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Alcoa Appoints Two Members to Its Executive Leadership Team
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
management
Rhea-AI Summary
Alcoa Corporation (NYSE: AA) has announced significant leadership changes by appointing Renato Bacchi as Chief Strategy Officer and Kelly Thomas as Chief Commercial Officer. Bacchi, currently the Senior Vice President of Corporate Development, will start in his new role on February 1, 2022. Thomas will join Alcoa on February 14, 2022, and will oversee commercial strategies globally. These appointments aim to bolster Alcoa's executive team to advance the company's strategic priorities.
Positive
Bacchi's promotion may enhance strategic direction given his extensive experience at Alcoa since 1997.
Thomas's leadership in commercial strategies could strengthen sales and procurement across global markets.
Negative
The retirement of Tim Reyes raises concerns about continuity in leadership within the commercial segment.
The restructuring of roles may introduce initial operational challenges as new executives settle in.
PITTSBURGH--(BUSINESS WIRE)--
Alcoa Corporation (NYSE: AA) today announced the appointment of a Chief Commercial Officer and a Chief Strategy Officer to its Executive Leadership Team.
Kelly Thomas (Photo: Business Wire)
Renato Bacchi, 45, is being promoted to Executive Vice President and Chief Strategy Officer, effective February 1, 2022. Bacchi, currently Senior Vice President of Corporate Development and Treasurer, will oversee global strategy, corporate and business development, energy, non-operated joint ventures, and the Company’s Transformation business, which is focused on managing curtailed and closed assets globally, including redevelopment activities. A replacement for Corporate Treasurer will be named in the coming weeks.
Kelly Thomas, 52, will join Alcoa on February 14, 2022, as Executive Vice President and Chief Commercial Officer. She will lead all commercial strategies across Alcoa’s global bauxite, alumina and aluminum markets with overall responsibility for sales, procurement, marketing, and supply chain.
Both Bacchi and Thomas will report directly to Alcoa President and Chief Executive Officer Roy Harvey. As previously announced, Alcoa Executive Vice President and Chief Commercial Officer Tim Reyes has announced his retirement from the Company, effective February 1, 2022. The Company has restructured the role into these two separate executive positions in support of Alcoa’s long-term strategy.
“These two experienced aluminum industry professionals will be important additions to our Executive Leadership Team as we advance our strategic priorities and the work that we’re undertaking in alignment with our vision to reinvent the aluminum industry for a sustainable future,” said Harvey. “We also wish Tim Reyes well in his retirement – he’s made significant contributions to Alcoa and to the aluminum industry during a very distinguished career.”
Bacchi started his Alcoa career in 1997 and has held numerous leadership positions with increasing levels of responsibility. His most current role includes evaluating the best uses of the company’s capital, sourcing and executing transactions including acquisitions, divestitures, and joint ventures. The Treasury role also includes managing risk, cash and relationships with creditors, rating agencies, and commercial banks.
A graduate of the São Paulo University with a degree in electrical engineering, he also earned a Master of Business Administration from Ibmec University (Brazil). He also received the Chartered Financial Analyst designation from CFA Institute and completed an Advanced Management Program at Harvard University.
Thomas brings more than 15 years of experience in the aluminum industry. She joins Alcoa from Vista Metals Corporation, where she is Vice President of Finance and has led strategic planning, corporate development, finance, accounting, and metal risk management. In prior roles, she served as Chief Operating Officer of Electronic Recyclers International (ERI), and in various leadership positions at Aleris North America Rolled Products, Reynolds Metals, and Alcoa Inc.
She served at Alcoa Inc. for more than a decade in various management positions, including as vice president of Alcoa Materials Management, where she led all commercial aspects of Alcoa’s European primary aluminum business, and as the director of metal risk management and as the marketing manager for the primary metals business unit.
She has a bachelor’s degree from the University of Virginia, McIntire School of Commerce, with a concentration in finance.
About Alcoa Corporation Alcoa (NYSE: AA) is a global industry leader in bauxite, alumina, and aluminum products, and is built on a foundation of strong values and operating excellence dating back 135 years to the world-changing discovery that made aluminum an affordable and vital part of modern life. Since developing the aluminum industry, and throughout our history, our talented Alcoans have followed on with breakthrough innovations and best practices that have led to efficiency, safety, sustainability, and stronger communities wherever we operate.
Dissemination of Company Information
Alcoa intends to make future announcements regarding company developments and financial performance through its website, www.alcoa.com, as well as through press releases, filings with the Securities and Exchange Commission, conference calls, and webcasts.
What is the significance of the leadership changes at Alcoa Corporation (NYSE: AA)?
The leadership changes are aimed at strengthening Alcoa’s strategic direction and commercial strategies through experienced appointments.
Who are the newly appointed executives at Alcoa and what are their roles?
Renato Bacchi has been appointed as Chief Strategy Officer, and Kelly Thomas as Chief Commercial Officer, both focusing on advancing Alcoa's strategic priorities.
When do the new executives at Alcoa take their positions?
Renato Bacchi will start on February 1, 2022, and Kelly Thomas will join on February 14, 2022.
What led to the restructuring of the Chief Commercial Officer position at Alcoa?
The restructuring was a strategic decision to split the Chief Commercial Officer role into two separate positions to better address Alcoa's long-term goals.
