Verso to establish interim Office of the Chief Executive as CEO David J. Paterson retires
Verso Corporation has confirmed that David J. Paterson will retire as chairman and CEO as of August 31, with an Office of the Chief Executive to be created and lead the management of the company until a new CEO comes on board.
Verso's board of directors has begun the search for a new CEO, with Office of the Chief Executive in place from September 1. The Office of the Chief Executive will consist of the following four executive officers of Verso: Allen J. Campbell, senior vice president and chief financial officer; Michael A. Weinhold, senior vice president of sales, marketing and product development; Peter H. Kesser, senior vice president, General Counsel and secretary; and Adam St. John, the newly-elected senior vice president of manufacturing, as reported here.
The Office of the Chief Executive will have the duties and responsibilities associated with the CEO position and will report directly to Verso's board of directors and its newly formed executive committee consisting of Amen and fellow directors Eugene I. Davis and Jay Shuster. The Office of the Chief Executive and the executive committee will be dissolved when a new CEO comes on board.
‘I am deeply honored to have had the opportunity to lead Verso over the last four years, and I am extremely proud of what our team has accomplished together in the face of significant challenges,’ commented Paterson. ‘Now that Verso has completed its restructuring and is positioned for a more financially stable and sustainable future, I retire with the confidence that our senior leadership team, along with the board of directors, will take full advantage of every opportunity to make Verso a resounding success.
‘I want to thank all of our employees for their hard work, dedication and support during my time at Verso, and I wish them all the best.’