Wausau Paper Announces Succession Plan
MOSINEE, Wis., Oct 19, 2011 (BUSINESS WIRE) —
Wausau Paper (NYSE:WPP) today announced that Thomas J. Howatt, president and CEO of the company, will retire at the end of 2011 and that Henry C. Newell, currently executive vice president and chief operating officer of the company will succeed Mr. Howatt as president and CEO effective January 1, 2012. Additionally, Mr. Howatt will succeed San W. Orr, Jr. as non-executive chairman of the board of the company effective February 15, 2012. Mr. Orr will retire from the company’s board of directors as of the company’s annual meeting in April 2012 upon the conclusion of his present term on the board, having reached mandatory retirement age.
Mr. Newell (54) joined Wausau Paper in 2007 as vice-president, business development and was promoted to the position of senior vice-president specialty products in January of 2009 and to the role of senior vice-president paper when the company consolidated its specialty products and printing & writing business segments in January of 2010. He was promoted to his current role in March of this year. Mr. Newell holds a Master of Business Administration degree from Wake Forest University and a Bachelor of Science degree from the University of Florida. He brings more than 25 years of experience in the paper industry to his new role. Mr. Newell will stand for election to the company’s board of directors at its April 2012 annual meeting.
The Wausau Paper board of directors has been actively engaged in succession planning matters for an extended period of time and has been overseeing development activities in anticipation of the planned leadership changes being announced today.
Mr. Howatt stated, “Hank Newell’s leadership capabilities, vision and extensive industry experience ideally position him to lead Wausau Paper at this time. The company’s extensive executive talent development and succession planning efforts over the past several years have provided an orderly and seamless leadership transition that best positions Wausau Paper for the future.”
About Wausau Paper:
Wausau Paper produces and markets specialty papers for industrial, commercial and consumer end markets as well as a complete line of away-from-home towel and tissue products. The company is headquartered in Mosinee, Wisconsin and is listed on the NYSE under the symbol WPP. To learn more about Wausau Paper visit: www.wausaupaper.com.
Safe Harbor under the Private Securities Litigation Reform Act of 1995: The matters discussed in this news release concerning the company’s future performance or anticipated financial results are forward-looking statements and are made pursuant to the safe harbor provisions of the Securities Reform Act of 1995. Such statements involve risks and uncertainties which may cause results to differ materially from those set forth in these statements. Among other things, these risks and uncertainties include the strength of the economy and demand for paper products, increases in raw material and energy prices, manufacturing problems at company facilities, and other risks and assumptions described under “Information Concerning Forward-Looking Statements” in Item 7 and in Item 1A of the company’s Form 10-K for the year ended December 31, 2010. The company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
SOURCE: Wausau Paper
Investor and Media Contact:
Perry Grueber, 715-692-2056
Director Investor Relations