Mr. Jones to Retire From CEO, Chairman Role; Remain Director
SPOKANE, Wash.--(BUSINESS WIRE)--
Clearwater Paper Corporation (NYSE:CLW) today announced that
Linda K. Massman will become the company's next chief executive officer,
succeeding Gordon L. Jones, who will be retiring from his roles as chief
executive officer and chairman of the board of directors, on December
31, 2012.
Ms. Massman, currently president and chief operating officer, will begin
as president and chief executive officer, effective January 1, 2013. Ms.
Massman will also join Clearwater Paper's board of directors at that
time. Additionally, vice chairman and lead director of the board, Boh A.
Dickey, has been appointed chairman of the board, effective January 1,
2013.
"Linda has been an integral part of the company's ability to design and
execute its strategy from the beginning," said Mr. Dickey. "She came to
Clearwater Paper as one of the company's original leaders after a rapid
succession in finance and strategy development, and is now making the
natural progression from chief operating officer to chief executive
officer. She is the right person to lead Clearwater Paper as we enter
our next phase of growth and development."
"I have had the pleasure of working closely with Linda since the
company's spin-off in 2008 and she has been an integral part of
Clearwater Paper's success," said Mr. Jones. "Since that time, we have
executed on our growth strategy and successfully transformed our company
into one of the largest and most successful premium private label tissue
and bleached paperboard producers in North America. Under Linda's
leadership, I am confident Clearwater Paper will continue to build on
this track record of success."
Ms. Massman was appointed vice president and chief financial officer of
Clearwater Paper in 2008, then named president and chief operating
officer in November 2011. Before joining Clearwater Paper, Ms. Massman
was group vice president, finance and corporate planning, for SUPERVALU
Inc. Prior to this, Ms. Massman worked as a business strategy consultant
for Accenture. Ms. Massman has more than 20 years of corporate finance
and business strategy development experience and earned a Bachelor of
Business Administration from the University of North Dakota and an MBA
from Harvard Business School.
Added Mr. Dickey, "Linda's customer-side experience, broad financial and
strategic planning expertise with some of the country's biggest consumer
brands and her knowledge of the company from day one give her the unique
ability to lead Clearwater Paper and ensure the company's continued
growth and success. We look forward to working with Linda as we build
upon the strong foundation already in place and continue to execute our
strategic priorities and create stockholder value."
"I am honored to take on the role of CEO of Clearwater Paper at this
time of great opportunity," said Ms. Massman. "Given the market dynamics
within private label, our track record of success and strategic plan for
growth, I believe we are well positioned to continue to enhance
stockholder value. We remain focused on expanding the geographic and
channel reach of Clearwater Paper while executing on our cost efficiency
and integration synergy goals. I look forward to working with the board,
management team and our dedicated employees to continue Clearwater
Paper's achievements for customers and investors."
"On behalf of the board and everyone at Clearwater Paper, I would like
to thank Gordon for his leadership, commitment and countless
contributions to our company," said Mr. Dickey. "We look forward to
continuing to benefit from his experience as a director on the board,
and we wish him all the best in his retirement."
ABOUT CLEARWATER PAPER
Clearwater Paper manufactures quality consumer tissue, away-from-home
tissue, hard roll tissue, machine glazed tissue, bleached paperboard and
pulp at 15 manufacturing locations in the U.S. and Canada. The company
is a premier supplier of private label tissue to major retailers and
wholesale distributors. This includes grocery, drug, mass merchants and
discount stores. The company also produces bleached paperboard used by
quality-conscious printers and packaging converters. Clearwater Paper's
employees build shareholder value by developing strong customer
partnerships through quality and service.
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995 as
amended, including statements regarding the company's strategic goals,
future growth and market opportunities, including in the Midwestern and
Eastern U.S. regions and non-grocery channels, integration cost
synergies relating to the company's Cellu Tissue acquisition, efficiency
projects and reductions to the company's cost structure and stockholder
value. These forward-looking statements are based on current
expectations, estimates, assumptions and projections that are subject to
change, and actual results may differ materially from the
forward-looking statements. Factors that could cause actual results to
differ materially include, but are not limited to, the company's ability
to successfully implement its expansion strategies; difficulties with
the integration process or the realization of the benefits expected from
the company's acquisition of Cellu Tissue; the company's ability to
complete its new facilities; competition from larger producers;
customers' product preferences; changes in the United States and
international economies; changes in raw material and energy costs;
cyclical industry conditions; competitive pricing pressure for the
company's products; changes in freight costs and disruptions in
transportation services; unanticipated manufacturing disruptions;
changes in general and industry-specific laws and regulations;
unforeseen environmental liabilities or expenditures; labor disruptions;
and other risks and uncertainties described from time to time in the
company's public filings with the Securities and Exchange Commission.
The forward-looking statements are made as of the date of this press
release and the company does not undertake to update any forward-looking
statements.
For additional information on Clearwater Paper, please visit our
website at www.clearwaterpaper.com.
Clearwater Paper
News media:
Matt Van Vleet, 509-344-5912
or
CFO
John
Hertz, 509-344-5905
or
Investors:
IR Sense
Sean
Butson , 509-344-5906
Source: Clearwater Paper
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