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Fibrek board steps down to make way for Resolute executives

Fibrek Inc. and Resolute Forest Products are cooperating on an orderly transition to Resolute’s effective control. The goal for both parties is to minimize any disruption to Fibrek’s key relationships, including its employees, customers,…

Fibrek Inc. and Resolute Forest Products are cooperating on an orderly transition to Resolute’s effective control. The goal for both parties is to minimize any disruption to Fibrek’s key relationships, including its employees, customers, suppliers and other partners.

Once Fibrek had filed its first quarter 2012 financial statements, the company announced that each member of the board had stepped down, effective immediately. The principal members of Fibrek’s outgoing management team, including Pierre Gabriel Côté, chief executive officer, and Patsie Ducharme, chief financial officer, have agreed to assist in the transition process as special advisors until May 31, 2012.

“We’re delighted to mark this important step in the integration of Fibrek within the Resolute family,” said Richard Garneau, president and CEO. “While there remains work to be done, the spirit of cooperation we’ve announced today means business as usual for Fibrek’s operations, customers, suppliers and other business partners.”

The departing members of Fibrek’s board were replaced by the following Resolute nominees: Michel Desbiens, Michel Gagnon and Daniel Filion, each of whom will serve as outside director, and Richard Garneau (chair), Jo-Ann Longworth and Jacques P. Vachon. Longworth is Resolute’s senior vice-president and chief financial officer, and Vachon is its senior vice-president for corporate affairs and chief legal officer.

This new Fibrek board appointed Richard Garneau as president and chief executive officer, Alain Boivin as vice president for operations, Jo-Ann Longworth as vice president and chief financial officer and Jacques P. Vachon as vice president for legal affairs and corporate secretary. Messrs. Boivin, Garneau and Vachon and Ms. Longworth are not entitled to additional compensation for serving as either Fibrek officers or directors.

Garneau added: “Increasing our capacity in the growing global pulp market by adding these assets is consistent with our strategy.”