BOD of Fibrek steps down following majority stake acquisition by Resolute Forest Products
Fibrek announces changes to Board of Directors and management team. Principal members of the outgoing management team will assist in the transition process.
Following the acquisition of 63.3% of Fibrek by Resolute Forest Products (Resloute), the entire Board of Directors of Fibrek has stepped down, Fibrek announced on 9 May. In addition, five high members of Fibrek’s management team have resigned from their positions with immediate effect, including the company’s CEO Pierre Gabriel Côtè and the CFO Patsie Ducharme.
According to Resolute, both companies are working together on a smooth transition to Resolute’s effective control. Principal members of Fibrek’s management team will cooperate to ensure an orderly transition to the new managemenet team until 31 May 2012, it is said. New members of the Board of Directors have also been already nominated, with Richard Garneau serving as the Chairman of the Board.
Resolute has acquired 63.3 % of all outstanding Fibrek shares as of 4 May. The offer to acquire the remaining shares in the Montreal-based pulp and recycled kraft pulp manufacturer will not be further extended and will expire definitely on May 17, Resolute explained.
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