– USA, NY – Arconic Inc. (NYSE:ARNC) today announced 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.
About Arconic
Arconic 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: www.arconic.com
- Disclaimer - News, data, and statements included in this release are intended exclusively for general information purposes. Talent4Boards does not guarantee that news is accurate or about the correct person and accepts neither liability for the consequences of the reader’s reliance, nor responsibility for the accuracy of the information. Nothing in this release should be considered for decisions about referred securities. Products and brand names may be trademarks or registered trademarks of their respective owners.
