Canexus (TSE:CUS) shares tumbled on Friday after the sodium chlorate producer said that its president and chief executive, Gary Kubera, has stepped down from his role, effective immediately.
No reason for the departure was given in the statement released earlier this morning.
"We would like to thank Mr. Kubera for his many contributions to Canexus in his role as President and CEO since the company's initial public offering in 2005," said Canexus chairman Hugh Fergusson.
The company said its board of directors has started an international search for a new leader, but until such time, Richard Ott, a current board director, has agreed to assume the role on an interim basis.
Ott ishas served in a variety of senior executive positions largely in manufacturing and human resources in the United States and internationally, Canexus said in the release.
"I look forward to working closely with our management team and employees on the execution of our strategic business plans to drive growth for the corporation and create shareholder value," said Ott.
Canexus produces sodium chlorate and chlor-alkali products largely for the pulp and paper and water treatment industries. It has four plants in Canada, and two at one site in Brazil.
The company also provides fee-for-service hydrocarbon transloading services to the oil and gas industry from its terminal at Bruderheim, Alberta.
Shares fell 12% on Friday afternoon, to C$5.28 in Toronto, extending year-to-date losses to more than 26%. Reported by Proactive Investors 21 hours ago.
No reason for the departure was given in the statement released earlier this morning.
"We would like to thank Mr. Kubera for his many contributions to Canexus in his role as President and CEO since the company's initial public offering in 2005," said Canexus chairman Hugh Fergusson.
The company said its board of directors has started an international search for a new leader, but until such time, Richard Ott, a current board director, has agreed to assume the role on an interim basis.
Ott ishas served in a variety of senior executive positions largely in manufacturing and human resources in the United States and internationally, Canexus said in the release.
"I look forward to working closely with our management team and employees on the execution of our strategic business plans to drive growth for the corporation and create shareholder value," said Ott.
Canexus produces sodium chlorate and chlor-alkali products largely for the pulp and paper and water treatment industries. It has four plants in Canada, and two at one site in Brazil.
The company also provides fee-for-service hydrocarbon transloading services to the oil and gas industry from its terminal at Bruderheim, Alberta.
Shares fell 12% on Friday afternoon, to C$5.28 in Toronto, extending year-to-date losses to more than 26%. Reported by Proactive Investors 21 hours ago.