Summary
This 8-K filing from Alcoa Inc. (which was the parent company of Howmet Aerospace before its spin-off) reports a key change in its Board of Directors. Effective November 13, 2008, Patricia F. Russo was appointed to the Board. Ms. Russo brings significant executive experience, having previously served as the Chief Executive Officer of Alcatel Lucent. Her appointment to the Board, specifically to a class of directors whose terms expire in 2009, and her inclusion on the Compensation and Benefits Committee, signals a focus on strategic leadership and potentially the oversight of executive compensation. Investors should note that Ms. Russo will receive standard director compensation and be covered by the company's indemnity agreements, as is customary for board members.
Key Highlights
- 1Alcoa Inc. appointed Patricia F. Russo to its Board of Directors, effective November 13, 2008.
- 2Ms. Russo is a former Chief Executive Officer of Alcatel Lucent, bringing extensive leadership experience.
- 3She has been appointed to the class of directors whose terms expire at the 2009 annual shareholder meeting.
- 4Ms. Russo has been named as a member of Alcoa's Compensation and Benefits Committee.
- 5Director compensation for Ms. Russo will follow the company's established policy outlined in its proxy statement.
- 6An indemnity agreement will be entered into with Ms. Russo, consistent with agreements for other directors.