8-KLeadership ChangesExhibits & Filings

Howmet Aerospace Inc. 8-K Report, Executive Changes (Mar 18, 2019)

Filed March 18, 2019For Securities:HWM

Summary

This 8-K filing from Arconic Inc. (which would later become Howmet Aerospace Inc.) on March 18, 2019, primarily announces the separation agreement with its former Chief Executive Officer, Charles P. Blankenship. The agreement details a cash payment of $4.6 million to Mr. Blankenship, contingent on his release of claims and adherence to ongoing obligations. Investors should note that this filing marks a significant leadership change and the financial implications of such departures. The separation agreement includes standard clauses such as mutual non-disparagement and cooperation, and reaffirms Mr. Blankenship's commitment to pre-existing confidentiality and non-compete agreements. While the financial impact of the severance is detailed, the broader strategic implications of the CEO's departure and its effect on the company's future direction are not elaborated upon in this specific filing.

Key Highlights

  • 1Announcement of a separation agreement with former CEO, Charles P. Blankenship.
  • 2Mr. Blankenship will receive a cash payment of $4,600,000 as part of the separation.
  • 3The payment is contingent upon Mr. Blankenship's non-revocation of a general release of claims and compliance with the agreement's terms.
  • 4The separation agreement includes mutual non-disparagement, mutual general release of claims, and cooperation covenants.
  • 5Mr. Blankenship acknowledges continued adherence to his existing Confidentiality, Developments, Non-Competition and Non-Solicitation Agreement.
  • 6The filing includes the separation agreement as an exhibit.
  • 7The report was filed by Arconic Inc. before its subsequent rebranding as Howmet Aerospace Inc.

Frequently Asked Questions

The primary purpose of this 8-K filing is to formally announce the separation agreement between Arconic Inc. (the registrant at the time) and its former Chief Executive Officer, Charles P. Blankenship, detailing the terms of his departure.

The separation agreement stipulates a cash payment of $4,600,000 to Mr. Blankenship. This represents a one-time expense related to the executive's departure.

Yes, Mr. Blankenship is bound by mutual non-disparagement and cooperation covenants. He also continues to be subject to the terms of his existing Confidentiality, Developments, Non-Competition and Non-Solicitation Agreement with the company.

This filing was made by Arconic Inc. in March 2019. The company later separated its businesses, and the upstream businesses subsequently rebranded as Howmet Aerospace Inc. While this filing pertains to the entity that would evolve into Howmet Aerospace, it was made under the Arconic Inc. name.