Arconic CEO Kleinfeld on the Hot Seat; Caterpillar Moves to Chicago

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Several of Arconic Inc.’s biggest shareholders are pressing the company to oust Chief Executive Klaus Kleinfeld, less than three months after he separated the aerospace and automotive parts maker from aluminum giant Alcoa, Corp.

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The shareholders are unhappy with the company’s performance and blame Kleinfeld, who served as the Alcoa, Inc.’s for eight years before taking the helm at Arconic, according to people familiar with the matter who talked to the Wall Street Journal. The company’s spending and history of missed forecasts dating back to before the split are among their complaints, the people said. The new Alcoa, Corp., coincidentally — the company Kleinfeld used to lead — is doing just fine.

Hungry for Transportation Access, Caterpillar Moves to Chicago

Caterpillar, Inc. said today it would move its global headquarters to the Chicago area from Peoria, Ill. later this year to move closer to a global transportation hub and make it easier to recruit executives.

The company said a limited number of senior executives will move into leased office space beginning in late 2017.

About 300 workers, including some positions moved from Peoria, will be based at the new location once it becomes fully operational, Caterpillar said in its statement.

The company did not specify the exact location of its new headquarters.

“Locating our headquarters closer to a global transportation hub, such as Chicago, means we can meet with our global customers, dealers and employees more easily and frequently,” Chief Executive Jim Umpleby said.

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Caterpillar is the world’s largest construction and equipment manufacturer. The company said it will not build a previously announced headquarters complex in Peoria.

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