Novelis, a major provider of aluminum rolled and recycled products, announced Monday that President and Chief Executive Officer Philip Martens has left the company.
The company said Steve Fisher, senior vice president and chief financial officer, has been named interim president and the search for a permanent chief executive was under way.
In explaining Martens’ departure, spokesman Neil Hirsch said the company’s board of directors decided “it was time for a new direction in leadership.” He said the decision was made over the weekend.
Hirsh also said the company’s business strategy isn’t changing. Novelis will continue to focus on premium products for the automotive, beverage, consumer electronics, construction and other industries.
More of the company’s products also will be made with recycled aluminum – 80 percent of products by the end of the decade, up from 50 percent currently. The shift will help the company control costs of production.
In a statement on Martens’ departure, Chairman Kumar Mangalam Birla cited the former executive’s “service to Novelis during a critical time of growth and expansion.”
Martens joined Novelis in May 2009 as president and chief operating officer and was named president and CEO in February 2011.
The aluminum industry continues to grapple with an oversupply of metal, which has led to weaker prices. Alcoa Inc., the largest U.S. aluminum producer, recently forecast the industry will face more oversupply this year, with the Chinese increasing output, and slower demand, according to Bloomberg.
Novelis recently reported increases in net income and sales, which reached $2.8 billion in the third quarter.
The company said Fisher will continue to serve as senior vice president and CFO in assuming the interim president role.
About the Author
