Arconic CEO John Plant has agreed to a three-year employment agreement to lead Howmet Aerospace through March 2023 as co-CEO.  Plant will also serve as executive chairman of the board of Howmet Aerospace.

At separation, Tolga Oal, who currently serves as President of Arconic Engineered Structures, will serve as co-CEO with Plant.

Earlier in February, Arconic’s board approved the completion of the company’s separation into two independent, publicly traded companies. The separation is scheduled to become effective on April 1, 2020.

The Engineered Products and Forgings businesses (engine products, fastening systems, engineered structures and forged wheels) will remain in the existing company, which will be renamed Howmet Aerospace Inc.

The Global Rolled Products businesses (global rolled products, aluminum extrusions and building and construction systems) will be held by a new company that will be named Arconic Corp.

Joining the Howmet Aerospace Board will be: Joseph Cantie; Robert Leduc; Jody Miller; and Nicole Piasecki.

During 2019, EP&F segment revenue rose 5% to $7.1 billion. Segment operating profit increased 26% to $1.39 billion, while profit margin gained 330 basis points to 19.6%.

Arconic was formed in 2016 after Alcoa’s board unanimously approved a plan to separate Alcoa into two independent, publicly-traded companies.

Torrance, CA-based Arconic Fastening Systems & Rings designs and manufactures fastening systems and rings, including specialty fasteners, fluid fittings, assembly components, installation systems, and seamless rings, for aerospace and industrial applications. AFSR has over 8,700 employees at 39 locations in 13 countries. Web: Arconic.com