Noranda Aluminum Holding this morning announced that Robert Mahoney, its CFO since the spring of 2009, will leave the Franklin-based manufacturer when his contract expires this October.
Mahoney and the company have signed an agreement governing the departure of Mahoney, 59, who before joining Noranda was CEO for a short time of Hi-P International, a Chinese maker of plastics parts, as well as a senior executive at global manufacturer Molex.
"Bob has been a great asset to Noranda," said Chairman William Brooks. "We are grateful to Bob for being willing to serve out the remainder of his contract while we complete the process of selecting a successor. We thank Bob for his four years of service to Noranda and wish him great success in all his future endeavors."
Word of Mahoney's departure came alongside the second-quarter report from Noranda, which lost $12.3 million in the three months ended June 30. A year ago, the company earned about $600,000. Excluding special items during Q2, Noranda lost $10.6 million or 16 cents per share, which was 2 cents worse than analysts had expected.
President and CEO Kip Smith said the low price of aluminum in world markets continues to hurt the company and its peers.
"In the current price environment, we have taken and continue to take appropriate actions to manage our liquidity position and provide for prudent investment in long-term growth," Smith said. "When we consider our overall operating performance through second quarter, our debt maturity profile, and the prospects of further modest improvements in the U.S. economy, we are encouraged by our opportunities for 2013 and our capability to pursue them, despite current LME aluminum prices."
Shares of Noranda (Ticker: NOR) were off almost 6 percent to $3.20 in Wednesday afternoon trading. That puts them just pennies above their lowest price since going public in March of 2010.
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