Verso Affirms Senior Leadership Team to Continue Following NewPage Acquisition

Verso Paper Corp., Memphis, Tenn., USA, a producer of coated papers, this week 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 this past January 6, Verso and NewPage agreed 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 this year, subject to regulatory approvals.

 

David J. Paterson, president and CEO of Verso, will continue to lead the combined entity after the closing. The rest of the company's senior leadership team will consist of the following persons, each of whom also currently is an executive of Verso:

• Lyle J. Fellows, SVP of manufacturing and energy, will be responsible for the mill and converting network, forest resources, manufacturing technology, and energy
• Robert P. Mundy, SVP and CFO, 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, SVP 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 management 
• Peter H. Kesser, SVP, general counsel, and secretary, will have responsibility for all legal matters, including governance and compliance 
• Kenneth D. Sawyer, VP 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, VP and CIO, will have responsibility for planning, development, and operation of all information technology systems 
• Joseph Duffy, VP of integrated planning and control, will be responsible for 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. 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 said they 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.