Constar CEO quits; successor sought

Constar International Inc. said Wednesday president and chief executive officer Michael J. Hoffman had resigned "to pursue other opportunities." No further explanation was given for his departure.

The Philadelphia packaging company said it is searching for a replacement, with Ruth J. Mack serving as interim president and CEO. Mack, a former vice president of Alcoa, has been a member of Constar's board of directors since May 2009.

Hoffman, a graduate of the University of Delaware, became the company's president in 2000 and added the CEO post in 2002.

"I am proud of what we have accomplished at Constar throughout my tenure," he said in a statement released by the company. "With our lean manufacturing initiative under way and with our strong leadership team in place, it is an excellent time for me to move on to a new opportunity."

Hoffman will receive a lump sum severance payment of $2.2 million in seven months, according to a company Securities and Exchange Commission filing on Tuesday; he also will continue Constar medical benefits for two years, which the filing valued at $47,000.

The company emerged from bankruptcy protection in May 2009, and its shares moved to the Nasdaq stock market from the over-the-counter pink sheets this month. Over the last eight months of 2009, it reported a loss of $21.1 million.

Constar makes plastic containers for food and beverages.    - Paul Schweizer