- After almost seven years in the position
- Praise and thanks for Harvey
- Bill Oplinger taking over
(exechange) — Pittsburgh, Pennsylvania, September 25, 2023 — Roy Harvey, chief executive of Alcoa, leaves his position. As announced by Alcoa Corp. in a news release and in a regulatory filing published on Monday, September 25, 2023, Roy C. Harvey has left his post as chief executive officer at the specialist in bauxite, alumina, and aluminum products, after almost seven years in the role, effective September 24, 2023.
Generally speaking, it raises questions when a CEO leaves his post abruptly.
Roy Harvey’s duties as CEO will be taken over by William F. (Bill) Oplinger, most recently Chief Operations Officer at Alcoa Corp.
“Reflects the Company’s succession planning process”
Alcoa did not give an explicit reason for Roy Harvey’s departure from the CEO post. Alcoa stated: “The transition of the President and CEO roles reflects the Company’s succession planning process.”
Precise information regarding Roy Harvey’s future plans was not immediately available.
“Cease to serve”
Alcoa said: “Oplinger succeeds Roy C. Harvey, effective September 24, 2023, who will serve as Strategic Advisor to the Chief Executive Officer until December 31, 2023.”
Alcoa further said: “The Board of Directors (the “Board”) of Alcoa Corporation (the “Company”) elected Mr. William F. Oplinger to serve as President and Chief Executive Officer of the Company on September 24, 2023 (the “Effective Date”), effective on such date. On the Effective Date, the Board determined that Mr. Roy C. Harvey, the Company’s current President and Chief Executive Officer, will cease to serve in such roles effective immediately on such date, and appointed him to the position of Strategic Advisor to the Chief Executive Officer until his employment ends with the Company on December 31, 2023 (the “Separation Date”).”
Share price decline since September 2022
The announcement follows a decline in Alcoa Corp.’s share price of 41% since September 2022.
In the position of CEO since 2016
Roy Harvey became CEO of the Company in 2016.
Harvey has served as the President and CEO of Alcoa.
Harvey has served as CEO of Alcoa since 2016 and as President since 2017.
From 2015 until November 1, 2016, the date of the separation of Alcoa from its former parent company, Alcoa Inc. (the “Separation”), Harvey was Executive Vice President of Alcoa Inc. and President of its Global Primary Products business.
From 2014 to 2015, he was Executive Vice President, Human Resources and Environment, Health, Safety and Sustainability at Alcoa Inc.
Harvey held a variety of operational and financial assignments across the U.S., Europe, and Latin America during his career at Alcoa Inc., predominantly in its upstream business.
As the Chief Operating Officer for Global Primary Products from 2013 to 2014, he oversaw the day-to-day global operations of the mining, refining, smelting, casting, and energy businesses.
Prior to that role, he was Chief Financial Officer for Global Primary Products from 2011 to 2013.
Harvey was also Director of Investor Relations from 2010 to 2011 and Director of Corporate Treasury in 2010.
Harvey joined Alcoa Inc. in 2002.
No statement by Roy Harvey
In the release announcing his departure as CEO of Alcoa Corp., Roy Harvey received praise and thanks.
The announcement of his departure as CEO does not include a statement by Roy Harvey.
Push-out Score for Roy Harvey’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Roy Harvey was pushed out or felt pressure to leave his position.
exechange reached out to Alcoa and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 40.2023 ($).