MOVES: Woelfel to take over as NOVA Chemicals CEO

19 October 2009 22:31  [Source: ICIS news]

HOUSTON (ICIS news)--Randy Woelfel has joined NOVA Chemicals and will serve as the company’s new chief executive, the Canadian petrochemicals producer announced on Monday.

Woelfel will replace Chris Pappas, who last month announced his retirement as president and CEO of the company effective 31 December.

NOVA is a wholly owned subsidiary of Abu Dhabi’s International Petroleum Investment Company (IPIC). IPIC acquired NOVA this year for $2.3bn (€1.5bn).

“Along with Borealis and Borouge, NOVA Chemicals is an important part of IPIC’s plans to build a new global polyolefins leader,” said IPIC director of investments Mohammed Al Mehairi. “We are pleased to being someone to NOVA with the extensive industry experience of Randy Woelfel.”

Woelfel began his career with Shell in 1977, and most recently served as managing director of energy at the Houston Technology Center and as president of bioplastics firm Cereplast.

“[NOVA] has great strengths, and with the strong commitment and backing of IPIC, I am confident NOVA has an outstanding future,” Woelfel said.

NOVA is headquartered in the US, but was founded in Canada, and the bulk of its manufacturing is in Canada.

($1 = €0.67)

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By: Ben DuBose
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