Posted on May 1, 2008 at 3:08 PM
Filed under: Movers & Shakers | Slides
Tagged: alcoa , citigroup , Mike Schell

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Citigroup Inc.'s vice chairman of global banking is leaving the firm to become the lead dealmaker for Alcoa Inc,, a company being slammed by high energy costs. Mike Schell has been appointed executive vice president, business development and law, for Alcoa and will be responsible for the company's mergers and acquisition activity. Schell is a longtime adviser to Alcoa, first as a Skadden, Arps, Slate, Meagher & Flom LLP attorney beginning in the mid-1980s and later with Citigroup, where he led the firm's representation of the global aluminum manufacturer.

Alcoa saw profits drop 54% in the first quarter of 2008 to $303 million. Revenue was flat at $7.4 billion. To combat soaring production costs, the company has been selling less profitable businesses and pursuing energy alternatives such as hydropower. - Suzanne Stevens




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