AbitibiBowater, Montreal, Que., Canada, has announced that David J. Paterson will step down as president and CEO on January 1, having successfully led the company through the most far-reaching restructuring in its history. He will be succeeded by Richard Garneau, currently a member of the board of directors and the former president and CEO of Catalyst Paper Corp.
Paterson has agreed to stay on in an executive advisory role through January 2011 and a non-executive advisory role through July 31, supporting a smooth transition and continued positive momentum for the company. As announced last week, AbitibiBowater has emerged from creditor protection.
"Throughout this time of transition, I have been inspired by the desire of all employees to create the right conditions to take AbitibiBowater back to profitability, build strong market presence, promote sustainability, and position us for future success," said Paterson. "Today, after three years of very demanding work, the foundations for that success are clearly in place, and I feel it is the right time to turn my time and attention back to the other people in my life who inspire me - my wife and family."
According to Richard Evans, chairman of the board, "there is no doubt that Dave Paterson was the right person at the right time for AbitibiBowater. He set an example through his dedication and hard work. He gave us a new vision and a drive to succeed, and motivated everyone to believe in our future. AbitibiBowater today is a testament to his commitment, and the board and employees of the company are extremely grateful to him for his decisive leadership."
Garneau joined AbitibiBowater as a member of the board in June 2010. He served as president and CEO of Catalyst Paper from March 2007 to May 2010. Prior to his tenure at Catalyst, he held a variety of roles in the forest products industry.
"AbitibiBowater is a company with a long history, skilled and dedicated employees, and a determination to succeed as a profitable and sustainable enterprise," Garneau noted. "Dave Paterson and his team have laid the foundation for a future success story, and I'm excited for the opportunity to help write its next chapter."
TAPPI
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