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  "documentTitle": "Arconic Inc. (ARNC)",
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  "notes": "The slide uses a narrative of 'demotion' and 'self-promotion' to critique the CEO's motivations.",
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      "text": "The longstanding resistance to the separation seemingly represents another symptom of the broken company culture experienced under Dr. Kleinfeld, who has historically utilized his place at the top of large iconic organizations to promote himself",
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      "kind": "disclaimer",
      "text": "Note: Size comparison of Alcoa Inc. and Siemens measured by both revenue and total assets; nalysis of NYC head-quartered capital goods companies based upon Capital IQ screening and excludes holding companies",
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      "text": "As extensively detailed in Elliott’s February 7th letter... Dr. Kleinfeld resisted separating the Company’s downstream and upstream assets for more than seven years... In fact, it was not until September 2015... that the Company finally announced the Separation... However, at least some part of Dr. Kleinfeld’s historical refusal... was likely motivated by his desire to continue running a large conglomerate... As a result of the separation... Dr. Kleinfeld’s orbit has now been shrunk even further... Unfortunately for shareholders, Dr. Kleinfeld has yet to realize that running a mid-size industrial concern is different than running a $100 billion dollar-plus multi-national conglomerate... In fact, Arconic is the only capital goods company with a market capitalization of between $250 million and $50 billion head-quartered in New York City",
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      "text": "Why Did Dr. Kleinfeld Resist the Separation for So Long?",
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