The decision, made by mutual agreement with the Arconic
board, came after Kleinfeld was criticised for sending a letter
to activist shareholder Elliott Management without the prior
knowledge or authorisation of the Arconic board. What was in
that letter is not known, and Elliott has not yet commented.
But Arconic felt the move "showed poor judgement," leading to
the decision for Kleinfeld to fall on his sword and end a
decade-long career at the US conglomerate. It was not forced;
the board and the outgoing ceo reached the decision for him to
step down together, people familiar with the matter said. In
fact, the company has been quick to stand by
Kleinfeld’s accomplishments during his tenure,
including growing Alcoa Inc after the global financial crisis
and separating it into Alcoa Corp and Arconic in...