What Arconic's (former) CEO wrote that got him fired
Earlier this week came the resignation of Klaus Kleinfeld as CEO of metal maker Arconic, which has been locked in a contentious proxy fight with activist investment firm Elliott Management. At issue was a letter he privately sent to Elliott boss Paul Singer, without permission from Arconic's board of directors.
Elliott today disclosed the letter, and it reads a bit like amateur extortion. Or Kleinfeld's inability to properly tell a good joke:
Kleinfeld seems to have thought that Singer might give up a big-dollar battle so as to keep such memories private. Apparently not.