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| November 14, 2006
Alcoa Announces Charles D. McLane, Jr. to Become New Chief Financial Officer; Current CFO Joe Muscari to become Chairman and CEO of Minerals Technologies
NEW YORK--(BUSINESS WIRE)--Alain Belda, Chairman and CEO of Alcoa announced today that Charles D.
McLane, Jr. 53, will become Alcoa's Chief Financial Officer effective
January 1, 2007, succeeding Joseph C. Muscari, 60, who will retire to
become Chairman and CEO of Minerals Technologies, Inc.
Charles D. McLane, Jr. the company's controller since 2002, will be
Chief Financial Officer after a wide-ranging career in finance at Alcoa
and Reynolds Metals before that.
"Chuck has extensive experience as a corporate controller, a business
unit CFO, in mergers and acquisitions, investor relations, and treasury,”
said Belda. “And he has been a consistent
proponent of greater transparency and clarity in our financial reporting
in his four years as controller. Chuck’s
commitment to high standards and his wide-ranging background in a well
respected finance organization makes him uniquely qualified to become
our new CFO.”
"Joe Muscari has been an integral part of Alcoa's success over the past
three decades," said Belda. "Joe created the strategy to drive our
expansion in Asia, where we now have $1.7 billion in annual revenue and
3000 employees. He also restructured our Latin American operations,
returning them to strong profitability and growth. Joe has the right mix
of talent and experience for the new opportunity he is pursuing, and we
wish him well."
Background on Charles D. McLane, Jr.
Mr. McLane has served as Alcoa's Controller since 2002. McLane joined
Alcoa in May 2000 as director of investor relations, following Alcoa's
acquisition of Reynolds Metals Company.
Mr. McLane had a series of financial assignments at Reynolds including
Assistant Treasurer and Assistant Controller for the company. He also
served as director of finance and administration for Reynolds' Global
Can business unit. He joined Reynolds in 1973.
McLane earned both a bachelor's and master degree in accounting from
Virginia Commonwealth University in 1978 and 1984, respectively. Mr.
McLane completed executive programs at the Darden School of Business and
Wharton School of Business.
Alcoa (NYSE:AA) is the world's leading producer and manager of primary
aluminum, fabricated aluminum and alumina facilities, and is active in
all major aspects of the industry. Alcoa serves the aerospace,
automotive, packaging, building and construction, commercial
transportation and industrial markets, bringing design, engineering,
production and other capabilities of Alcoa's businesses to customers. In
addition to aluminum products and components, Alcoa also markets
consumer brands including Reynolds Wrap® foils
and plastic wraps, Alcoa® wheels, and Baco®
household wraps. Among its other businesses are closures, fastening
systems, precision castings, and electrical distribution systems for
cars and trucks. The company has 129,000 employees in 44 countries and
has been named one of the top most sustainable corporations in the world
at the World Economic Forum in Davos, Switzerland. More information can
be found at www.alcoa.com
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&newsId=20061114006416
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