Loop Industries CFO exits, interim appointed

Plastic recycler Loop Industries has announced that its chief financial officer, Fady Mansour, was “removed” from his position and replaced by Nicolas Lafond, who will take on the role in an interim capacity.

Lafond, who had also previously been interim CFO for Loop between December 2022 and April 2023, currently serves as the company’s senior director of finance and corporate secretary, titles he has held since March 2024.

He had first joined Loop in 2017 from a public accounting firm, and has taken on the positions of senior financial analyst and director of finance during this time. Lafond will now assume the responsibilities of principal financial officer and principal accounting officer.

His appointment comes alongside the additional promotion of Adel Essaddam to the role of chief operating officer. Essaddam currently serves as vice president, science and innovation of Loop, a role he has held since March 2022.

Essaddam is the co-inventor of Loop’s second generation depolymerisation technology, and leads the company’s research and development team. He has been credited with playing a critical role in implementing strategic joint ventures and technology licensing agreements with Loop.

The shift in leadership comes at a critical time for Loop, which in January announced it was terminating a joint venture with South Korean Geo Centric to “focus on capital deployment in low-cost jurisdictions”.

Instead, it was to turn its attention to India, where it said it was making good progress on a facility designed to cater to circular fashion brands, utilising waste polyester feedstock to manufacture polyester resin made from 100 percent textile waste.