Verso Chairman and CEO to Retire; Other Senior Leadership Changes Announced
MEMPHIS, Tenn. — August 12, 2016 — Verso Corp. announced today that David Paterson will retire as the chairman of the board and CEO of Verso effective as of Aug. 31, 2016. Verso's board of directors has begun the search for a new CEO. In the meantime, Verso's board of directors will establish, effective as of Sept. 1, 2016, an Office of the Chief Executive to lead the management of the company until a new CEO comes on board. In addition, Adam St. John has been promoted to serve as the senior VP of manufacturing of Verso. Lastly, Robert Amen, the current lead independent director of Verso, will become the chairman of the board upon Paterson's retirement.
"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," says Paterson. "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. I want to thank all of our employees for their hard work, dedication and support during my time at Verso, and I wish them all the best."
The Office of the Chief Executive (OCE) will consist of the following four executive officers of Verso: Allen Campbell, senior VP and CFO; Michael Weinhold, senior VP of sales, marketing and product development; Peter Kesser, senior VP, general counsel and secretary; and Adam St. John, the newly elected senior VP of manufacturing. The OCE will have the duties and responsibilities associated with the CEO position and will report directly to Verso's board of directors and its newly formed executive committee consisting of Amen and fellow directors Eugene Davis and Jay Shuster. The OCE and the executive committee will be dissolved when a new CEO comes on board.
One more element of Verso's senior management changes is the promotion of Adam St. John to senior VP of manufacturing. A 24-year paper industry veteran, St. John has worked at Verso for the past 10 years, most recently serving as regional VP of manufacturing with responsibility for the company's largest paper mills. St. John holds a bachelor of science degree in engineering from Maine Maritime Academy.
Verso Corp. is the turn-to company for those looking to successfully navigate the complexities of paper sourcing and performance. The leading North American producer of printing and specialty papers and pulp, Verso provides insightful solutions that help drive improved customer efficiency, productivity, brand awareness and business results. Verso's long-standing reputation for quality and reliability is directly tied to its vision to be a company with passion that is respected and trusted by all. Verso's passion is rooted in ethical business practices that demand safe workplaces for its employees and sustainable wood sourcing for its products. This passion, combined with its flexible manufacturing capabilities and an unmatched commitment to product performance, delivery and service, make Verso a preferred choice among commercial printers, paper merchants and brokers, converters, publishers and other end users.