Alcoa on April 23 announced that its board of directors has elected Klaus Kleinfeld, 52, as chairman and chief executive officer of the company. Kleinfeld succeeds Alain Belda, 66, who previously announced his plans to retire from the company after more than 40 years of service. The leadership change took place at Alcoa’s annual meeting of shareholders on April 23.
Kleinfeld has been a member of the Alcoa board of directors since 2003. He joined Alcoa as an executive in October 2007 as president and chief operating officer and was named president and CEO in May 2008. Previously, he served as CEO of Siemens AG.
Belda said, “As I retire from Alcoa, I leave confident that our company is in the able hands of an experienced CEO, strategic thinker and passionate advocate of Alcoa’s Values. In his seven years serving Alcoa as a board member and later as COO and CEO, he has demonstrated the leadership, strategic vision and operational insight to guide the company into the future as chairman of Alcoa.”
“Alain Belda has worked most of his life for, and applied his many talents to Alcoa,” said Kleinfeld. “Alain was the driving force behind one of the most important strategic changes in Alcoa’s history – the internationalization of the company. His personal values and commitment to environmental stewardship have inspired Alcoans and made Alcoa a model of sustainable citizenship.”
Frank Thomas and Henry Schacht also are retiring as directors of the company. Thomas has served as lead director and Schacht as chairman of the Audit Committee. Both will serve as senior advisors to the board of directors to provide for an orderly transition in board leadership. Kleinfeld said, “Alcoa has benefitted greatly from the counsel and commitment of Frank Thomas and Henry Schacht; their wisdom and experience has been invaluable to the company’s success.”
Judith Gueron, who has been an Alcoa director since 1988, has been elected lead director, succeeding Thomas. Dr. Gueron has chaired Alcoa’s Public Issues Committee, which oversees environmental and social responsibility performance, since the board committee was formed in 2002. A nationally recognized expert on employment and training, with a Ph.D. in economics from Harvard University, Dr. Gueron has the ideal background to guide the directors at a time when the company faces a wide array of workplace and sustainability issues and opportunities. Jim Owens, chairman and CEO of Caterpillar Inc., will succeed Schacht as chairman of the Audit Committee.
“Jim’s recent success as CEO and his previous role as Chief Financial Officer of Caterpillar prepare him well for the important financial oversight and governance responsibilities of the Audit Committee,” Kleinfeld said.
Alcoa’s shareholders also elected Arthur D. Collins Jr., retired chairman and CEO of Medtronic Inc., as a new member of the board at the annual meeting. “Art brings a proven track record of corporate leadership and, just as important, unique insights into technology trends,” Kleinfeld said. With these changes, Alcoa now has 12 members serving on its board of directors.
“Looking to the future, Alcoa and our investors can be confident of prudent counsel and stewardship from a board of directors with broad global experience and diverse achievements in business, politics and society,” Kleinfeld said.
Other business at the annual meeting included re-election by shareholders of Carlos Ghosn, Michael Morris and Stanley O’Neal to three-year terms on the Board; ratification of independent auditors; approval by shareholders of a majority voting standard; and elimination of the supermajority voting provision was not approved. A shareholder proposal asking the board of directors to take the steps necessary to eliminate the supermajority voting provisions received support of a majority of votes cast.
About Alcoa
Alcoa is the world’s leading producer of primary aluminum, fabricated aluminum and alumina. In addition to inventing the modern-day aluminum industry, Alcoa innovation has been behind major milestones in the aerospace, automotive, packaging, building and construction, commercial transportation, consumer electronics and industrial markets over the past 120 years. Among the solutions Alcoa markets are flat-rolled products, hard alloy extrusions, and forgings, as well as Alcoa wheels, fastening systems, precision and investment castings, and building systems in addition to its expertise in other light metals such as titanium and nickel-based super alloys. Sustainability is an integral part of Alcoa’s operating practices and the product design and engineering it provides to customers. Alcoa has been a member of the Dow Jones Sustainability Index for eight consecutive years and approximately 75 percent of all of the aluminum ever produced since 1888 is still in active use today. Alcoa employs approximately 59,000 people in 31 countries across the world.
