Nova Chemicals hires industry veteran Luis Sierra to replace retiring CEO

Nova Chemicals hires industry veteran Luis Sierra to replace retiring CEO

CALGARY — Nova Chemicals Corp. has appointed a veteran petrochemical industry executive to replace CEO Todd Karran, who previously announced his retirement.

The Calgary-based operator of plastic resin and chemical manufacturing plants in Alberta, Ontario, Pennsylvania, Ohio and Louisiana says Luis Sierra will join the company effective Aug. 1.

It says Sierra has had a 30-year career at BP Plc, most recently as CEO of BP’s aromatic chemicals business, with operations in the United States, China, Belgium, Indonesia and Taiwan.

Last week, BP announced it would sell its remaining chemical businesses, including its aromatics assets, for $5 billion to U.K.-based Ineos, part of a strategy to shore up its financial strength and transition away from being a traditional oil company.

Nova Chemicals is wholly owned by Mubadala Investment Company of the Emirate of Abu Dhabi, United Arab Emirates.

Chairman Musabbeh Al Kaabi says Sierra has been asked to help the company take on challenges posed by the current economic situation and drive its next development phase.

This report by The Canadian Press was first published July 7, 2020.

The Canadian Press

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