Novelis Inc. said Tuesday it will replace its President and Chief Executive Officer, Brian W. Sturgell, with William T. Monahan, its Chairman, effective immediately.
Monahan will serve as interim CEO until a replacement for Sturgell can be found.
"The past eighteen months have been difficult for Novelis," Monahan said. "During this period, we have had to address significant challenges, including the impact of unprecedented increases in metal prices and an extensive financial review and restatement process.
"We deeply appreciate Brian's leadership in the creation of Novelis as an independent company from a complex corporate spin-off. During his tenure, the Company began its transformation into a public-markets, shareholder-focused enterprise, while restructuring its financial organization and resolving complex reporting issues."
Novelis, Atlanta, makes aluminum rolled products, supplying aluminum sheet and foil to the automotive/transportation, beverage/food packaging, construction/industrial, and printing markets. The company operates in 11 countries and has about 12,500 employees.