As previously announced on Jan. 6, 2014, Verso and NewPage entered into a definitive agreement for Verso to acquire NewPage in a transaction valued at $1.4 billion. The transaction, which has been unanimously approved by the boards of directors of both companies, is expected to close in the second half of 2014, subject to regulatory approvals.
David J. Paterson, president and chief executive officer of Verso, will continue to lead the combined entity after the closing. The rest of the company's senior leadership team announced today will consist of the following persons, each of whom also currently is an executive of Verso:
- Lyle J. Fellows, senior vice president of manufacturing and energy, will be responsible for the mill and converting network, forest resources, manufacturing technology and energy.
- Robert P. Mundy, senior vice president and chief financial officer, will have responsibility for all financial areas, including financial planning and analysis, tax, corporate finance and treasury functions, accounting and audit functions, and investor relations.
- Michael A. Weinhold, senior vice president of sales, marketing and product development, will be responsible for sales, marketing, eCommerce, new business development, planning, logistics, customer service, field technical sales, product development and pricing management.
- Peter H. Kesser, senior vice president, general counsel and secretary, will have responsibility for all legal matters, including governance and compliance.
- Kenneth D. Sawyer, vice president of Human Resources, will be responsible for all human resources and people systems, including talent selection, labor relations, performance management, compensation and benefits.
- Benjamin Hinchman, IV, vice president and chief information officer, will have responsibility for planning, development and operation of all information technology systems.
- Joseph Duffy, vice president of integrated Planning and Control, will be responsible for the integration of the two companies and other business coordination and planning activities.
Prior to closing, the current leadership teams of Verso and NewPage will continue to lead their respective organizations to ensure that both companies "continue to provide quality products and services to their customers and to reach completion of the proposed transaction." In addition, representatives from both Verso and NewPage will be in charge of leading integration planning activities on behalf of the combined entity after the closing. The two companies will work together in the interest of a smooth transition for their stakeholders, and their focus will be to retain the best talent from Verso and NewPage going forward.