David Paterson will retire as the Chairman of the Board and Chief Executive Officer of Verso Corporation effective as of August 31, 2016, as the paper giant continues its search for a new leader. With Paterson’s pending departure, Adam St. John has been promoted to Senior Vice President of Manufacturing and Robert Amen is to become Chairman of the Board.
Verso, headquartered in Memphis as a producer of printing and specialty papers and pulp, completed a US$1.4 billion acquisition of NewPage Holdings back in January 2015. Completion of the deal came after NewPage divested itself of two mills, which were taken over by Catalyst Paper of Richmond, British Columbia.
Verso’s purchase of NewPage brought the company approximately US$3.5 billion in annual sales and around 5,800 employees in eight mills across six American states.
Verso’s board of directors has begun the search for a new CEO and, after Paterson’s departure, plans to establish an Office of the Chief Executive to lead the management of the company until a new CEO comes on board.
“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.”
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.
St. John is a 24-year paper industry veteran who 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.
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