Arconic completes Apollo transition, names new CEO

Apollo Funds has officially completed its previously announced acquisition of Arconic Corp., a Pittsburgh-based maker of aluminum extrusions, sheet and plate. The Arconic board of directors also has announced Chris Ayers as its new board chair and CEO effective Sept. 11.

“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,” says current Arconic CEO Tim Myers.

Apollo Funds partners Gareth Turner and Itai Wallach say in a published statement: “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.”

Ayers has served on Arconic’s board of directors for the past seven years and held several executive positions with Alcoa Corp., which previously owned Arconic’s assets before a 2020 spinoff.

Myers will continue to serve in an advisory capacity as Arconic’s lead outside director of the board, according to Apollo and Arconic.

“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,” Ayers says. “I’m excited to lead Arconic as we move forward in this next chapter.”

Myers, who became Arconic’s first CEO as a standalone company in 2020, says, “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.”

In previous industry roles, Ayers worked for Precision Castparts Corp., Universal Stainless and Alloy Products Inc., engine maker Pratt & Whitney and was president and CEO of Kansas-based industrial products maker WireCo WorldGroup Inc. before joining Alcoa in 2010.

“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,” Turner says. “We would also like to thank Tim for his leadership and continued commitment to the company as lead outside director of the board.”