In a move that surprised markets, U.S. aluminum giant Alcoa (AA) has named a new chief executive officer (CEO).
The Pittsburgh-based company said that William Oplinger has succeeded Roy Harvey as CEO. Alcoa added that Harvey will remain on as a strategic adviser until December 31 of this year.
Oplinger, 56, had previously served as Alcoa’s chief operations officer. Harvey had been the company’s CEO since November 2016, which is when the aluminum maker went public.
Alcoa didn’t elaborate on the CEO change, saying in a news release that the switch was part of its “succession planning process.”
Alcoa is scheduled to report its third-quarter financial results in mid-October.
The stock of Alcoa has declined 40% so far in 2023 and currently trades at $26.63 U.S. per share.
