Nova Chemicals' CEO Pappas, CFO MacDonald to retire at end of year

| Monday, Sept. 14, 2009

Christopher Pappas, who became president and chief executive of chemicals and resin maker Nova Chemicals Corp. on May 1, will retire from the Moon-based company at yearend, Nova said Monday.

Pappas, a nine-year company veteran who previously served as Nova's chief operating officer, assumed control when former CEO Jeff Lipton formally retired. No successor was named.

Nova, which ran into financial difficulties over the last year due to plummeting plastic prices, was acquired July 6 by International Petroleum Investment Co., an investment company owned and operated by the government of the Middle East country Abu Dhabi. Purchase price was $500 million cash, plus assumption of $1.8 billion in debt.

"Chris has been an enormous support to Nova Chemicals and IPIC during the acquisition and transition period and we truly appreciate his expertise and leadership," said Mohamed Al Mehairi, Nova chairman and director of investments for International Petroleum Investment, in a statement.

Also retiring from Nova on Dec. 31 is Nova's chief financial officer, Larry A. MacDonald, after more than 30 years with the company and its predecessors. MacDonald was a member of the company's executive leadership team since its inception in 1998.

"On behalf of Nova Chemicals, I want to thank Larry for his dedication and many contributions to our company," Pappas said, in a statement. "We are fortunate to have had his financial expertise during these unique and dynamic economic times."

MacDonald will be replaced as CFO on Jan. 1, by another long-time Nova employee, Todd D. Karran, a 24-year company veteran.

Todd is a natural choice to move into the CFO role at Nova," Pappas said, in a statement. "He has the experience and capability to be successful in the role immediately."

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