Leadership & People

NOVA Chemicals' Lipton announces retirement plans; Pappas to be next President and CEO

NOVA Chemicals announced today that Jeffrey M. Lipton, 66, its Chief Executive Officer has decided to retire effective May 1, 2009, after nearly 15 years with the Company and more than ten years as CEO.  Mr. Lipton will remain a member of the Board of Directors until the Corporation's next annual meeting.  NOVA Chemicals' Board of Directors has appointed Christopher D. Pappas, 53, currently President and Chief Operating Officer, as President and Chief Executive Officer, effective May 1, 2009.  Mr. Pappas has been with the Company since 2000 and was appointed to his current position in January 2008.

"On behalf of NOVA Chemicals and the board, I would like to thank Jeff for his exceptional leadership of our Company and substantial contributions to the industry," said James Stanford, Chairman of NOVA Chemicals' Board of Directors. "We are pleased to have someone of Chris' caliber ready to step in and lead the Company."

"It has been a privilege to lead NOVA Chemicals during its first decade.  Despite today's economic uncertainties, I remain very optimistic about the Company's prospects and I am confident that Chris will provide outstanding shareholder-oriented leadership to a great team," said Jeff Lipton.

NOVA Chemicals develops and manufactures chemicals, plastic resins and end-products that make everyday life safer, healthier and easier.  Our employees work to ensure health, safety, security and environmental stewardship through our commitment to Responsible Careâ.  NOVA Chemicals shares are traded as NCX on the Toronto and New York stock exchanges. www.novachemicals.com.

Source: Nova Chemicals