Calgary-based Canexus Corporation (TSX:T.CUS, Stock Forum) announced Friday that Gary Kubera, the company President and CEO since it issued in 2005, has stepped down from his positions at the firm, effective immediately.
Canexus director Richard Ott has taken control of the company on an interim basis.
Investors were unhappy at the news, driving share prices down 12.1% to $5.27 in heavy early trading.
Ott's management experience has been in manufacturing and HR.
"I look forward to working closely with our management team and employees on the execution of our strategic business plans to drive growth for the Corporation and create shareholder value," said Ott in a news release.
Canexus produces sodium chlorate and chlor-alkali products for the pulp and paper and water treatment industries. They have four plants in Canada and two in Brazil, with a market cap of $957.5 million with 180.7 million shares outstanding.