TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

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

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

By Rick Stouffer
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."

 

 
 


Show commenting policy

Most-Read Stories

  1. Mears savors success, credits legendary Lange for guidance, inspiration
  2. Penn State struggles against Big Ten’s worst defense in loss to Illinois
  3. Westmoreland exhibit pairs portraits with still lifes
  4. Pitt beats Syracuse, snaps 3-game losing streak
  5. With enrollment dropping, Mercyhurst cuts jobs
  6. Conneaut Lake Park to take case to court for tax-exempt status
  7. Man’s death by runaway wheel on Route 28 ruled accident
  8. Former nuke commander linked to fake poker chips
  9. Penn State notebook: Nittany Lions linebacker Bell misses 1st game of season
  10. Penguins notebook: Penguins getting fewer power-play opportunities
  11. Steelers’ Wheaton embraces expanding role
Subscribe today! Click here for our subscription offers.