Arconic names Chairman John Plant as CEO with immediate effect
Arconic Inc. said Wednesday it has named its Chairman John Plant as chief executive officer with immediate effect. The company, which makes aluminum parts for aircraft and cars, said its board has also appointed Elmer Doty, currently a director, to the office of chief operating officer. Arthur Collins Jr, another director, has been named lead director. Plant, who succeeds Chip Blankenship, has previously served as CEO of TRW Automotive. Doty has served as president and CEO of Accudyne Industries LLC, a maker of flow control systems and industrial compressors. The company said it is reaffirming its full-year 2018 guidance for adjusted per-share earnings. The company raised its full-year guidance in October to a range of $1.28 to $1.34 from a prior range of $1.17 to $1.27. The FactSet consensus is for EPS of $1.32. The company will update investors on its strategy and portfolio review when it reports results on Feb. 8. Shares were down 1.1% premarket and have fallen 25.6% in the last 12 months, while the S&P 500 has gained 1.6%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.