Creditors Approve Quebecor World’s Plans of Reorganization; Names New Board
Raymond Bromark, chairman of the audit committee of CA, Inc., and a retired senior partner of PricewaterhouseCoopers, also will be named to the board, along with turnaround specialist James Gaffney, printing industry veteran Michael Allen, Canadian lawyer and former senior officer of Alcan, Inc., David McAusland, and Gabriel de Alba, managing director and partner of Catalyst Capital Group of Toronto.
A spokesman for the director designees said, “The highly fragmented printing industry must undergo further consolidation, and this company will be an important part of that process. We look forward to providing overall strategic guidance, best governance practices and oversight”.
Jacques Mallette, the Company’s Chief Executive, is expected to be the only continuing member of the board. The new board members will be seated upon Quebecor World’s emergence from its insolvency proceedings, which is expected to occur in July. The director designees do not expect to make any further statements.