Toman informed the company on November 13 of his intention to quit for personal reasons, Pittsburgh-based Arconic, which dates back to the 2016 break-up of Alcoa Inc., which was disclosed in a statement. securities deposit.
Arconic and Toman, who is also the company’s general secretary, have entered into a separation agreement On November 17, she could receive more than $ 1.4 million in total compensation.
Its exit comes just over a month after a judge ruled that Arconic faces a bias lawsuit filed by Daniel Burbach Jr., a former securities and corporate governance adviser to the society.
Burbach claimed in court documents that Toman had forced him to work as he battled a Covid-19 case at the start of the pandemic. He alleges that he was denied accommodation for people with disabilities and was subsequently fired last year.
When asked if Burbach’s allegations had anything to do with his departure, Tracie Gliozzi, a spokeswoman for Arconic, reiterated that Toman had resigned for personal reasons. Gliozzi said Arconic has yet to name a replacement.
Toman, a former general counsel at salt producer and mining company Compass Minerals International Inc., did not respond to a request for comment. She was hired last year by Arconic’s predecessor, Arconic Rolled Products Corp.
Rothman Gordon of Pittsburgh advises Burbach in his lawsuit filed in federal court against Arconic, who is represented in the dispute by Babst, Calland, Clements and Zomnir. Burbach is now legal counsel to San Francisco-based biopharmaceutical company Nurix Therapeutics Inc.
Arconic has agreed to pay Toman a lump sum of $ 506,000 representing his annual base salary, as well as a one-time additional severance package of $ 525,000. Toman will also receive $ 379,500 in target incentive compensation for 2021 and two years of health and wellness benefits.
The deal, as detailed by Arconic in the securities filings, will see Toman “provide bridging and certain other advisory services” to the company through December 31. She will continue to receive her annual base salary during this period.
Bloomberg data shows Toman owns more than $ 2.6 million in Arconic shares. His total compensation package in 2020 was close to $ 1.3 million, including about $ 510,500 in cash, according to Arconic’s most recent report. declaration of power of attorney.
Arconic was formed last year following a separation of the metal processing activity which, in 2016 split from Alcoa to form Arconic Inc. The latter became Howmet Aerospace Inc., an engineering products and forgings company that in June hired its own legal chief, Lola Lin, former general counsel for Airgas Inc.
Lin succeeded Katherine Ramundo, who left Howmet earlier this year to become the lead lawyer for auto parts supplier Aptiv PLC. Ramundo was previously the chief legal officer of Arconic Inc. before the split that created Howmet.
Arconic’s next head of legal department to inherit litigation file that includes environmental remediation case in New Jersey, as well as lawsuits related to the London case Grenfell Tower fire in 2017. Arconic, which has already aluminum cladding which caught fire in this disaster, successfully freed itself from some title claims in this case in June.