Kaiser Aluminum Corporation filed a current report on August 17, 2026, disclosing a CEO transition in which Fred Stephan will succeed Keith A. Harvey as Chief Executive Officer and President, effective November 1, 2026.

Key Highlights

  • New CEO appointment: Fred Stephan will become Chief Executive Officer and President of Kaiser Aluminum on November 1, 2026, succeeding Keith A. Harvey.
  • Board expansion: The Board will increase from nine to ten directors on the effective date, with Stephan joining as a Class III director with a term expiring at the 2027 annual meeting.
  • Base salary: Stephan's initial annual base salary is set at $1,150,000, according to the Offer Letter dated August 12, 2026.
  • Long-term incentive grants: Stephan is eligible for a 2026 long-term incentive restricted stock unit grant with a target value of $3,767,000 and a sign-on RSU grant with a target value of $2,000,000.
  • Short-term incentive target: An annual short-term cash incentive target of $1,440,000 (prorated for 2026 service) was disclosed in the filing.
  • Harvey transition: Keith A. Harvey will become Executive Chairman and remain available in a special advisory role through October 31, 2027, while continuing as a Class I director through the 2028 annual meeting.

Kaiser Aluminum CEO Succession: Stephan's Compensation and Harvey's Advisory Role

According to the filing, Kaiser Aluminum Corporation (NASDAQ:KALU) entered into an offer letter with Fred Stephan on August 12, 2026, governing his compensation as incoming CEO. In addition to his $1,150,000 annual base salary and $1,440,000 short-term cash incentive target, the filing states his long-term incentive target will be $4,430,000 beginning in 2027, with long-term incentive awards expected to be 50% performance-based. The 2026 long-term incentive RSU grant, with a target value of $3,767,000, will generally cliff vest on March 5, 2029. The $2,000,000 sign-on RSU grant vests 50% on the first anniversary of the effective date and 50% on the second anniversary.

The filing also describes Stephan's severance protections under an amended Key Employee Severance Plan, effective August 12, 2026. In the event of a qualifying termination not connected to a change in control, Stephan would receive a lump sum equal to two times the sum of his base salary and short-term cash incentive target, plus a prorated annual incentive and up to 24 months of subsidized COBRA coverage. If termination occurs within 90 days before or 24 months after a change in control, the multiple increases to two and a half times, with up to 30 months of COBRA coverage. Payments may be reduced if they would otherwise trigger the excise tax under Section 4999 of the Internal Revenue Code, if such reduction results in a higher net after-tax benefit.

Stephan, age 61, most recently served as Chief Operating Officer of Amcor Global Flexible Packaging Solutions, overseeing more than 200 manufacturing sites across more than 35 countries with 40,000 employees, according to the filing. He previously held roles at Amcor Flexibles North America, Bemis Company, Johns Manville, and General Electric Company, where he served as President and Chief Executive Officer of GE Lighting Systems. He holds a Bachelor of Science degree in Electrical Engineering from Purdue University.

What Was Disclosed

Kaiser Aluminum disclosed a planned CEO transition effective November 1, 2026, including Stephan's offer letter terms, amended severance plan provisions, and an advisory arrangement for outgoing CEO Keith A. Harvey through October 31, 2027.