Toman told the company Nov. 13 that he intended to resign for personal reasons, Pittsburgh-based Arconic, which traces his lineage to the 2016 breakup of Alcoa Inc., disclosed in a securities filing.
Arconic and Toman, who is also the company’s general secretary, reached a separation agreement on Nov. 17 that could see him receive more than $1.4 million in total compensation.
His exit comes just over a month after a judge ruled that Arconic should face a lawsuit filed by Daniel Burbach Jr., a former securities and corporate governance adviser to the company. .
Burbach claimed in court documents that Toman forced him to work while battling a case of Covid-19 at the start of the pandemic. He alleges he was denied disability accommodation and then 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 quit for personal reasons. Gliozzi said Arconic has yet to name a replacement.
Toman, former general counsel for 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 is advising Burbach in the lawsuit he filed in federal court against Arconic, which is represented in the dispute by Babst, Calland, Clements and Zomnir. Burbach is now a corporate lawyer with San Francisco-based biopharmaceutical company Nurix Therapeutics Inc..
Arconic has agreed to make a lump sum payment of $506,000 to Toman representing his annual base salary, plus an additional one-time severance payment 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 transition 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 stock. His total compensation in 2020 was nearly $1.3 million, including approximately $510,500 in cash, according to Arconic’s latest proxy statement.
Arconic was formed last year following a spin-off from the metals processing business which in 2016 spun off from Alcoa to form Arconic Inc. The latter became Howmet Aerospace Inc., a an engineering and forging products company that hired a new chief legal officer in June. to Lola Lin, former General Counsel at Airgas Inc.
Lin took over from Katherine Ramundo, who left Howmet earlier this year to become top counsel for auto parts supplier Aptiv PLC. Ramundo was previously Chief Legal Officer of Arconic Inc. prior to the split that created Howmet.
Arconic’s next head of legal will inherit a litigation record that includes an environmental remediation case in New Jersey, as well as lawsuits related to the Grenfell Tower fire in London in 2017. Arconic, which once made the aluminum cladding that caught fire in that disaster, successfully cleared itself of certain title claims in that case in June.