Alcoa (NYSE:AA), the Pittsburgh-based aluminum producer, has named William Oplinger as its new president and CEO, effective immediately, the company announced.
Oplinger, 56, previously served as an executive vice president and chief operations officer starting in February. He succeeds Roy Harvey, who will transition to the role of strategic advisor to the CEO through 2023, according to a statement.
Shares of the company tumbled more than 5% early Monday afternoon.
“Roy has guided Alcoa (NYSE:AA) since its launch as a public company in November 2016, helping to transform Alcoa into the stronger and more resilient company that it is today,” said Steven Williams, the company’s non-executive chairman of the board, in a statement.
“Our board believes Bill’s extensive experience with Alcoa makes him well-positioned to carry the company forward.”
Alcoa also said the leadership transition is a result of its “succession planning process.”
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