AbitibiBowater Announces New Board of Directors for Restructured Company
MONTREAL—Sept 02, 2010—AbitibiBowater announced today that nine individuals have been selected to serve, along with current Board Chairman Richard B. Evans and President and CEO David J. Paterson, on a newly constituted board of directors. The term of this new board will begin when the company's Plans of Reorganization receive creditor approval and confirmation by the U.S. and Canadian Courts, and the company emerges from creditor protection under Chapter 11 of the U.S. Bankruptcy Code and the Companies' Creditors Arrangement Act (CCAA) in Canada.
The designated Non-Executive Chairman of the Board will be Richard B. Evans, continuing AbitibiBowater's current governance practices of having a non-executive serve as Chair and a majority of independent directors.
The following directors will join Richard Evans and David Paterson on the new board:
Pierre Dupuis (Sutton, QC) is a board member of Norbord Inc. and Brookfield Renewable Power Fund. Previously, Mr. Dupuis was Vice President, Chief Operating Officer of Dorel Industries Inc. Prior to his appointment at Dorel, Mr. Dupuis was President and COO of Transcontinental Inc. and a senior executive with Domtar Inc.
Richard Falconer (Toronto, ON) is Vice Chairman and Managing Director of CIBC World Markets Inc. He joined Wood Gundy in 1970 and previous roles include Financial Analyst, Director of Research and Co-Head Investment Banking. Mr. Falconer is a board member of the Bridgepoint Health Foundation and Chair of their Campaign Cabinet Committee.
Richard Garneau (Montreal, QC) has been a director of AbitibiBowater since June 2010. Mr. Garneau most recently served as President and CEO of Catalyst Paper Corporation. Prior to his tenure at Catalyst, Mr. Garneau was Executive Vice President, Operations at Domtar. He also held a variety of roles at Norampac, Copernic.com, Future Electronics, St. Laurent Paperboard, Finlay Forest Industries and Donohue Inc.
Jeffrey Hearn (Bluffton, SC) retired from International Paper in April 2009 where he served as an officer and held various general business management and technology management positions in the U.S. and Brazil. Prior to his return to the U.S. with International Paper, Mr. Hearn was President and Chief Executive Officer of Weldwood of Canada. Mr. Hearn was Chair of the Paperboard Mfg. and Converting Section of the American Forest Products Association, and former Vice-Chair of the Forest Products Association of Canada. He was also Industry CEO Representative for the BC Forest Products Forest Practices Reform Initiative.