Apollo Funds has successfully concluded its previously announced acquisition of Arconic Corp., a Pittsburgh-based manufacturer specializing in aluminum extrusions, sheet, and plate. Simultaneously, Arconic’s board of directors has introduced Chris Ayers as the new board chair and CEO, effective from September 11.
Current Arconic CEO Tim Myers expressed his thoughts on the transaction, stating, “The closing of this transaction with Apollo Funds brings new perspective combined with deep industry expertise that will benefit our customers, employees, investors, and the communities where we operate.”
Apollo Funds partners Gareth Turner and Itai Wallach shared their perspective in a published statement, saying, “We believe Arconic’s world-class manufacturing capabilities, metallurgical expertise, and talented team position it for continued momentum and success in this next chapter of the company’s evolution.”
Chris Ayers has been a member of Arconic’s board of directors for the past seven years and has held various executive roles with Alcoa Corp., which previously owned Arconic’s assets before a spinoff in 2020.
Myers will continue to serve in an advisory capacity as Arconic’s lead outside director of the board, according to Apollo and Arconic.
Ayers, in anticipation of his new role, remarked, “Having been actively involved in this company both as a board member for several years and in leading businesses from an operational standpoint prior to that, I have witnessed the remarkable agility and potential Arconic has to offer. I’m excited to lead Arconic as we move forward in this next chapter.”
Reflecting on his tenure, Myers, who became Arconic’s first CEO as a standalone company in 2020, commented, “I could not be prouder of what the Arconic team has accomplished, and it has been a privilege and an honor to lead this great company. I’m extremely excited about the energy and leadership Chris brings to the role and look forward to his many contributions to the company.”
Ayers’ professional background includes roles at Precision Castparts Corp., Universal Stainless and Alloy Products Inc., engine manufacturer Pratt & Whitney, and serving as president and CEO of Kansas-based industrial products maker WireCo WorldGroup Inc. before joining Alcoa in 2010.
Gareth Turner expressed confidence in Ayers, saying, “Chris brings extensive institutional knowledge and industry experience to this role, and we are confident he is the right leader for the company’s exciting next chapter. We would also like to thank Tim for his leadership and continued commitment to the company as lead outside director of the board.”
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