Chadwick Wasilenkoff, the Company's current President and CEO, will assume the newly created role of Executive Chairman of the Board of Directors. In this role, Mr. Wasilenkoff will work with Mr. Pelletier to facilitate the transition of leadership over the short to medium-term and to further create value for shareholders over the long-term.
The promotion of Mr. Pelletier to President and CEO of the Company follows a robust, nearly year-long succession planning process. During the course of this process, Mr. Wasilenkoff and the Board recognized Mr. Pelletier's contributions to operational improvements at Fortress Paper and concluded that the Company and its shareholders would benefit by expanding his role at the Company, which will free Mr. Wasilenkoff to focus on strategic initiatives to unlock value for shareholders and to improve the balance sheet.
Fortress Paper operates internationally in two distinct business segments: dissolving pulp and security paper products.
