New Year Brings Change to Ranks at Quebecor

MONTREAL—There has been a management shakeup at Quebecor World, North America’s largest printer.

Quebecor World CEO and President Charles Cavell has announced that he plans to retire by April of 2003. In addition, Christian Paupe, CFO, executive vice president and chief administrative officer, has informed the company’s board of directors that he is quitting in order to explore other opportunities.

The decision of these top executives to leave Quebecor World follows the recent changes made by the company to its operating structure in 2002.

On September 25, Quebecor World announced the implementation of a new operating structure and senior leadership appointments. John Paloian and David Boles were appointed co-COOs of Quebecor World North America.

On November 1, Carl Gauvreau was appointed senior vice president and chief accounting officer. In this role, Gauvreau has assumed responsibility for financial reporting, budgets, results and internal control.

On November 5, Quebecor named Michel Desbiens to the newly created position of CEO, international operations.

It is expected that the organizational structure will continue to evolve whereby Desbiens, Paloian and Boles will progressively assume full responsibility for the operating management of the corporation, according to a Quebecor World statement. Paupe’s areas of responsibility, such as global procurement, human resources and legal services, will be transitioned to other executives.

The departure of Cavell and Paupe continues the reshuffling of Quebecor World’s top executives, which started with the sudden departure of Marc Reisch as chairman, president and CEO of Quebecor World North America last September.

Cavell will remain a member of the board of directors and act as a consultant to the corporation following his retirement.

“I have said many times that Quebecor World is greater than any single individual. I believe the process, people and management structure we have put into place will provide for an orderly transition and will allow us to continue to manage the company in the best interests of our customers, employees and shareholders,” he remarks.

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