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Alcoa Board Elects Klaus Kleinfeld President and CEO

13 May 2008 - Alcoa's Board of Directors has elected Klaus Kleinfeld, 50, President and Chief Executive Officer of the Company. He succeeds Alain Belda, 64, as CEO. Mr. Belda will continue as Chairman of the Board.
 
Mr. Kleinfeld was named President and Chief Operating Officer of Alcoa in August 2007. He has served as a director of Alcoa since 2003. The change is effective immediately.
 
Prior to joining Alcoa, Kleinfeld served most recently as President and Chief Executive Officer of Siemens AG. In just two years as President and President and Chief Executive Officer of Siemens AG, Mr. Kleinfeld presided over a dramatic transformation of the global electronics and industrial conglomerate. He reshaped the company's portfolio around three high growth areas, revenues increased by more than $16 billion in 2006 alone, operating groups met ambitious profitability targets, and the company's market capitalization almost doubled.
 
Prior to his service on the Managing Board of Siemens AG, Mr. Kleinfeld was President and Chief Executive Officer of Siemens Corporation, the U.S. division of the company. During his 20-year Siemens career, Mr. Kleinfeld also successfully led one of Siemens global medical diagnostic businesses and developed the renowned Siemens Management Consulting organization.
 
Mr. Kleinfeld earned a Master's degree in Business Administration/Economics from the University of Goettingen (Germany) in 1982. He received his Ph.D. in Strategic Management from the University of Wuerzburg (Germany.)
 
Mr. Kleinfeld is a Member of the Board of Bayer AG. He also is a director of a number of international and industry groups.