Nova Chemicals President and CEO Todd Karran is retiring after a 35-year career with the firm.
Karran, 56, will step down from Calgary, Alberta-based Nova on Aug. 1. The firm ranks as one of North America's largest polyethylene resin makers. In a June 18 news release, Karran said that "it's been my pleasure and an honor to work alongside such a talented and passionate team for 35 years."
"I'm incredibly proud of the work we've done together and know that there is a bright future ahead for my friends and colleagues that are working to shape a better world," he added.
Nova Chairman Musabbeh Al Kaabi said in the release that "on behalf of the board and shareholder, I would like to thank Todd for his long and devoted service to the company."
"There have been a number of important milestones achieved under his leadership and we truly appreciate his commitment to the Nova family and, not least, ensuring an unwavering focus on safety," he added.
Karran joined Nova in 1985 and held numerous management roles before becoming president and CEO in 2015. In recent years, Nova has added PE capacity in Alberta and Ontario and for the first time on the U.S. Gulf Coast.
No immediate successor to Karran was named in the release. Al Kaabi said that "after a thorough process to identify a strong and capable successor," the board is finalizing arrangements with "a talented and experienced leader" and expects to be able to make an announcement shortly.
Nova is wholly owned by Mubadala Investment Co. of Abu Dhabi. The firm employs almost 3,000 worldwide and has annual sales of $3.6 billion.