News for 'ABWTQ' - (AbitibiBowater Announces Leadership Succession Plan - Richard Garneau to Succeed David J. Paterson as President and CEO)
MONTREAL, Dec 10, 2010 /PRNewswire via COMTEX/ -- Richard B. Evans, Chair of
AbitibiBowater, today announced that David J. Paterson will step down as
President and Chief Executive Officer on January 1, 2011, 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 Chief Executive Officer of Catalyst Paper
Corporation.
Mr. Paterson has agreed to stay on in an executive advisory role through January
2011 and a non-executive advisory role through July 31, 2011, supporting a
smooth transition and continued positive momentum for the Company. As announced
yesterday, AbitibiBowater emerged from creditor protection as a lean, flexible
and sustainable company, well-positioned for future growth.
"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 Mr. 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."
"There is no doubt that Dave Paterson was the right person at the right time for
AbitibiBowater," said Richard Evans. "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."
Richard Garneau joined AbitibiBowater as a member of the Board of Directors in
June 2010. Most recently, he served as President and Chief Executive Officer of
Catalyst Paper Corporation from March 2007 to May 2010. Prior to his tenure at
Catalyst, he held a variety of roles in the forest products industry. Upon
graduating with a Degree in Administration from Laval University in Quebec in
1971, Mr. Garneau joined Ernst & Young and remains a member today of the
Canadian Institute of Chartered Accountants.
"AbitibiBowater is a company with a long history, skilled and dedicated
employees, and a determination to succeed as a profitable and sustainable
enterprise," said Richard Garneau. "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."
AbitibiBowater is a global leader in the forest products industry, producing a
diverse range of products, including newsprint, commercial printing and
packaging papers, market pulp and wood products. The Company owns or operates 18
pulp and paper mills and 24 wood products facilities located in the United
States, Canada and South Korea. Marketing its products in more than 70
countries, AbitibiBowater is also among the largest recyclers of old newspapers
and magazines in North America, and has third-party certified 100% of its
managed woodlands to sustainable forest management standards.
SOURCE ABITIBIBOWATER INC. - ENGLISH
