Alcoa Inc. Board OKs Split Into Alcoa Corp., Arconic

Shares of Alcoa Inc. rose 1.7% late Thursday after the company's board of directors approved Alcoa's planned split into two independent, publicly traded companies, Arconic, a maker of high-performance materials and engineering products, and Alcoa Corp., a miner and aluminum maker. Klaus Kleinfeld will serve as Arconic's chief executive and Roy Harvey will be Alcoa's chief executive. Arconic is to retain 19.9% of Alcoa Corp. common stock, and Alcoa Inc. is to be renamed Arconic Inc. . Alcoa Corp. will trade under the symbol AA. Shares of Alcoa Inc. had ended the regular trading day up 0.8%.