Summary
This 8-K filing from Alcoa Inc. (the "Company") on February 23, 2010, primarily reports on the upcoming retirement of Bernt Reitan, Executive Vice President and Group President of Global Primary Products. Mr. Reitan is set to retire on August 1, 2010, after a distinguished nearly 40-year career with the company. Prior to his retirement, Mr. Reitan will transition into a role as Chairman's Counsel starting March 1, 2010. Furthermore, the Compensation and Benefits Committee has approved a two-year consulting agreement with Mr. Reitan, commencing August 1, 2010, under which he will provide consulting services to the Global Primary Products Group for an annual fee of $125,000, plus expense reimbursement and office support.
Key Highlights
- 1Bernt Reitan, EVP and Group President, Global Primary Products, to retire effective August 1, 2010.
- 2Mr. Reitan will serve as Chairman's Counsel from March 1, 2010, until his retirement.
- 3A two-year consulting agreement has been approved for Mr. Reitan starting August 1, 2010.
- 4The consulting agreement includes an annual payment of $125,000 for services to the Global Primary Products Group.
- 5Reimbursement for reasonable expenses and office support will be provided under the consulting agreement.
- 6The filing includes a press release dated February 23, 2010, as an exhibit.
Frequently Asked Questions
The primary purpose of this 8-K filing is to announce the retirement of Bernt Reitan, a key executive, and to disclose details of his post-retirement consulting agreement.
From March 1, 2010, until his retirement on August 1, 2010, Mr. Reitan will assume the role of Chairman's Counsel.
The agreement is for two years, starting August 1, 2010, with an annual payment of $125,000 for consulting services to the Global Primary Products Group. The company will also cover reasonable expenses and provide office space and support.
Mr. Reitan's retirement is effective August 1, 2010.