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      "text": "Against what we believe is a fully objective list of peer companies, Dr. Kleinfeld demonstrates profound underperformance",
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      "text": "Alcoa TSR % vs. Elliott Peer Groups During Dr. Kleinfeld’s Tenure",
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      "text": "TSR: (168%)",
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      "text": "You see that very clearly in the mid and the downstream segment, but also in the upstream segment because there we are focusing on reducing costs as well as optimizing our asset base to get it lower on the cost curve. We have shown sustained improvement in productivity in all of the three groups and we intend to continue that.",
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      "text": "You see that very clearly in the mid and the downstream segment, but also in the upstream segment because there we are focusing on reducing costs as well as optimizing our asset base to get it lower on the cost curve. We have shown sustained improvement in productivity in all of the three groups and we intend to continue that. — Dr. Klaus Kleinfeld, October 9, 2012",
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      "text": "Source: Bloomberg. Note: Total shareholder return numbers calculated May 1, 2008 through October 31, 2016, the day prior to the separation of Alcoa. Note: Upstream Peers, TCS Peers, GRP Peers and EPS Peers defined in Appendix",
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