Alcoa elevates CEO Klaus Kleinfeld to board chairman, replacing longtime chairman Alan Belda

Alcoa appoints CEO Kleinfeld as board chairman

PITTSBURGH — Alcoa says it has elevated CEO Klaus Kleinfeld to chairman of the board of the aluminum maker.

He succeeds Alan Belda, who is retiring after 40 years with Alcoa.

Kleinfeld, 52, has been president and CEO of Alcoa since 2008 and has been a board member since 2003. He previously served as CEO of Siemens AG.

Alcoa also says two board members, Frank Thomas and Henry Schacht, are retiring. Both will continue as senior advisers to the board. Employment expert Judith Gueron will succeed Thomas, while Caterpillar Inc. CEO Jim Owens will succeed Schacht.

Shares of Alcoa fell 3 cents to $14.10 in aftermarket trading.