Alcoa Inc., the world's third-largest aluminum producer, has named Klaus Kleinfeld as its new chief executive, the company said Thursday.
Kleinfeld, 50, had been the Pittsburgh-based company's president and chief operating officer since August 2007 and a board member since 2003. He succeeds Alain Belda, 64, who will continue as chairman of the board.
The announcement came as Alcoa shareholders gathered for the company's annual meeting in Pittsburgh. Kleinfeld had been viewed as Belda's likely successor.
Kleinfeld had been president and chief executive of engineering company Siemens AG, based in Munich, Germany, but stepped down last year.
"In the short amount of time Klaus Kleinfeld has been an Alcoan, he has made a significant difference for the company," Belda said in a statement. "Klaus has extraordinary energy, a keen understanding of global issues, is committed to continuing the strong operating performance of Alcoa, and embraces our values."
In April, Alcoa reported that first-quarter profits had fallen by more than half compared with the same period a year earlier as higher costs and a weak U.S. dollar weighed down results.
But executives said market fundamentals remained strong and that the company was well positioned to boost returns when the North American and European economies rebound.
Shares of Alcoa gained $1.56, or 4.1 percent, to close at $39.65 on Thursday.
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