Verso Paper Corp. Affirms Senior Leadership Team Will Continue to Lead Company
Following NewPage Acquisition
MEMPHIS, TN -- (Marketwired) -- 05/01/14 -- Verso Paper Corp. (NYSE:
VRS), a leading North American producer of coated papers, today
announced that its existing senior leadership team will continue to
lead Verso following the completion of its pending acquisition of
NewPage Holdings Inc.
As previously announced on Jan. 6, 2014, Verso and NewPage entered
into a definitive agreement for Verso to acquire NewPage in a
transaction valued at $1.4 billion. The transaction, which has been
unanimously approved by the boards of directors of both companies, is
expected to close in the second half of 2014, subject to regulatory
David J. Paterson, President and Chief Executive Officer of Verso,
will continue to lead the combined entity after the closing. The rest
of the company's senior leadership team announced today will consist
of the following persons, each of whom also currently is an executive
-- Lyle J. Fellows, Senior Vice President of Manufacturing and Energy,
will be responsible for the mill and converting network, forest
resources, manufacturing technology and energy.
-- Robert P. Mundy, Senior Vice President and Chief Financial Officer,
will have responsibility for all financial areas, including financial
planning and analysis, tax, corporate finance and treasury functions,
accounting and audit functions, and investor relations.
-- Michael A. Weinhold, Senior Vice President of Sales, Marketing and
Product Development, will be responsible for sales, marketing,
eCommerce, new business development, planning, logistics, customer
service, field technical sales, product development and pricing
-- Peter H. Kesser, Senior Vice President, General Counsel and Secretary,
will have responsibility for all legal matters, including governance
-- Kenneth D. Sawyer, Vice President of Human Resources, will be
responsible for all human resources and people systems, including
talent selection, labor relations, performance management,
compensation and benefits.
-- Benjamin Hinchman, IV, Vice President and Chief Information Officer,
will have responsibility for planning, development and operation of
all information technology systems.
-- Joseph Duffy, Vice President of Integrated Planning and Control, will
be responsible for the integration of the two companies and other
business coordination and planning activities.
"Today's announcement enables us to continue moving forward to complete
Verso's acquisition of NewPage and thereby create a stronger business
that is better positioned to serve our customers and create value for
our stakeholders," Paterson said. "This seasoned team of executives
has the solid experience and proven leadership to effectively
integrate the businesses, drive cost improvements and capture synergy
benefits so that we can position the combined entity to succeed in an
increasingly competitive global marketplace."
Prior to closing, the current leadership teams of Verso and NewPage
will continue to lead their respective organizations to ensure that
both companies continue to provide quality products and services to
their customers and to reach completion of the proposed transaction.
In addition, representatives from both Verso and NewPage will be in
charge of leading integration planning activities on behalf of the
combined entity after the closing. The two companies will work
together in the interest of a smooth transition for their
stakeholders, and their focus will be to retain the best talent from
Verso and NewPage going forward.
Verso Paper Corp. is a leading North American producer of coated
papers, including coated groundwood and coated freesheet, and
specialty products. Verso is headquartered in Memphis, Tennessee, and
owns three paper mills in Maine and Michigan. Total production
capacity generated from these mills is 1.5 million tons of paper and
930,000 tons of pulp. Verso's paper products are used primarily in
media and marketing applications, including magazines, catalogs and
commercial printing applications such as high-end advertising
brochures, annual reports and direct-mail advertising. Additional
information about Verso is available on its website at
In this press release, all statements that are not purely historical
facts are forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements may be identified by the words "believe," "expect,"
"anticipate," "project," "plan," "estimate," "intend" and similar
expressions. Forward-looking statements are based on currently
available business, economic, financial and other information and
reflect management's current beliefs, expectations and views with
respect to future developments and their potential effects on Verso.
Actual results could vary materially depending on risks and
uncertainties that may affect Verso and its business. For a
discussion of such risks and uncertainties, please refer to Verso's
filings with the Securities and Exchange Commission. Verso assumes no
obligation to update any forward-looking statement made in this press
release to reflect subsequent events or circumstances or actual
Verso Paper Corp.
Robert P. Mundy
Senior Vice President and Chief Financial Officer
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