Verso Paper (VRS) Chair, CEO Paterson to Retire

August 10, 2016 4:29 PM EDT
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Verso Corporation (NYSE: VRS) announced today that David J. Paterson will retire as the Chairman of the Board and Chief Executive Officer of Verso effective as of August 31, 2016. Verso's board of directors has begun the search for a new CEO. In the meantime, Verso's board of directors will establish, effective as of September 1, 2016, an Office of the Chief Executive to lead the management of the company until a new CEO comes on board. In addition, Adam St. John has been promoted to serve as the Senior Vice President of Manufacturing of Verso. Lastly, Robert M. Amen, the current lead independent director of Verso, will become the Chairman of the Board upon Paterson's retirement.

"I am deeply honored to have had the opportunity to lead Verso over the last four years, and I am extremely proud of what our team has accomplished together in the face of significant challenges," Paterson said. "Now that Verso has completed its restructuring and is positioned for a more financially stable and sustainable future, I retire with the confidence that our senior leadership team, along with the board of directors, will take full advantage of every opportunity to make Verso a resounding success. I want to thank all of our employees for their hard work, dedication and support during my time at Verso, and I wish them all the best."

The Office of the Chief Executive (OCE) will consist of the following four executive officers of Verso: Allen J. Campbell, Senior Vice President and Chief Financial Officer; Michael A. Weinhold, Senior Vice President of Sales, Marketing and Product Development; Peter H. Kesser, Senior Vice President, General Counsel and Secretary; and Adam St. John, the newly elected Senior Vice President of Manufacturing. The OCE will have the duties and responsibilities associated with the CEO position and will report directly to Verso's board of directors and its newly formed executive committee consisting of Amen and fellow directors Eugene I. Davis and Jay Shuster. The OCE and the executive committee will be dissolved when a new CEO comes on board.

One more element of Verso's senior management changes is the promotion of Adam St. John to Senior Vice President of Manufacturing. A 24-year paper industry veteran, St. John has worked at Verso for the past 10 years, most recently serving as Regional Vice President of Manufacturing with responsibility for the company's largest paper mills. St. John holds a bachelor of science degree in engineering from Maine Maritime Academy.

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