Verso CEO Jackson to Retire, Paterson Elected Successor

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Scott Kleinman, Verso's chairman of the board, said that "Verso truly has been fortunate to have Mike Jackson as our CEO during the past five years. Mike has established a solid culture and strategic foundation at Verso since we became an independent entity in 2006. Under Mike's direction, Verso has improved and refined our core product portfolio, developed and marketed a series of specialty products, and formulated and begun executing a forward-looking renewable energy strategy. Verso is on sound footing thanks to Mike's steady leadership. On behalf of the entire Verso team – our employees, board of directors, and stockholders – I want to thank Mike for his distinguished service and tremendous contributions to Verso.

"Going forward, we are pleased and honored that Dave Paterson will become Verso's new CEO. Dave brings to Verso a wealth of experience garnered during his many years of service as an executive with AbitibiBowater Inc., Bowater Inc., and Georgia-Pacific Corp. Dave is an outstanding leader, a respected and knowledgeable businessman, and absolutely the right person to lead Verso in the next phase of its business life," Kleinman continued.

Paterson said that "I am pleased to be appointed CEO and am excited about the opportunities ahead for Verso. Verso has a strategic focus, exceptional people, and a nimble management approach that should bode well for the future. I am truly excited to be joining the Verso team."

Jackson noted that "it has been an honor and privilege for me to serve as Verso's CEO during the past several years. I have so much appreciation for the incredible work and indomitable spirit of our employees. I am confident that this will be a seamless CEO transition and that Dave Paterson is well prepared to continue the evolution and execution of Verso's strategies."

Jackson will continue to serve as president, CEO, and a director of Verso through the company's first quarter earnings call on May 14, after which Paterson's appointment to these positions will become effective. Paterson will serve as a Class II director of Verso with an initial term expiring at the company's 2013 annual meeting of stockholders.

Paterson, 57, served as president, CEO, and a director of AbitibiBowater (now doing business as Resolute Forest Products) from 2007 to 2011. He was chairman, president, and CEO of Bowater during 2007 and its president and CEO from 2006 to 2007. From 1987 to 2006, he worked in various executive and sales and marketing positions for Georgia-Pacific, including most recently EVP of its Building Products division from 2003 to 2006, EVP of the Pulp and Paperboard division from 2001 to 2003, president of the Paper and Bleached Board division in 2001, and SVP of the Communication Papers division from 2000 to 2001.

Verso is a producer of coated papers, including coated groundwood and coated freesheet, and specialty products.