PITTSBURGH, Pa. (AP) -- Nova Chemicals Corp. said Monday that Chief Executive Jeffrey Lipton is retiring after 15 years with the company.
His retirement is effective May 1, 2009, the company said.
Lipton, 66, who served more than 10 years as CEO, will remain on the board of directors until the company's next annual meeting.
The board appointed President and Chief Operating Officer Christopher D. Pappas, as president and CEO to replace Lipton. Pappas has been with the company since 2000, Nova Chemicals said in a news release.
Nova Chemicals Corp. is based in Calgary, Alberta, with a U.S. operating center on Moon Township, Pa. The company develops and manufactures chemicals, plastic resins and end-products used in everyday life.
Shares rose 30 cents, or 5.3 percent, to $6 in morning trading.