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  "documentTitle": "Arconic Inc. (ARNC)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
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  "presentationDate": "2017-04-11 00:00:00",
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      "kind": "callout",
      "text": "Elliott continues to believe that with the right leadership, the split of Alcoa Inc. into Arconic Inc. and Alcoa Corp. can create value, although it is unfortunate it took Dr. Kleinfeld so long to finally heed the calls of shareholders and analysts",
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      "text": "The ultimate historical record is clear: Dr. Kleinfeld publicly opposed and prevented the consummation of the Separation for years and every dollar of value-creation which may result therefrom constitutes a damning further indictment of his leadership and judgment.",
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      "text": "Elliott Has Previously Recognized Our Focus on Shareholder Value Creation",
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      "text": "Removing various misleading distortions which require over 100 words to explain in a footnote, including the Company's attempt to take credit for the rebound in shares following Elliott's call for managerial change, shareholder value increased only 6.2% since Nov. 9, 2015 at the Dr. Kleinfeld led Arconic, underperforming the S&P Metals and Mining Index by 92%1",
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      "text": "Elliott commended management for FINALLY pursuing the separation of the Upstream and Downstream businesses, once Dr. Kleinfeld reluctantly announced the split and after nearly a decade of resisting the demands of shareholders, analysts and third-party observers",
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      "text": "Following the announcement of the Separation in 2015, Elliott commended Dr. Kleinfeld for finally pursuing the separation of the Company's Upstream and Downstream businesses, after nearly a decade of resistance. However, being the last one in the room to – at long last – “see the light” and do reluctantly what shareholders have long demanded does not warrant meaningful plaudits. Rather, Elliott’s positive comment regarding management, carefully unearthed by the Company from under a mountain of general critiques, can best be likened to the occasional C-minus grade mercifully bestowed upon a failing student. The ultimate historical record is clear: Dr. Kleinfeld publicly opposed and prevented the consummation of the Separation for years and every dollar of value-creation which may result therefrom constitutes a damning further indictment of his leadership and judgment",
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      "text": "Elliott would like to commend the Board and management team for the significant steps taken to build a better Alcoa and maximize value for shareholders. — Elliott Presentation to Alcoa, Nov 9, 2015",
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      "text": "(1) Note: Return excludes appreciation of Alcoa Corp. shares following the 11/1/16 split and is calculated through 1/31/17 – the date on which Elliott initiated its proxy campaign",
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      "text": "Elliott Thanks Dr. Kleinfeld for FINALLY Pursuing a Separation",
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