Aluminum boss resigns, foiled by Singer

Aluminum giant Arconic settled some family business — thanks in part to billionaire hedgie Paul Singer.

The embattled manufacturer said Monday that boss Klaus Kleinfeld — who had been under pressure from Singer’s Elliott Management to step down — has resigned as chief executive and chairman, and left the board.

Arconic said it ousted Kleinfeld because of his “poor judgment” in send- ing a letter to Elliott Management without consulting with Arconic’s board.

Elliott interpreted the letter as “a threat to intimidate or extort a senior officer of Elliott Management based on completely false insinuations,” the hedge fund said in a statement Monday.

Kleinfeld’s newly gifted concrete shoes mark the latest chapter in the battle between the hedge fund and Arconic, with Kleinfeld at one point likening Singer to a character out of a Hollywood gangster movie.

“Klaus, don’t take it personal, it’s just business,” Kleinfeld had said at a conference in February, invoking the popular quote from “The Godfather” to depict Singer as calculating and ruthless Michael Corleone.

Claiming that Elliott’s “central objective” was accomplished by Kleinfeld’s exit, Arconic called on the hedge fund to end its “highly disruptive and distracting proxy fight.”

But Elliott isn’t backing down, and wants Arconic to cut costs, improve margins and shake up its board, which it said “appears to have learned nothing from this contest.”

Arconic shares, which popped as much as 10 percent on news of Kleinfeld’s’ ouster, rose 3 percent, to $26.69.

Since launching its activist campaign in February, Elliott has accused Arconic of vote-buying and needlessly triggering a “change in control” provision.

Current Arconic board member David Hess will be filling Kleinfeld’s CEO shoes on an interim basis.