Arconic's Kleinfeld is out as Chairman, CEO; shares +5% premarket

|About: Arconic Inc (ARNC)|By:, SA News Editor

Arconic (NYSE:ARNC) +4.8% premarket after announcing that Klaus Kleinfeld has stepped down as Chairman and CEO.

Board member David Hess, with decades of experience in leading aerospace and industrial businesses, is named interim CEO, and current lead director Patricia Russo is appointed interim Chair.

Kleinfeld stepped down after the board learned that he had sent a letter directly to a senior officer of Elliott Management without consultation or authorization.

ARNC says Kleinfeld's ouster was not related to the current proxy fight with Elliott or the P-E firm's desire for Kleinfeld's replacement.