Summary
This 8-K filing for Arconic Inc. (formerly Howmet Aerospace Inc.) primarily reports on changes within its Board of Directors. Effective March 10, 2017, Martin S. Sorrell resigned from the Board to focus on his business interests. To fill this vacancy, the Board appointed David P. Hess, former Executive Vice President and Chief Customer Officer for Aerospace at United Technologies Corporation, as a new director. Mr. Hess's appointment is effective March 10, 2017, and he will be nominated for re-election at the company's 2017 annual meeting. He will serve on board committees at a later date and will receive standard compensation for non-employee directors. The filing also references a press release dated March 2, 2017, which is incorporated by reference and likely details these board changes and potentially other company information. Investors are urged to review the company's preliminary proxy statement and future definitive proxy statements for comprehensive details regarding director nominations and voting matters.
Key Highlights
- 1Martin S. Sorrell resigned from the Board of Directors, effective March 10, 2017.
- 2David P. Hess was appointed as a new director to fill the vacancy left by Mr. Sorrell's resignation.
- 3Mr. Hess's appointment is effective March 10, 2017, and he is a former executive from United Technologies Corporation's Aerospace division.
- 4Mr. Hess will be nominated for re-election at the upcoming 2017 annual shareholder meeting.
- 5Non-employee director compensation policies will apply to Mr. Hess's service.
- 6The company will enter into an indemnity agreement with Mr. Hess, consistent with agreements with other directors.
- 7A press release dated March 2, 2017, containing further details, is incorporated by reference.