Specialty metals company Arconic said on Monday it struck a deal with Elliott Management, agreeing on certain nominees for its board and ending a nearly six-month battle with its largest investor.
Elliott had nominated four directors to serve on Arconic’s board, pitting them against four of the five company nominees. The activist investor supported one of Arconic’s nominees, Ulrich Schmidt.
As part of the deal, Elliott will reduce its nominee slate by one member, while the company will nominate two candidates.
Elliott’s nominees are Christopher Ayers, Elmer Doty and Patrice Merrin. Arconic will nominate existing directors Schmidt and David Hess, who is also the company’s interim chief executive.
One of Elliotts director nominees will be added to the CEO search committee, according to the announcement.
Arconic also said that Rafael Reif will step down from the board and be replaced by James Albaugh, one of the company’s nominees.