Noranda, Falconbridge swaps execs

The integration of Noranda (NRD-T) and Falconbridge (FL-T) continues with some top-ranking officials on the move.

Trimming down his business card is Derek Pannell, who has been acting as Noranda’s president and chief operating officer while also wearing the hat of president and chief executive officer at Falconbridge.

Pannell will relinquish the reigns of Falco to concentrate on his new role as Noranda’s president and CEO. Pannell will remain as Falco’s deputy chairman.

Pannell replaced Oyvind Hushovd as president of Falconbridge in February, and replaces David Kerr at Noranda. Kerr will take a seat as an executive chairman at Noranda.

Kerr said in a prepared statement, “Derek’s solid operational credentials and his impressive performance since his return to Noranda in September of last year made him our unanimous choice as CEO of Noranda. His key mandate will be to significantly improve the company’s profitability.”

Taking over the duties of president and CEO at Falco is Aaron Regent, currently the executive vice-president and chief financial officer at Noranda.

Filling the voids left by Regent at Noranda is Lars-Eric Johansson. Johansson’s departure from Falco will take effect once a new CFO is found.

All of the executive changes are effective June 1.

Noranda owns 57% of Falconbridge and has noted its intention to increase this via the open market.