Plant agrees to new three-year employment agreement; Tolga Oal named co-CEO
PITTSBURGH--(BUSINESS WIRE)-- Arconic Inc. (NYSE: ARNC) announced today that John C. Plant has agreed to a new three-year employment agreement to lead Howmet Aerospace through March 2023 as co-Chief Executive Officer, effective with the expected separation of Arconic Inc. on April 1, 2020. Mr. Plant will serve as Executive Chairman of the Board of Howmet Aerospace.
At separation, Tolga Oal will serve as co-CEO with Mr. Plant. Mr. Oal currently serves as President of Arconic Engineered Structures, a global leader in highly engineered titanium and aluminum components for the aerospace and defense markets.
Since February 2019, Mr. Plant has led the successful transformation of Arconic Inc., which has included improved profitability in 2019. Mr. Plant also has led the separation of Arconic Inc. into two independent, publicly traded companies – Howmet Aerospace Inc. and Arconic Corporation.
Until separation, Mr. Plant will serve as sole Chief Executive Officer of Arconic Inc. and Mr. Oal will hold the title of Co-Chief Executive Officer Designate.
Mr. Oal has more than 20 years of global experience in manufacturing, engineering, sales, finance and product strategy. He joined Arconic in May 2019 from American Axle & Manufacturing in Detroit, Michigan, where he had $4.2 billion P&L responsibility for the Driveline business with 9,000 employees in 17 production and engineering facilities worldwide. Earlier, Mr. Oal held key finance and operations positions in the Electronics business segment of TRW Automotive, where he ultimately had $1.5 billion P&L responsibility, oversight of 3,000 employees and 16 manufacturing and engineering centers in Americas, Europe and Asia. Mr. Oal earned an MBA in International Finance from the University of Florida – Gainesville and a BS in Chemical Engineering / Process Engineering from Bosphorus University in Istanbul, Turkey. He is a graduate of the University of Michigan Executive Management Program at Ann Arbor.
Arconic (NYSE: ARNC) creates breakthrough products that shape industries. Working in close partnership with our customers, we solve complex engineering challenges to transform the way we fly, drive, build and power. Through the ingenuity of our people and cutting-edge advanced manufacturing techniques, we deliver these products at a quality and efficiency that ensure customer success and shareholder value. For more information: www.arconic.com. Follow @arconic: Twitter, Instagram, Facebook, LinkedIn and YouTube.
This 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," "goal," "guidance," "intends," "may," "outlook," "plans," "projects," "seeks," "sees," "should," "targets," "will," "would," or other words of similar meaning. All statements that reflect Arconic’s expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, forecasts and expectations relating to the growth of the aerospace, defense, automotive, industrial, commercial transportation and other end markets; statements and guidance regarding future financial results or operating performance; statements regarding future strategic actions; and statements about Arconic's strategies, outlook, business and financial prospects. These statements reflect beliefs and assumptions that are based on Arconic’s perception of historical trends, current conditions and expected future developments, as well as other factors Arconic believes are appropriate in the circumstances. Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and changes in circumstances that are difficult to predict, which could cause actual results to differ materially from those indicated by these statements. Such risks and uncertainties include, but are not limited to: (a) uncertainties regarding the planned separation, including whether it will be completed pursuant to the targeted timing, asset perimeters, and other anticipated terms, if at all; (b) the impact of the separation on the businesses of Arconic; (c) the risk that the businesses will not be separated successfully or such separation may be more difficult, time-consuming or costly than expected, which could result in additional demands on Arconic’s resources, systems, procedures and controls, disruption of its ongoing business, and diversion of management’s attention from other business concerns; (d) deterioration in global economic and financial market conditions generally; (e) unfavorable changes in the markets served by Arconic; (f) the inability to achieve the level of revenue growth, cash generation, cost savings, improvement in profitability and margins, fiscal discipline, or strengthening of competitiveness and operations anticipated or targeted; (g) competition from new product offerings, disruptive technologies or other developments; (h) political, economic, and regulatory risks relating to Arconic’s global operations, including compliance with U.S. and foreign trade and tax laws, sanctions, embargoes and other regulations; (i) manufacturing difficulties or other issues that impact product performance, quality or safety; (j) Arconic’s inability to realize expected benefits, in each case as planned and by targeted completion dates, from acquisitions, divestitures, facility closures, curtailments, expansions, or joint ventures; (k) the impact of potential cyber attacks and information technology or data security breaches; (l) the loss of significant customers or adverse changes in customers’ business or financial conditions; (m) adverse changes in discount rates or investment returns on pension assets; (n) the impact of changes in aluminum prices and foreign currency exchange rates on costs and results; (o) the outcome of contingencies, including legal proceedings, government or regulatory investigations, and environmental remediation, which can expose Arconic to substantial costs and liabilities; and (p) the other risk factors summarized in Arconic’s Form 10-K for the year ended December 31, 2018 and other reports filed with the U.S. Securities and Exchange Commission (SEC). The statements in this release are made as of the date of this release, even if subsequently made available by Arconic on its website or otherwise. Arconic disclaims any intention or obligation to update publicly any forward-looking statements, whether in response to new information, future events, or otherwise, except as required by applicable law.
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Paul T. Luther