Arconic Inc. named chief executive officer John C. Plant as the co-CEO of the Howmet Aerospace spinoff that will be established when the light metals and engineered products group is split, a move that is expected on April 1. Also named co-CEO was Tolga Oal, currently the president of Arconic Engineered Structures, and formerly held the post of president-AAM North America for American Axle & Manufacturing.
Plant has been CEO of Arconic since February 2019, when the decision was made to split the organization into two publicly traded companies, Howmet Aerospace Inc. and Arconic Corp.
For Howmet, Plant will be operating on a three-year employment agreement, through March 2023.
Plant also will be the executive chairman of the board of Howmet Aerospace.
Howmet Aerospace will consist of Arconic's current Engineered Products and Solutions operations that produce investment-cast engine components and engineered structures, fastening systems, and forged aluminum wheels. The Howmet name is presently associated with Arconic’s aerospace investment casting and hot isostatic pressing operations, headquartered in Whitehall, MI, a business that Arconic (then, Alcoa) acquired in 2000.
Arconic also named Timothy Myers to serve as CEO of the new Arconic Corp. He currently serves as exec. vice president and group president at Arconic Inc.
The new Arconic will be a producer of aluminum rolled products, extrusions, and architectural products and systems. Its businesses will primarily serve the ground transportation, aerospace, building and construction, industrial, and packaging end-markets.
Arconic was formed in 2016 in a similar break-up of Alcoa Inc.: That group’s mining, refining, and primary aluminum production remained in one portfolio (the current Alcoa), and the rolled products, engineered products, transportation, and construction product lines formed the new business.