On 28 September 2015, Alcoa completed its transformation with an announcement that it would split into two publicly traded companies the following year – a spin-off called Alcoa Corp., and another comprising the renamed Alcoa Inc., Arconic, which would hold onto Alcoa Inc.'s value-add mid- and downstream businesses. On 1 November 2016, Alcoa fully separated its raw aluminum operation from business units that supply the aerospace and automotive markets. The spin-off retained is a newly created company Alcoa Corp. Kleinfeld remained as Arconic's chairman and CEO following the split. He initially proposed to serve as chairman of the upstream company during the transition phase, but the proposal was declined; Kleinfeld was not affiliated with the new company.