Alcoa Corp (NYSE:AA) shares are trading lower. The company on Monday announced a CEO transition.
What Happened: Alcoa said William Oplinger was elected to serve as president and CEO of the company, as well as a member of its board.
Oplinger will succeed Roy Harvey, effective as of Sept. 24. Harvey is set to serve as strategic advisor to Oplinger until the end of the year.
Harvey had served as CEO of Alcoa since 2016 and president since 2017. Alcoa said the transition reflects the company’s succession planning process.
“I am extremely honored to lead a company with such a rich legacy and build upon the progress we’ve made over these past several years,” Oplinger said.
“We’ve strengthened our Company and we will be focused on executing on our strategies to create value today while we work on our long-term vision to reinvent the aluminum industry for a sustainable future.”
See Also: Morgan Stanley Strategist Advocates Defensive Stance As Market Dynamics Shift
AA Price Action: Alcoa shares were down 4.94% at $26.95 at the time of publication, according to Benzinga Pro.
Photo: Dimitris Vetsikas from Pixabay.
