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Earlier this year, Falco’s board of directors signalled its decision to allign itself more closely with Noranda by replacing long-time president Oyvind Hushovd with Derek Pannell. The decision put the two companies under the same leadership, as Pannel had been serving as Noranda’s president since the fall.
Now, Pannell has himself been replaced at Falco by Aaron Regent, who had been Noranda’s chief financial officer. Pannel remains Noranda’s president and has been promoted to chief executive officer, replacing David Kerr, who has been appointed executive chairman.
Filling the void left by Regent is Lars-Eric Johansson, who will continue as Falco’s CFO until a replacement is found.
Noranda owns 57% of Falconbridge and intends to increase its stake on the open market. Noranda’s parent Brascan has identified real estate, financial services and power generation as core holdings, which has led to some speculation that Noranda and Falconbridge may be up for sale.
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