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Alcoa announces restructuring of Executive Leadership Team
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Positive)
Tags
management
Rhea-AI Summary
Alcoa Corporation (NYSE: AA) announced a restructuring of its Executive Leadership Team effective February 1, 2023, aimed at enhancing operational excellence, cost management, and innovation. William F. Oplinger will transition from CFO to COO, while Molly Beerman assumes the role of CFO. Renato Bacchi will become Chief Strategy & Innovation Officer, overseeing R&D. The company will see departures of John D. Slaven and Benjamin D. Kahrs. The restructuring aligns with Alcoa's commitment to operate sustainably and improve profitability in the aluminum industry.
Positive
Restructuring focuses on operational excellence, cost management, and innovation.
Molly Beerman's appointment as CFO may bring fresh insights and leadership.
William Oplinger's operational background supports strategic goals.
Negative
Departures of experienced leaders John D. Slaven and Benjamin D. Kahrs may disrupt continuity.
Plan supports continued focus on cost, operational excellence, innovation
PITTSBURGH--(BUSINESS WIRE)--
Alcoa Corporation (NYSE: AA) today announced a restructuring of its Executive Leadership Team to further improve the Company’s rigorous focus on operational excellence, cost, and innovation.
The changes, effective February 1, 2023, will include the reassignment of responsibilities for two existing members of the Executive Leadership Team and the appointment of a new Chief Financial Officer.
William F. Oplinger, currently Executive Vice President (EVP) and Chief Financial Officer, will become EVP and Chief Operations Officer.
Molly Beerman, currently Senior Vice President and Controller, has been appointed EVP and Chief Financial Officer. She will also be the executive member to oversee Alcoa’s Information Technology and Automation Solutions team.
Renato Bacchi, currently EVP and Chief Strategy Officer, will take on added responsibilities to become EVP, Chief Strategy & Innovation Officer, including overseeing Alcoa’s breakthrough research and development technologies.
“This restructuring will ensure continued improvement and focus on Alcoa’s strategies to operate as a low-cost, margin-focused, sustainable producer,” said Alcoa President and CEO Roy Harvey. “The plan is fully aligned with our Company’s purpose and vision to reinvent the aluminum industry, and it will integrate the corporate strategy team with our innovative and breakthrough technologies.”
As part of the restructuring, John D. Slaven, current EVP and Chief Operations Officer, and Benjamin D. Kahrs, EVP and Chief Innovation Officer, will be leaving the Company.
“John and Ben are tremendous professionals and exceptional leaders who have contributed significantly to Alcoa’s success,” Harvey said. “I thank them for their strong leadership and commitment to excellence, and we will continue to build on their achievements.”
William F. Oplinger has served as Alcoa Corporation’s Chief Financial Officer since November 2016, when the Company completed a legal and structural separation from Alcoa Inc. (the Separation).
Oplinger has demonstrated expertise in finance and has prior operational experience, including previously serving as the Chief Operating Officer for Alcoa Inc.’s Global Primary Products division, which includes assets now controlled by Alcoa Corporation. Prior to his role with Alcoa Corporation, he served three years as Executive Vice President and Chief Financial Officer of Alcoa’s former parent company, which he joined in 2000.
Mr. Oplinger has a bachelor’s degree in Industrial Engineering and Operations Research from Virginia Tech and a Master of Science in Industrial Administration from Carnegie Mellon University.
Molly S. Beerman served as the Company’s Vice President and Controller from December 2016 through October 2019, when she was promoted to Senior Vice President and Controller.
She served as Director, Global Shared Services Strategy and Solutions from November to December 2016. In 2016, she held a consulting role with Alcoa Inc., assisting in the plans for the Separation in November 2016. From 2012 to 2015, Beerman served as Vice President, Finance and Administration for a non-profit organization focused on community issues. Prior to that, she worked for 11 years for Alcoa Inc. in a variety of roles in the finance function and was the director of global procurement center of excellence from 2008 to 2012. Earlier in her career, she served in financial management positions at Carnegie Mellon University, PNC Bank, and Deloitte.
Beerman obtained a bachelor’s degree in Business Administration, Accounting from Duquesne University in Pittsburgh. She is a Certified Public Accountant, Commonwealth of Pennsylvania.
Renato Bacchi will take on added responsibilities to become Chief Strategy & Innovation Officer, including overseeing Alcoa’s breakthrough R&D technologies that support the Company’s vision to reinvent the aluminum industry.
Bacchi was previously Senior Vice President and Treasurer of Alcoa Corporation from November 2019 through January 2022. In addition to responsibility for global treasury activities, Mr. Bacchi also had accountability for Alcoa’s Corporate Development function, which included evaluating the best uses of the company’s capital, sourcing and executing acquisition and divestiture transactions, and joint ventures. Prior to that role, he was Vice President and Treasurer, which included managing risk, cash and relationships with creditors, rating agencies, and commercial banks.
Prior to the Separation of Alcoa Inc. into two separate companies in 2016, Mr. Bacchi was Assistant Treasurer of Alcoa. He joined Alcoa Inc. in 1997.
Bacchi graduated from São Paulo University (Brazil) with a degree in Electrical Engineering, and earned a Master of Business Administration degree from IbMec University (Brazil).
About Alcoa Corp.
Alcoa (NYSE: AA) is a global industry leader in bauxite, alumina and aluminum products with a vision to reinvent the aluminum industry for a sustainable future. With a values-based approach that encompasses integrity, operating excellence, care for people and courageous leadership, our purpose is to Turn Raw Potential into Real Progress. Since developing the process that made aluminum an affordable and vital part of modern life, our talented Alcoans have developed breakthrough innovations and best practices that have led to greater efficiency, safety, sustainability and stronger communities wherever we operate.
Dissemination of Company Information
Alcoa Corporation intends to make future announcements regarding company developments and financial performance through its website at www.alcoa.com, as well as through press releases, filings with the Securities and Exchange Commission, conference calls and webcasts.
What changes were announced in Alcoa's Executive Leadership Team?
Alcoa announced a restructuring that includes William F. Oplinger as COO, Molly Beerman as CFO, and Renato Bacchi as Chief Strategy & Innovation Officer.
When did the changes to Alcoa's leadership take effect?
The changes took effect on February 1, 2023.
What is the expected impact of Alcoa's leadership restructuring on the company?
The restructuring aims to enhance operational efficiency and innovation, aligning with Alcoa's goals for sustainable production.
Who is the new Chief Financial Officer of Alcoa?
Molly Beerman has been appointed as the new Chief Financial Officer.
How might William Oplinger's experience benefit Alcoa after the restructuring?
William Oplinger's extensive operational experience is expected to enhance Alcoa's strategic initiatives and operational focus.
Why are John D. Slaven and Benjamin D. Kahrs leaving Alcoa?
The press release does not specify the reasons for their departure, but it notes their significant contributions to the company's success.
