Alcoa’s stock price experienced a significant decline of 6% on Monday following the announcement that William Oplinger, the Executive Vice President and Chief Operating Officer, would assume the role of CEO. This transition marked the departure of Roy Harvey, who had held the CEO position since the 2016 split of Alcoa into two independent entities: Alcoa Corporation and Arconic Inc.
The company clarified that this leadership change was part of Alcoa’s carefully planned succession process. In its statement, Alcoa confirmed that William Oplinger was stepping in as the new CEO, while Roy Harvey would continue to serve as a strategic advisor to the CEO until the end of the year.
Steven Williams, the Non-Executive Board Chair, expressed the board’s confidence in William Oplinger, citing his extensive experience with Alcoa as a solid foundation for guiding the company forward.
Before the separation in 2016, William Oplinger had served as Alcoa’s Chief Financial Officer. In addition to becoming the CEO, Oplinger was set to join the Board of Directors.
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