NEW YORK (AP) – The former chairman and CEO of Arconic, who resigned suddenly this week, appears to have been brought down by a letter containing veiled threats to the company’s largest shareholder, a hedge fund that was seeking his removal.
Elliott Management had been pushing Arconic, which makes aerospace and other parts, to replace Klaus Kleinfeld since January.
Elliot published a letter online , apparently from Kleinfeld, that makes comments about the way Elliott founder Paul Singer celebrated the 2006 FIFA World Cup.
The letter, which was delivered with a commemorative soccer ball, was dated April 11 and said Singer’s partying could become “legendary” if it were made public.
Elliott’s legal counsel informed Arconic’s board, and by Monday Kleinfeld resigned.