Klaus Kleinfeld has stepped down as chair and CEO of Arconic and resigned from the company’s board, Arconic announced on Monday.
Shares were last 5 percent higher following the news.
Current board member David Hess has been appointed as the interim CEO, and Patricia Russo has been appointed the board’s interim chair.
Arconic said Kleinfeld’s departure was not in response to the proxy fight Paul Singer’s Elliott Management or the activist investor’s criticisms of Arconic and lobbying for it to replace Kleinfeld.
“Mr. Kleinfeld stepped down as Chair and CEO by mutual agreement after the Board learned that, without consultation with or authorization by the Board, he had sent a letter directly to a senior officer of Elliott Management that the Board determined showed poor judgment,” according to the release.
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