April 23, 2010 / 7:23 PM / 8 years ago

UPDATE 1-Alcoa CEO Kleinfeld elected chairman too

* Chairman Alain Belda retires

* CEO Kleinfeld elected to succeed him

* Stock up slightly

NEW YORK, April 23 (Reuters) - Aluminum producer Alcoa Inc (AA.N) said on Friday that its board of directors elected Chief Executive Officer Klaus Kleinfeld to replace Alain Belda as chairman.

Belda, 66, had previously announced plans to retire from the company after more than 40 years of service. The leadership change took place at Friday’s annual meeting of shareholders.

Kleinfeld, 52, who was previously CEO of German engineering group, Siemens AG (SIEGn.DE), has been a member of Alcoa’s board since 2003. He joined Alcoa in October 2007 as president and chief operating officer and was named president and CEO in May 2008.

    Alcoa said Frank Thomas and Henry Schacht also are retiring as directors. Both will serve as senior advisers to the board to provide for an orderly transition.

    Judith Gueron, who has been an Alcoa director since 1988, was elected lead director, succeeding Thomas. Jim Owens, chairman and CEO of Caterpillar Inc (CAT.N), will succeed Schacht as chairman of the audit committee.

    Alcoa stock was up 30 cents at $14.15 in afternoon trading on the New York Stock Exchange. (Reporting by Steve James, editing by Gerald E. McCormick)

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