MOSINEE, Wis. (WSAU) – The President and Chief Executive Officer of Wausau Paper has resigned, effective immediately. Henry C. “Hank” Newell will also resign from the Board of Directors after a brief transition period. Wausau Paper made the announcement in a press release late Wednesday afternoon, and company officials were not immediately available for comment.
Another officer is leaving, too. Non-Executive Chairman Thomas J. Howatt will be retiring from the Board in advance of the Company’s 2014 Annual Meeting of Shareholders.
Board Member Michael C. Burandt has been appointed as the interim Chief Executive Officer and will become the Board Chairman after a short transition period. He is on the board’s Audit and Corporate Governance committees. The Board is now looking for a permanent replacement for Newell to be the CEO.
In the same press release, Wausau Paper said they are currently in settlement discussions with one of their investors, Starboard Value, regarding the issues that Starboard has raised in its publicly-filed correspondence. So far, no agreement has been reached.wo