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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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  "notes": "The slide uses a dual-line chart to contrast the performance of two entities post-separation, highlighting the impact of activist intervention.",
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      "kind": "callout",
      "text": "In fact, it was not until after Elliott and other shareholders called for managerial change that shares of Arconic rallied roughly 35%",
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      "kind": "chart",
      "text": "Arconic and Alcoa Corp. Returns Post-Separation",
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      "text": "stock returns: 35%",
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      "kind": "paragraph",
      "text": "Shares of Arconic languished following the November 1st split, while shares of Alcoa Corp. rallied under its new shareholder friendly and well-respected management team. In fact, it was not until after Elliott and other shareholders called for managerial change that shares of Arconic rallied roughly 35%",
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      "kind": "quote",
      "text": "\"Very, very focused on cutting costs, and you'll hear me talk about that, that's one of the things that's different about Alcoa Corp. As we go forward, we'll be very, very focused on not only cutting cost at the plant level, but also in the overhead structure... We did not take any of the corporate jets with us. We skinny down the corporate office to only 15 people here in New York. So we're now on one floor in the New York office. We've eliminated our Geneva office. We've gone --and I use these just as examples. We've gone location by location and cut overhead costs, but there's still more work to be done.\" — William F. Oplinger, CFO Alcoa Corp.",
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      "text": "Source: Bloomberg; 35% return calculated from 1/31/17 post-close low",
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      "kind": "title",
      "text": "The Market Has Spoken: Arconic Is Worth More Without Dr. Kleinfeld",
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