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      "text": "Dr. Kleinfeld’s resistance to a separation of the Upstream and Downstream business dates back all the way to 2008",
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      "text": "The Separation was a long time coming... a really, really long time",
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      "text": "“We are downgrading our rating on Alcoa to Neutral from Overweight as we believe the market will be disappointed with both the strategic direction from the new CEO, [Dr.] Klaus Kleinfeld, and the company’s near term earnings due to higher than expected input costs.” — J.P. Morgan, 6/10/08; “Throughout his speech, [Dr.] Kleinfeld kept emphasizing that Alcoa’s integrated structure is a key strength, not just for Alcoa but for the industry as a whole.” — Platts Metals Week Article, 9/15/08; “The Alcoa advantage raises the question that I have heard from many of you and I think that we more and more often have good answers to it raises the question of what gives you Alcoa the right to own that business?” — Dr. Kleinfeld, 11/10/2010",
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      "text": "“Dr. Kleinfeld Deserves Credit for the Split” (cont.)",
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