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Nova Chemicals Announces Retirement of CEO, Appoints CFO

Nova Chemicals has announced that Christopher D. (Chris) Pappas, president and chief executive officer of the company, has elected to retire effective December 31, 2009. Pappas has been with Nova Chemicals since 2000 and has been a leader in the chemical industry throughout his 31-year career. The Board expects to announce a new CEO in the coming months.

Mohamed Al Mehairi, chairman of the board of Nova Chemicals and director, investments of International Petroleum Investment Co. (IPIC), said, "Chris has been an enormous support to Nova Chemicals and IPIC during the acquisition and transition period and we truly appreciate his expertise and leadership."

Nova Chemicals also announced that Todd D. Karran has been appointed as chief financial officer (CFO), succeeding Larry MacDonald. Karran has been with Nova Chemicals for 24 years and is currently treasurer and vice president corporate development. Karran's new role will be effective January 1, 2010.

"Todd is a natural choice to move into the CFO role at Nova,” said Pappas. “He has the experience and capability to be successful in the role immediately. Todd will continue to work closely with Larry MacDonald on Nova's refinancing activities and toward a seamless and successful transition."

Nova Chemicals develops and manufactures chemicals, plastic resins, and end-products that make everyday life safer, healthier, and easier. It is a wholly owned subsidiary of IPIC of the Emirate of Abu Dhabi.

For more information, visit www.novachemicals.com.

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