Arconic Inc. ARNC
The three reasons
- 1
Arconic shareholders lost ~70% of their value; CEO Kleinfeld is one of the worst-performing tenured CEOs in the U.S.
- 2
$6.2B invested since 2013 generated just $154M of incremental NOPAT — profoundly poor asset utilization vs. PCC
- 3
Board traded company assets for votes via a secret voting lock-up, exposing a governance and accountability failure
Primary demands
- Replace CEO Dr. Klaus Kleinfeld with a leader who has successful industry operating experience
- Elect Elliott's four director nominees (Christopher Ayers, Elmer Doty, Bernd Kessler, Patrice Merrin) to the Arconic board
- Separate the Chairman and CEO roles
- Reincorporate in Delaware and institute an annually elected board
- Decentralize decision-making and empower plants with pay-for-performance incentives
- Close the EPS margin gap with Precision Castparts and 'fill the mill' at Global Rolled Products
- Disclose and unwind the Secret August Voting Lock-Up ('vote-buying') agreement
KPIs cited
Pattern membership
Where this document fits across the library's 12 rhetorical / structural patterns.
Notable slides (10)
Notes
Landmark Elliott proxy fight deck in the 2017 Arconic campaign. Strong SCQA structure: (S) Arconic is a $11.6B aerospace/industrials supplier; (C) under CEO Kleinfeld, TSR down ~70% with broken culture, incoherent strategy, vote-buying governance scandal; (Q) who should lead the company?; (A) new CEO + 4 Elliott-nominated directors + plant-empowerment operating model. Uses named villain (Kleinfeld) extensively, opens with 'A NEW ARCONIC' branded title designed to stand up its own campaign identity (www.NewArconic.com). Pages 9 (TSR peer-gap table), 10 ($6.2B / $154M drip-faucet visual), 13 (PCC peer-gap quad bar chart), 15 (CEO quote contradiction with portrait) and 16 ('Vote Buying Agreement' board-game illustration) are exceptional slide-craft specimens. Deck was part of the campaign that led to Kleinfeld's ouster on April 17, 2017 — days after this deck was published. No sum-of-parts valuation; this is a performance-and-governance case, not a breakup thesis. Date pulled from cover slide (April 11, 2017). Large page count (336) reflects extensive appendix with operational deep-dives, governance history, objection rebuttals, and director nominee bios.