Paul Singer’s Elliott Management is moving aggressively to press Arconic Inc. to adopt changes, including replacing the current chief executive, to boost its share price to at least $33 to $54. As part of this effort, Elliott hired Larry Lawson, former chief executive of Spirit AeroSystems Inc., as a consultant and a candidate to take over from current CEO Klaus Kleinfeld. Elliott, which owns a 10.5% stake in Arconic, named five nominees for the company’s board. Elliott is calling on Arconic, which recently separated from Alcoa, to reallocate funds to growth-oriented projects and increase shareholder value. Arconic shares extended gains in the extended session to $23.11 after closing at $22.79.
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