Arconic Inc (ARNC) -- which was formerly with Alcoa Corp (AA) before being separated into two publicly traded entities -- struggled earlier this month. While up 1.25% Friday, shares are down slightly over the past month, partly due to a lawsuit stemming from the Grenfell Tower fire in London.

The company is currently in a situation where investors aren't sure who the next CEO will be. It was formerly run by Klaus Kleinfeld, who was forced to resign thanks to a scandal pertaining to an activist investor. David Hess is currently serving as the interim CEO.

"I actually like that situation," TheStreet's founder Jim Cramer, who also manages the Action Alerts PLUS charitable trust portfolio, said in regards to not knowing who the next CEO will be.

Why wouldn't you want to know how the CEO will be? Cramer explained that without a clear-cut candidate to lead the company, activist investment firm Elliott Management will likely be able to hand-pick the next leader. If that happens, Arconic, a holding in the Action Alerts PLUS charitable trust portfolio, suddenly becomes a "must buy" stock, Cramer concluded.

Arconic will report earnings Monday before the open. Analysts expect the company to earn 26 cents per share on $3.18 billion in revenue for the most recent quarter.

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At the time of publication, Cramer's Action Alerts PLUS had a position in ARNC. 

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