Further, Arconic has been in "extensive" discussions with Elliott Management, which has roughly a 13% stake in the company, to resolve a pending proxy contest.
In January, Elliot said that Arconic needed to improve its share price and that the company must pursue a change of leadership, taking aim at the company's CEO, Klaus Kleinfeld.
Kleinfeld resigned last week as Arconic CEO after he penned a critical letter to Elliot, which the hedge fund labeled as "highly inappropriate behavior."
As part of Arconic's efforts to achieve a reasonable compromise to enable the both firms to move forward, Arconic said in the settlement discussions that it is willing to select two of Elliott's director nominees to join its board.
The board has reviewed the qualifications of Elliott's nominees and could confirm them by April 26.
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