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Elliott raises stake in Arconic, pushes harder for CEO ouster

Hedge fund Elliott Management said on Thursday it had raised its stake in specialty metals maker Arconic Inc to about 13% and stepped up pressure for the ouster of CEO Klaus Kleinfeld.

Elliott also made a big push for hiring Larry Lawson, former CEO of aircraft parts maker Spirit AeroSystems Holdings, for the top job at the company, saying Arconic shareholders deserved a “proven operator” as CEO.