Monday, July 26, 2010

Alcoa (NYSE:AA) Executives Play Musical Chairs

In an attempt to broaden the experience and knowledge related to the operations of Alcoa (NYSE:AA), the company announced they've had two of their senior finance executives switch positions.

As of August 1, Graeme Bottger, who is now EPS Chief Financial Officer, will take over the duties of Tony R. Thene as Alcoa Vice President and Controller. Thene, will assume the duties of Chief Financial Officer of Alcoa's Engineered Products and Solutions business group.

In a press release, Alcoa Executive Vice President and Chief Financial Officer Chuck McLane, said this about the changes, "Tony moves to the top finance position in EPS at a time when our downstream business is pursuing an external growth strategy and strengthening productivity, both areas where his controller background will be beneficial to EPS."

"In Graeme's 29-year Alcoa career, he has held a broad range of global operating and corporate positions that prepare him well for his new assignment as Alcoa's Controller," McLane added. "During his five years as EPS CFO, the group grew dramatically in size and importance within the Alcoa portfolio."

Normally under these types of circumstances executives are being groomed for something larger further down the road.

No comments: