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      "text": "Analysts and investors extolled the benefits of a separation of Alcoa Inc.’s Upstream and Downstream businesses for years, while Dr. Kleinfeld dragged his feet and argued that he was the best steward of the Company’s various assets",
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      "text": "In an attempt to distract shareholders from his historical track record of epically bad execution and record setting value destruction, Dr. Kleinfeld has repeatedly pointed to the Separation as one of his achievements and great epiphanies, going as far as to claim full and singular credit for the strategy in a nationally televised CNBC interview on February 1, 2017: \"Alcoa Corporation would not exist if it hadn't been for me basically creating it\"\n\nDr. Kleinfeld's comments are not only demeaning to the thousands of Alcoa Inc. employees whose hard-work made the Separation possible, but they also mask the fact that Dr. Kleinfeld actually resisted separating the downstream and upstream assets for more than seven years despite a steady drumbeat of commentary from Wall Street as well as outside observers pushing for the transaction.\n\nWhile investors and analysts highlighted the value creation opportunity associated with separating, Dr. Kleinfeld stubbornly and consistently argued that the benefits of integration outweighed the advantages associated with a split, pointing to the “Alcoa Advantage” – a series of soft, intangible and difficult-to-quantify hypothetical benefits – as rationale for not pursuing a break-up\n\nIt was only in September 2015, after many years of poor operational execution, dramatic share price underperformance and obstinate resistance to a break-up that the Company finally announced the Separation shortly after Elliott’s stake-building had begun (and our HSR filed) and without providing any clear rationale for the sudden 180-degree about-face in strategy",
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      "text": "“Dr. Kleinfeld Deserves Credit for the Split”",
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