The president of Noranda Aluminum's upstream business unit will step down from his post next month and leave the industry.
Wayne Hale, 58, joined Franklin-based Noranda in the fall of 2011 from rival manufacturer Century Aluminum, where he had been COO. At Noranda, he oversaw the company's primary aluminum, alumina and bauxite activities, which include its massive Missouri aluminum smelter, an alumina refinery in Louisiana and a mine in Jamaica. He will put in his last day at the company Feb. 20.
“Wayne’s many contributions to our Upstream Business have resulted in significant and lasting improvements in process and reliability that will survive his tenure and are foundational to our new $225 million CORE productivity program," said President and CEO Kip Smith. “We wish Wayne the best in his future endeavors.”
To absorb Hale's exit, Smith and his team will reorganize Noranda's upstream business unit into the company's flat-rolled products segment, which reports to Smith, to "further enhance operational efficiency and communication." Hale's position, the salary for which was almost $700,000 in 2012, will be eliminated.
Shares of Noranda (Ticker: NOR) closed Wednesday trading at $3.47, down 1.7 percent on the day. They're up about 20 percent in the past three months but down 45 percent in the past year.
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