Nova Chemicals Corp. CEO Jeffrey M. Lipton is retiring, effective May 1, and will be replaced by the company's current President and Chief Operating Officer Christopher D. Pappas.
Lipton, 66, who has served as Moon-based Nova's CEO for more than 10 years of his nearly 15 years with the company, will remain on Nova's board until the company's next annual meeting.
"On behalf of Nova Chemicals and the board, I'd like to thank Jeff for his exceptional leadership of our company and substantial contributions to the industry," Nova Chairman James Stanford said, in a statement.
"It's been a privilege to lead Nova Chemicals during its first decade," Lipton said, in a statement. "Despite today's economic uncertainties, I remain very optimistic about the company's prospects, and I am confidant that Chris will provide outstanding shareholder-oriented leadership to a great team."
Pappas, 53, also will retain is president's title and responsibilities. He joined Nova in 2000, and was appointed president and COO this past January.
Nova was spun off in July 1998 from a Canadian company as an independent, publicly traded chemical company. Nova produces plastics and chemicals, with current businesses and joint ventures focused on two product chains: ethylene and polyethylene, and styrene and polystyrene.
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