Martens had joined the company as President and Chief Operating Officer in May 2009.
Since then he has introduced initiatives designed to create an integrated, global company driven by a singular focus.
These moves included a reorganisation of the global management team, new best-practices in global financial reporting, new workplace safety protocols, across-the-board product price adjustments, capital investments in Brazil, Europe and Asia, strategic cost-reductions and a host of new contracts in the automotive, packaging and consumer electronics industries.
In December 2010, Novelis announced a $4.8bn debt restructuring and a $1.7bn return of capital to its parent company.
Novelis chairman Mr Kumar Mangalam Birla said: "He has driven the Novelis team from the front, energising them and raising the bar of the organisation in every way.
"Consequently, Novelis has successfully met the high performance standards that we had envisioned at the time of its acquisition and has earned Phil his elevation to CEO."