NEW YORK--(BUSINESS WIRE)--Elliott Management Corporation (“Elliott”), which manages funds that collectively beneficially own a 13.2% economic interest in Arconic Inc. (NYSE: ARNC) (“Arconic” or the “Company”), today released a new video on NewArconic.com titled “Klaus Kleinfeld vs. the Facts.”
Shortly after Elliott issued its call for leadership change at Arconic, CEO Klaus Kleinfeld took to the airwaves and encouraged all shareholders to “look at the track record” and to “let the facts speak.”
Taking him up on this offer, Elliott’s new video, “Klaus Kleinfeld vs. The Facts,” details Dr. Kleinfeld’s track record of underperformance, debunks his excuses for his poor record, and demonstrates the strong shareholder support that has emerged in favor of a new leader for Arconic.
Specifically, the video highlights the following, among other important data points that shareholders should consider:
- Dr. Kleinfeld has the worst track record of any continuously tenured CEO in the S&P 500 over his tenure.
- Alcoa has underperformed all of its peers and the broader indexes during Dr. Kleinfeld’s time as CEO.
- In the wake of Elliott’s call for a change in management, Arconic’s shares rose more than 30%, a stronger reaction than upon the announcement of any other proxy contest in at least the last decade.
Elliott encourages investors to watch the video in its entirety at NewArconic.com and make sure that they “look at the track record” of Dr. Klaus Kleinfeld. If shareholders compare that track record to the expertise and performance of the highly qualified, independent director nominees and Larry Lawson, whom Elliott has suggested the Board consider as a candidate to replace Dr. Kleinfeld, they will agree that voting the BLUE card is what is best for Arconic.
Watch the video in its entirety at http://newarconic.com/shareholder-information/videos.
Elliott Associates, L.P. and Elliott International, L.P. (collectively, “Elliott”), together with the other participants in Elliott’s proxy solicitation, have filed a definitive proxy statement and accompanying BLUE proxy card with the Securities and Exchange Commission (“SEC”) to be used to solicit proxies in connection with the 2017 annual meeting of shareholders (the “Annual Meeting”) of Arconic Inc. (the “Company”). Shareholders are advised to read the proxy statement and any other documents related to the solicitation of shareholders of the Company in connection with the Annual Meeting because they contain important information, including information relating to the participants in Elliott’s proxy solicitation. These materials and other materials filed by Elliott with the SEC in connection with the solicitation of proxies are available at no charge on the SEC’s website at http://www.sec.gov. The definitive proxy statement and other relevant documents filed by Elliott with the SEC are also available, without charge, by directing a request to Elliott’s proxy solicitor, Okapi Partners LLC, at its toll-free number 1-877-869-0171 or via email at firstname.lastname@example.org.
Elliott Management Corporation manages two multi-strategy hedge funds which combined have more than $32 billion of assets under management. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest hedge funds under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm.