Alcoa’s stock rocked after unexpected CEO transition

Shares of Alcoa Corp. slumped to a multiyear low Monday as the aluminum company said that Roy Harvey had been replaced as chief executive officer after seven years in the role.

Alcoa’s stock AA, -5.01% dropped 5.1% in morning trading. That put it on track for the lowest close since March 1, 2021. It has tumbled 18% over the past three months and plunged 40.8% year to date, while the S&P 500 SPX has rallied 12.8% this year. Harvey had been CEO since the company completed its separation from Arconic Inc. in November 2016. Arconic was acquired by Apollo Global Management Inc. APO, +1.35% in a deal that was completed in August 2023.

“Our board believes Bill’s extensive experience with Alcoa makes him well-positioned to carry the company forward,” said Steven Williams, Alcoa’s board chair.

Source: News Formal (newsformal.com)

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Alcoa names COO William F. Oplinger as CEOAlcoa Corp. said Monday it has named William F. Oplinger as chief executive, replacing Roy C. Harvey who will become strategic adviser to the CEO until Dec....
Source: MarketWatch - 🏆 3. / 97 Read more »

Aluminum producer Alcoa names new president and CEOThe aluminum producer announced in a Monday press release that its current executive vice president is transitioning to president and CEO.
Source: NBCNewYork - 🏆 270. / 63 Read more »

Alcoa Surprises With a New CEO. The Stock Is Dropping.Aluminum maker Alcoa has tapped William Oplinger to succeed Roy Harvey as chief executive. From the share price, investors aren't too happy.
Source: MarketWatch - 🏆 3. / 97 Read more »

10 things to watch in the stock market Monday, including Disney, Ford and AmazonThe Dow, the S&P 500 and the Nasdaq are lower early Monday as bond yields resume their march higher.
Source: CNBC - 🏆 12. / 72 Read more »

5 things to know before the stock market opens MondayHere are the most important news items that investors need to start their trading day.
Source: nbcchicago - 🏆 545. / 51 Read more »

Modest warming trend in the forecast Monday through WednesdayThe warmest day this week appeared to be Wednesday, forecasters said.
Source: KPBSnews - 🏆 240. / 63 Read more »