Arconic Stock Rises After Announcing the CEO Will Step Down
Arconic shares are up more than 7% on the news.
Arconic (ARNC) - Get Report shares were up more than 5% premarket and have exceeded that gain in regular trading, up more than 7% early Monday. This move came after news Arconic announced CEO Klaus Kleinfeld was stepping down from his position. The CEO sent a letter to Elliott Management without authorization from the board. The company said the letter showed poor judgement. Elliot Management holds a 13.2% stake in the lightweight metals manufacturer.
This article was written by a staff member of TheStreet.
