Choquette, who had been Methanex chief executive for the past 10 years, announced his resignation and Aitken’s promotion today. Choquette will, however, continue a leadership role as chairman of the board of directors.

"It is with some sadness that I step away from the people and the day-to-day running of a company that has been an integral part of my life for so long; but I have the utmost confidence in Bruce Aitken's leadership abilities and management expertise." Choquette said.

For many years Aitken had been senior vice-president (Asia Pacific), based in Auckland, New Zealand, before his appointment as chief operating officer last September and his subsequent return to Vancouver where he had been vice-president (corporate development) in the early 1990s.

Methanex also announced a quarterly dividend of US$0.06 per share, payable on June 30, as well as the repurchasing up to 6.14 million common shares - 5% of the total 122.87 million issued and outstanding shares.

Aitken said the planned share repurchase reflected the company’s ongoing commitment to return excess cash to shareholders.

Methanex had generated almost US$300 million in cashflow from operating activities over the previous 12 months and had excellent financial strength and flexibility, with over US$150 million in cash and US$250 million in undrawn credit facilities.

In an oblique reference to New Zealand, Aitken said Methanex continued to pursue opportunities to enhance its supply position to the important Asia-Pacific market. It is known Methanex is keen to grab any gas parcels it can keep its Taranaki plants operating at even partial capacity.