| | • | | William F. Oplinger, Executive Vice President and Chief Financial Officer, will continue to be responsible for finance functions and transformation assets, with added responsibility for corporate development. |
| | • | | Timothy Reyes, currently Executive Vice President and President, Aluminum, has been named Executive Vice President and Chief Commercial Officer. Reyes will be accountable for: creating customer-focused commercial strategies across the bauxite, alumina, aluminum, and energy markets and the procurement function to maximize the capabilities of Alcoa’s operating locations and capitalize on market opportunities; business development focused on new areas of growth; strategic analysis and planning; supply chain management; and customer service. |
| | • | | John Slaven, currently Executive Vice President and Chief Strategy Officer, has been named Executive Vice President and Chief Operations Officer. Slaven will be accountable for the Company’s operating locations, ensuring safety, maximizing the operating performance and reliability of the operations, and enhancing the long-term value of Alcoa’s assets through a manufacturing center of excellence. |
With the elimination of the business unit structure, Michael Parker, Executive Vice President and President, Alumina, and Garret Dixon, Executive Vice President and President, Bauxite, will depart Alcoa after assisting with the transition to the new operating model. Harvey added, “Michael and Garret are incredible business leaders and strong operators who have significantly contributed to the growth and success of our Company. They are the very best of professionals and I thank them for their outstanding leadership and support.”
Additional organizational changes to reduce overhead are planned. The Company is finalizing the related financial impacts and expects to report restructuring charges at the close of the third quarter, with the restructuring anticipated to be substantially complete by the end of the first quarter 2020.
The Company will continue to report financial results for each of its segments (Bauxite, Alumina, Aluminum).
About Alcoa
Alcoa (NYSE: AA) is a global industry leader in bauxite, alumina, and aluminum products, and is built on a foundation of strong values and operating excellence dating back more than 130 years to the world-changing discovery that made aluminum an affordable and vital part of modern life. Since developing the aluminum industry, and throughout our history, our talented Alcoans have followed on with breakthrough innovations and best practices that have led to efficiency, safety, sustainability, and stronger communities wherever we operate. Visit us online on www.alcoa.com, follow @Alcoa on Twitter, and on Facebook at www.facebook.com/Alcoa.
Dissemination of Company Information
Alcoa Corporation intends to make future announcements regarding company developments and financial performance through its website at www.alcoa.com.
Forward-Looking Statements
This press release contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as “anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,” “intends,” “may,” “outlook,” “plans,” “projects,” “seeks,” “sees,” “should,” “targets,” “will,” “would,” or other words of similar meaning. All statements that reflect the Company’s expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements. Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and changes in circumstances that are difficult to predict. Although the Company believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that these
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