Summary
This 8-K filing from Alcoa Inc. (the registrant, previously Howmet Aerospace Inc. before its name change) on January 18, 2008, primarily details significant changes in its leadership and board composition. The report announces the election of Tony R. Thene as the new Vice President and Controller, succeeding Joseph R. Lucot. It also introduces two new independent directors to the Board: E. Stanley O’Neal, former Chairman and CEO of Merrill Lynch, and Michael G. Morris, Chairman, President, and CEO of American Electric Power. Mr. O'Neal will join the Audit Committee, and Mr. Morris will be part of the Public Issues Committee, enhancing the board's expertise in critical areas.
Key Highlights
- 1Tony R. Thene appointed as Vice President and Controller, effective January 18, 2008.
- 2Joseph R. Lucot departing as VP and Controller effective February 1, 2008, after over ten years of service.
- 3E. Stanley O’Neal, former Merrill Lynch CEO, appointed to the Board of Directors.
- 4Michael G. Morris, AEP CEO, appointed to the Board of Directors.
- 5New directors O’Neal and Morris appointed to terms expiring in 2010.
- 6O’Neal named to the Audit Committee, and Morris named to the Public Issues Committee.
- 7Alain J.P. Belda, Chairman and CEO, received a $2,000,000 performance-based cash incentive award for 2007, plus a $1,000,000 discretionary bonus.