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Smurfit-Stone CEO, Pat Moore, to Retire in 2010

Dec. 22, 2009 - Smurfit-Stone Container said that its chairman and CEO, Patrick J. Moore (55), has notified the Board that he intends to retire within one year following the company's emergence from Chapter 11 proceedings.

Moore will continue to serve on the Board of Directors, the company said.

Smurfit-Stone has filed amendments to its Plan of Reorganization documents in United States Bankruptcy Court that provides for a non-executive Chairman of the Board upon emergence from Chapter 11.

The new Board of the reorganized company will designate a successor to Moore after it and its subsidiaries emerge from Chapter 11.

President and chief operating officer Steven J. Klinger will continue to serve in his current role as well as on the Company's Board of Directors.

"Steve and I will work together on an orderly, well planned transition," said Moore. "We remain fully committed to leading the company to a successful emergence from our Chapter 11 restructuring.

Smurfit-Stone filed its Plan of Reorganization on December 1 and plans to emerge from restructuring proceedings in both the United States and Canada either late in the first quarter or early in the second quarter of 2010.

SOURCE: Smurfit-Stone Container




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