Alcoa Corp chairman to exit, board to shrink

Alcoa Corporation (NYSE:AA), currently trading at $37.25 and showing a robust 34.8% return over the past year, announced today that Steven W. Williams, the Chairman of its Board of Directors, has decided not to stand for re-election at the upcoming Annual Meeting of Stockholders.

Williams, who has been a director since the company’s inception as a public entity in 2016 and Chairman since 2021, will continue to serve until the end of his term. According to InvestingPro analysis, the company maintains a Fair financial health rating with particularly strong price momentum scores.

The company clarified that Williams’ departure is not due to any disagreement with the Board or the Company. Following his exit, the Board will be reduced from twelve to eleven members. Alcoa’s President and CEO, William F.

Oplinger, acknowledged Williams’ significant role in Alcoa’s development into a prominent, global upstream aluminum company and expressed gratitude for his leadership and contributions over his tenure. The company has maintained solid operational metrics with a current ratio of 1.45 and revenue growth of 12.74% in the last twelve months.

The announcement came through a filing with the SEC on Thursday, February 20, 2025, and the changes will take effect after the Annual Meeting. The news may interest investors and stakeholders of Alcoa Corp, as leadership transitions can influence company strategy and governance. For investors seeking deeper insights, InvestingPro offers additional analysis through its comprehensive Pro Research Report, including detailed financial metrics and future growth projections.

The information is based on a press release statement.

In other recent news, Alcoa Corporation reported stronger-than-expected earnings for the third quarter of 2024, with an earnings per share (EPS) of $1.04, surpassing the forecast of $0.93. The company also exceeded revenue expectations, reporting $3.49 billion compared to the projected $3.29 billion.

Jefferies maintained its Buy rating on Alcoa, setting a price target of $45, following the company’s positive financial performance, which included an EBITDA of $677 million, beating their projection of $624 million. Additionally, Alcoa declared a quarterly cash dividend of $0.10 per share, applicable to both its common and Series A convertible preferred stock.

In other developments, Alcoa’s shares rose following President Trump’s announcement of a 25% tariff on steel and aluminum imports, a move seen as potentially beneficial for domestic producers. Meanwhile, Japan and Australia have sought exemptions from these tariffs, which are set to be reinstated on allied nations.

Alcoa’s ongoing strategic focus includes a revised alumina shipment outlook, anticipating a $30 million improvement in the alumina segment for the fourth quarter. These recent developments reflect Alcoa’s continued efforts to enhance shareholder value and financial performance amidst changing market conditions.

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