US: Can maker Novelis sacks CEO
US-based drinks can producer Novelis has sacked its president and CEO.
The Atlanta-based group said on Tuesday (29 August) that chairman of the board William Monahan would replace Brian Sturgell as interim CEO while it searched for a permanent successor.
Monahan said Novelis had endured a "difficult past 18 months", despite posting rising sales and earnings last year. He 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."
He added: "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 organisation and resolving complex reporting issues."
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