New York — US specialty metals maker Arconic on Monday named a veteran of General Electric as chief executive, six months after the company’s former CEO resigned under pressure from its largest shareholder. The company tapped Chip Blankenship as its CEO, a move that pleased Elliott Management, Arconic’s biggest shareholder with a 12.1% stake. The activist investor, which had another choice for CEO, had been pushing for changes at the company and at the beginning of the year nominated directors to the board. It also has been trying to get Arconic to boost its stock price. "Chip Blankenship is an excellent selection.… We have confidence that Chip will deliver the results and returns that Arconic is capable of producing," Dave Miller, senior portfolio manager at Elliott, said in a statement. Arconic’s former CEO, Klaus Kleinfeld, resigned in April after the company found he sent a letter in "poor judgment" to Elliott, with whom it was embroiled in a proxy war. Elliott’s choice to lead ...
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