Michael Hoffman, President and CEO of plastics container manufacturer Constar International (Philadelphia, Pennsylvania / USA; www.constar.net) resigned from the company on 28 April to “pursue other opportunities”. The move appears to have come as a surprise to the ailing manufacturer of PET containers, with the board of directors nominating fellow board member Ruth Mack as interim president and CEO as the search for a permanent replacement continues.

Citing the Securities and Exchange Commission, US media report that Hoffman, who became Constar president in 2000 and CEO in 2002, will receive a lump sum severance payment of USD 2.2m in seven months and will continue to receive medical benefits for two years.

Constar had filed for Chapter 11 reorganisation proceedings at the end of 2008 – see Plasteurope.com of 13.01.2009 – and emerged from bankruptcy protection on 29 May 2009 – see Plasteurope.com of 10.06.2009. Nevertheless, the company has not been able to shed the red. In the last eight months of 2009 it reported a loss of USD 21.1m – see Plasteurope.com of 08.04.2010.