After almost a year as acting CEO, Nova Chemicals Corp. veteran Todd Karran will take the top job on a permanent basis.
“It became clear to the board of directors that Todd is the right person to assume the role of Chief Executive Officer and lead Nova Chemicals to further success in the years ahead,” Nova Chairman Khadem Abdulla Al Qubaisi said in an April 16 news release.
Karran now will serve as Nova's president and CEO. He'll also continue to serve as chief financial officer while the board conducts a search for a new candidate to fill that role.
Al Qubaisi also serves as managing director of Nova owner International Petroleum Investment Co. (IPIC) of Abu Dhabi, United Arab Emirates. In the release, Karran said that he is “honored by the opportunity to serve as the next CEO of Nova Chemicals.”
“We plan to continue the positive momentum through safe and reliable operations of our assets…while looking forward to continued growth,” added Karran, who had served as acting CEO since May 2014, when Randy Woelfel left Calgary, Alberta-based Nova.
Karran joined Nova in 1985 and has held numerous leadership positions with the firm, including chief financial officer, chief information officer and vice president/controller of olefins and polyolefins.
Nova ranks as one of North America's largest polyethylene makers. The firm has annual sales of just over $5 billion and recently expanded its PE capacity in Moore, Ontario. Next year, Nova plans to open a new LLDPE plant in Joffre, Alberta, and an additional PE plant by 2020 in Ontario or on the U.S. Gulf Coast.