Alcoa Corporation shares slide as chair Steven Williams exits
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The news: Shares in dual-listed Alcoa Corporation fell after the US aluminium giant confirmed that chairman Steven Williams will step down after nine years on the board.
The numbers: Alcoa shares were down 5.4% to $54.71 at 12:30pm AEDT, having first floated on the ASX in July last year following the company's acquisition of Alumina.
The context: Williams has served as a director of Alcoa since its launch as a public company on the New York Stock Exchange in 2016, and as chairman of the board since 2021.
He will continue to serve as both director and chair until the end of his term, concluding at Alcoa's annual meeting in May.
Alcoa said Williams' decision to not stand for re-election is not due to any disagreement with the board or company.
What they said: "Steve has been a key part of transforming Alcoa from its launch into a leading pure play, global upstream aluminium company," said Alcoa's president and CEO William Oplinger.
The source: ASX announcement
