The CEO of Arconic has stepped down after an ugly battle with hedge fund titan Paul Singer
Ruben Sprich/Reuters
Arconic said Kleinfeld stepped down after the board learned he had sent a letter to a senior officer of Elliott Management without consulting the board.
The company also said in a statement that it had not made the decision in reponse to Eliott's criticisms. Elliott, a New York activist hedge fund led by Paul Singer, has been waging an activist campaign against the company for months. A spokesman for Elliott didn't immediately comment.
Board member David Hess has been appointed as interim CEO, Arconic said.
Arconic's stock price has jumped on the news, rising about $1 in value from $26 per share at the start of Monday morning, according to Markets Insider data.
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