– USA, NY – Arconic (NYSE:ARNC) today announced its nomination of former Boeing Commercial Airplanes President and Chief Executive Officer James “Jim” F. Albaugh and Air Force retired General Janet C. Wolfenbarger for election to Arconic’s Board of Directors at the Company’s 2017 Annual Meeting. Mr. Albaugh and General Wolfenbarger will stand for election with current directors David Hess, Amy Alving and Ulrich Schmidt.
Ratan Tata, who has been a valued member of the Board, has resigned as a director to focus on other business interests. With his departure, the Board has nominated Mr. Albaugh and General Wolfenbarger to stand for election to fill the two vacancies on the Board. Arconic previously offered to appoint two Elliott Management nominees to the Board. Elliott and its nominees rejected the offer.
Upon the election of Arconic’s candidates, nine directors of 13 will have joined the Board in the last 16 months, making it one of the shortest tenured Boards in the S&P 500. Arconic’s Board would continue to consist of 13 directors, 12 of whom are independent, and three of whom were nominated by Elliott last year.
Together, Arconic’s director nominees for the 2017 Annual Meeting have decades of combined aerospace and defense experience. Their deep expertise spans aerospace structures, jet engines, defense, manufacturing and engineering, technology, finance and purchasing – all highly relevant to Arconic’s core business.
About Jim Albaugh
James “Jim” F. Albaugh is an internationally recognized aerospace executive who was the President and CEO of Boeing Commercial Airplanes until his retirement in 2012. Prior to that role, Mr. Albaugh was President and CEO of Boeing Integrated Defense Systems and President of Rocketdyne Propulsion and Power. Mr. Albaugh is the Chairman of the National Aeronautic Association, past Chairman of the Aerospace Industries Association and serves on the Boards of American Airlines and Harris Corporation. He holds a Master’s degree in Civil Engineering from Columbia University and is an elected member of the National Academy of Engineering. The aerospace segment represents close to half of Arconic’s overall revenue today and has significant prospects for the future. Mr. Albaugh brings a deep understanding of the aerospace segment’s needs.
About Janet C. Wolfenbarger
Janet C. Wolfenbarger is a retired four-star general who was responsible for procurement, science and technology, test and evaluation, logistics and supply chain for the U.S. Air Force; she oversaw an approximately $60 billion annual budget, including a large portion of the approximately $1 billion of business that Arconic does in the defense industry. In her last military role, General Wolfenbarger oversaw an organization of 80,000 people and led significant restructuring of the Air Force Materiel Command to improve efficiency. General Wolfenbarger was the first female four-star general in Air Force history. Among her many accomplishments, General Wolfenbarger holds a Master’s degree in Aeronautics and Astronautics from the Massachusetts Institute of Technology.
About Other Nominees
David Hess is a proven leader in the aerospace industry, with over 38 years of operating experience and deep knowledge of jet engine technology and manufacturing. Mr. Hess was President of Pratt & Whitney, a $15 billion global commercial and military aircraft engine company, and a major Arconic customer. He was most recently Executive Vice President and Chief Customer Officer at United Technologies Corporation. Mr. Hess is currently Arconic’s Interim CEO.
Amy Alving is a renowned expert on aerospace innovation and engineering, and cybersecurity. She is a former executive with the Defense Advanced Research Projects Agency (DARPA) and is a member of the Defense Science Board, a committee of civilian expert advisors to the U.S. Department of Defense on scientific and technical matters. Dr. Alving has a Ph.D in Mechanical and Aerospace Engineering from Princeton. She brings critical enterprise risk management expertise to Arconic and is Chair of the Company’s Cybersecurity Advisory Subcommittee.
Ulrich Schmidt is the former Chief Financial Officer of Spirit Aerosystems Holdings, Inc. and Chief Financial Officer of Goodrich Corporation. Mr. Schmidt is a former director at Precision Castparts where he chaired the Audit Committee. Mr. Schmidt joined the Board in February 2016 after being nominated by Elliott. Mr. Schmidt currently serves as Chair of Arconic’s Audit Committee, in addition to serving on the Governance and Nominating Committee and Finance Committee.
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 : http://www.arconic.com
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