Alcoa Inc has announced that its Board of Directors has approved the completion of the company’s separation into two independent, publicly-traded companies.

Arconic will be a leading global provider of high-performance materials and engineered products to the aerospace, automotive and other growth industries, positioned for profitable growth.

Alcoa Corporation will be a globally-competitive industry leader in bauxite, alumina and aluminium products, positioned to succeed throughout the market cycle. The separation is scheduled to become effective before the opening of the market on November 1, 2016.

Upon separation, Klaus Kleinfeld will serve as Arconic Chairman and CEO.

Michael Morris will become non-executive Chairman of Alcoa Corporation and Roy Harvey, current Group President of the Alcoa Global Primary Products business, will be its CEO.