Alcoa CFO Heads to Minerals Tech

Aluminum giant Alcoa (AA Quote) said Tuesday that Chief Financial Officer Joseph Muscari will step down to become CEO of Minerals Technologies(MTX Quote).

Alcoa named Charles McLane, its controller since 2002, as its new financial chief. The moves are effective Jan. 1.

"Chuck has extensive experience as a corporate controller, a business unit CFO, in mergers and acquisitions, investor relations, and treasury," said Alcoa CEO Alain Belda. "And he has been a consistent proponent of greater transparency and clarity in our financial reporting in his four years as controller."

Muscari, who has been with Alcoa since 1969, will replace Paul Saueracker as chairman, president and CEO of Minerals Technologies. Saueracker had set plans to retire from the mineral producer next year.