Novelis Replaces CEO

It forms an office of the chairman.
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fell 5% after the


(AL) - Get Report

spinoff replaced CEO Brian W. Sturgell and formed a temporary office of the chairman.

The Atlanta-based aluminum can company said Chairman William T. Monahan will serve as interim CEO until a successor is in place.

The office of the chairman comprises Monahan and directors Clarence J. Chandran and Edward A. Blechschmidt.

"The past 18 months have been difficult for Novelis," said Monahan. "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."

The executive shuffle comes just days after Novelis surprised Wall Street with news that it expected a 2006 loss.

Shares fell 96 cents Tuesday to $18.70.