareholders,”
said Mr. Doty.
In addition, Arconic today reaffirmed its previously announced full year
2018 guidance range for earnings per share excluding special items.
About Arconic
Arconic (NYSE: ARNC) creates breakthrough products that shape
industries. Working in close partnership with our customers, we solve
complex engineering challenges to transform the way we fly, drive, build
and power. Through the ingenuity of our people and cutting-edge advanced
manufacturing techniques, we deliver these products at a quality and
efficiency that ensure customer success and shareholder value. For more
information: www.arconic.com.
Follow Arconic: Twitter, Instagram, Facebook, LinkedIn and YouTube.
Forward-Looking Statements
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,” “estimates,” “expects,” “forecasts,”
“goal,” “guidance,” “intends,” “may,” “outlook,” “plans,” “projects,”
“seeks,” “sees,” “should,” “targets,” “will,” “would,” or other words of
similar meaning. All statements that reflect Arconic’s expectations,
assumptions or projections about the future, other than statements of
historical fact, are forward-looking statements, including, without
limitation, statements and guidance regarding future financial results
or operating performance; statements about Arconic’s strategies,
outlook, business and financial prospects; and statements regarding the
strategy and portfolio review. These statements reflect beliefs and
assumptions that are based on Arconic’s perception of historical trends,
current conditions and expected future developments, as well as other
factors Arconic believes are appropriate in the circumstances.
Forward-looking statements are not guarantees of future performance and
are subject to risks, uncertainties and changes in circumstances that
are difficult to predict, which could cause actual results to differ
materially from those indicated by these statements. Such risks and
uncertainties include, but are not limited to: (a) deterioration in
global economic and financial market conditions generally; (b)
unfavorable changes in the markets served by Arconic; (c) the inability
to achieve the level of revenue growth, cash generation, cost savings,
improvement in profitability and margins, fiscal discipline, or
strengthening of competitiveness and operations anticipated or targeted;
(d) competition from new product offerings, disruptive technologies or
other developments; (e) political, economic, and regulatory risks
relating to Arconic’s global operations, including compliance with U.S.
and foreign trade and tax laws, sanctions, embargoes and other
regulations; (f) manufacturing difficulties or other issues that impact
product performance, quality or safety; (g) Arconic’s inability to
realize expected benefits, in each case as planned and by targeted
completion dates, from acquisitions, divestitures, facility closures,
curtailments, expansions, or joint ventures; (h) the impact of cyber
attacks and potential information technology or data security breaches;
(i) changes in discount rates or investment returns on pension assets;
(j) the impact of changes in aluminum prices and foreign currency
exchange rates on costs and results; (k) the outcome of contingencies,
including legal proceedings, government or regulatory investigations,
and environmental remediation, which can expose Arconic to substantial
costs and liabilities; and (l) the other risk factors summarized in
Arconic’s Form 10-K for the year ended December 31, 2017 and other
reports filed with the U.S. Securities and Exchange Commission (SEC).
Market projections are subject to the risks discussed above and other
risks in the market. The statements in this release are made as of the
date of this release, even if subsequently made available by Arconic on
its website or otherwise. Arconic disclaims any intention or obligation
to update publicly any forward-looking statements, whether in response
to new information, future events, or otherwise, except as required by
applicable law.
Media Contact
Esra Ozer
Arconic
1-212-836-2641