Verso Corporation announced that David J. Paterson, the President and CEO and a director of the company, will become the Chairman of the Board of Verso immediately upon its emergence from its pending Chapter 11 bankruptcy proceeding.
In addition, Mr. Paterson has informed Verso's Board of Directors that he intends to step down as the company's President and CEO when Verso finds his successor, but until then, he intends to continue to serve in this role.
Though there is no set timetable for Mr. Paterson's departure, both Verso and he intend for the transition to occur in short order, with the objective that the new President and CEO be in place to guide Verso as soon as practicable after it emerges from bankruptcy. Verso has engaged a search firm and is actively seeking a successor to Mr. Paterson.
Verso Corporation is the leading North American producer of printing and specialty papers and pulp.
