Takeaways
- Alcoa shares fell after the aluminum producer announced that William Oplinger, executive vice president and chief operating officer, had taken over as CEO.
- Oplinger replaced Roy Harvey, who had held the role since Alcoa split into two independent companies in 2016.
- The company said the change reflected the company's succession planning process. #39;Alcoa.
The actions of Alcoa (AA) fell after the aluminum producer announced that Executive Vice President and Chief Operating Officer (COO) William Oplinger would be the company's new CEO.
Alcoa said in a statement that Oplinger replaced Roy Harvey, who will remain a strategic advisor to the CEO until the end of the year. Harvey had served as CEO since November 2016, when Alcoa split into two independent companies, Alcoa Corporation and Arconic Inc.
Alcoa did not explain the reason for the change other than that it “reflects the Company's succession planning process.” The board's non-executive chairman, Steven Williams, said the board “believes that Bill's extensive experience at Alcoa places him in an ideal position to advance the company.”
Before the 2016 separation, Oplinger served as Alcoa's chief financial officer. In addition to taking over as CEO, he will become a member of the board of directors.
The actions of Alcoa fell 6% on Monday to its lowest level in two and a half years after the news. > 
TradingView
Do you have a tip for Investopedia journalists? Please email us at tips@investopedia.com
Source: investopedia.com
