Summary
This Form 8-K filing from Alcoa Inc. (now Howmet Aerospace Inc.) on January 9, 2013, primarily reports on significant executive changes within its finance department. The key event is the retirement of Charles D. McLane, Jr., Executive Vice President and Chief Financial Officer, who will step down on August 1, 2013, after a long tenure. This transition marks the end of an era for Alcoa's financial leadership.
Key Highlights
- 1Retirement of Charles D. McLane, Jr., EVP and CFO, effective August 1, 2013.
- 2William F. Oplinger appointed as the new Chief Financial Officer, effective April 1, 2013.
- 3Mr. Oplinger has extensive experience within Alcoa, including roles in finance, investor relations, and operations.
- 4Mr. Oplinger's compensation package includes a base salary of $450,000, variable cash incentives up to 200% of base salary, and potential equity awards.
- 5Mr. Oplinger is eligible for an annual equity award guideline of $1,250,000 starting in January 2014.
- 6The company will enter into standard executive severance and indemnity agreements with Mr. Oplinger.
- 7A press release detailing these executive changes is attached as an exhibit.