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Alcoa to trim executive team as part of restructuring

Aluminum producer Alcoa Corp. will trim its executive team to seven members from 12 after removing its business unit structure, part of a restructuring aimed at improving the company's operations.

Under a new operating model, the company's sales, procurement and other commercial capabilities will be consolidated at an enterprise level, effective Nov. 1.

The revamped executive team directly reporting to CEO Roy Harvey will comprise COO John Slaven, CFO William Oplinger, Chief Commercial Officer Timothy Reyes, Chief External Affairs Officer Michelle O’Neill, Chief Innovation Officer Benjamin Kahrs, Chief Human Resources Officer Leigh Ann Fisher and General Counsel and Secretary Jeffrey Heeter.

The chiefs of the alumina and bauxite units, Michael Parker and Garret Dixon, respectively, will leave the company after the transition. Despite their departures, the company said Sept. 9 that it will continue reporting the financial results for its alumina, bauxite and aluminum segments.

Alcoa plans to further reduce overhead, with the restructuring expected for completion in the first quarter of 2020. The company expects to report the related financial impacts of the reorganization at the close of the current quarter.

In the second quarter, Alcoa swung to a US$402 million loss from a net profit of US$10 million a year ago due to a US$319 million divestment charge.