Howmet Aerospace Chief Executive Officer Announcement

Rhea-AI Summary

Howmet Aerospace Inc. (NYSE:HWM) has announced that John C. Plant will become the sole Chief Executive Officer while retaining his role as Executive Chairman. Plant decided to extend his tenure to guide the company through the expected upturn in the aerospace market. Tolga I. Oal has left the company to pursue other opportunities. The independent Lead Director, James F. Albaugh, expressed confidence in Plant’s leadership, emphasizing the importance of stability as the company navigates this growth phase.

Positive

• John C. Plant's continuation as CEO ensures leadership stability during the aerospace market upturn.
• The company aims to capitalize on expected growth in the aerospace industry.

Negative

• Tolga I. Oal's departure may lead to potential leadership gaps or uncertainty.

PITTSBURGH--(BUSINESS WIRE)-- Howmet Aerospace Inc. (NYSE:HWM) announced today that John C. Plant, Executive Chairman and Co-Chief Executive Officer, will assume the position of sole Chief Executive Officer and continue in his role as Executive Chairman of the Board of Directors. Mr. Plant has elected to remain with Howmet Aerospace past his previously expected departure date so he can continue to lead the Company through the aerospace market upturn. Tolga I. Oal, Co-Chief Executive Officer, has departed the Company to pursue other opportunities.

James F. Albaugh, the Board of Directors’ independent Lead Director, explains: “The Board of Directors is delighted that John has elected to stay and lead the organization continuing to shape and lock in the culture he and his executive team have created. This will ensure leadership stability through the upturn and build on the momentum John has created since taking on the CEO role in February 2019.”

About Howmet Aerospace
Howmet Aerospace Inc., headquartered in Pittsburgh, Pennsylvania, is a leading global provider of advanced engineered solutions for the aerospace and transportation industries. The Company’s primary businesses focus on jet engine components, aerospace fastening systems, and titanium structural parts necessary for mission-critical performance and efficiency in aerospace and defense applications, as well as forged wheels for commercial transportation. With nearly 1,150 granted and pending patents, the Company’s differentiated technologies enable lighter, more fuel-efficient aircraft to operate with a lower carbon footprint. For more information, visit www.howmet.com. Follow: LinkedIn, Twitter, Instagram, Facebook, and YouTube.

Dissemination of Company Information
Howmet Aerospace intends to make future announcements regarding Company developments and financial performance through its website at www.howmet.com.

Forward-Looking Statements
This report contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as “anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “guidance,” “intends,” “may,” “outlook,” “plans,” “projects,” “seeks,” “sees,” “should,” “targets,” “will,” “would,” or other words of similar meaning. All statements that reflect the Company’s expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements and expectations regarding end markets and employment plans. These statements reflect beliefs and assumptions that are based on the Company’s perception of historical trends, current conditions and expected future developments, as well as other factors the Company believes are appropriate in the circumstances. Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict, which could cause actual results to differ materially from those indicated by these statements. Such risks and uncertainties include, but are not limited to: a) uncertainty of the duration, extent and impact of the COVID-19 pandemic on the Company’s business, results of operations, and financial condition; (b) deterioration in global economic and financial market conditions generally, including as a result of pandemic health issues (including COVID-19 and its effects, among other things, on global supply, demand, and distribution disruptions as the COVID-19 pandemic continues and results in an increasingly prolonged period of travel, commercial and/or other similar restrictions and limitations); (c) unfavorable changes in the markets served by the Company; (d) the impact of potential cyber attacks and information technology or data security breaches; (e) the loss of significant customers or adverse changes in customers’ business or financial conditions; (f) manufacturing difficulties or other issues that impact product performance, quality or safety; (g) inability of suppliers to meet obligations due to supply chain disruptions or otherwise; (h) the inability to achieve revenue growth, cash generation, cost savings, restructuring plans, cost reductions, improvement in profitability, or strengthening of competitiveness and operations anticipated or targeted; (i) competition from new product offerings, disruptive technologies or other developments; (j) geopolitical, economic, and regulatory risks relating to the Company’s global operations, including compliance with U.S. and foreign trade and tax laws, sanctions, embargoes and other regulations; (k) the outcome of contingencies, including legal proceedings, government or regulatory investigations, and environmental remediation, which can expose the Company to substantial costs and liabilities; (l) failure to comply with government contracting regulations; (m) adverse changes in discount rates or investment returns on pension assets; and (n) the other risk factors summarized in the Company’s Form 10-K for the year ended December 31, 2020 and other reports filed with the U.S. Securities and Exchange Commission. The Company disclaims any intention or obligation to update publicly any forward-looking statements, whether in response to new information, future events, or otherwise, except as required by applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211014006119/en/

Investor Contact

Paul T. Luther

(412) 553-1950

Paul.Luther@howmet.com

Media Contact

Paul Erwin

(412) 553-2666

Paul.Erwin@howmet.com

Source: Howmet Aerospace Inc.

FAQ

Who is the new CEO of Howmet Aerospace as of the recent announcement?

John C. Plant has been appointed the sole Chief Executive Officer of Howmet Aerospace.

What changes occurred in the leadership of Howmet Aerospace?

Tolga I. Oal has departed, and John C. Plant will now serve as the sole CEO.

What is the stock symbol for Howmet Aerospace?

The stock symbol for Howmet Aerospace is HWM.

Why did John C. Plant decide to stay longer at Howmet Aerospace?

He chose to remain to lead the company through the anticipated aerospace market upturn.

Howmet Aerospace's leadership transition may affect its stock performance?

Leadership stability under John C. Plant may positively influence investor confidence during market growth.