NewPage CEO Rick Willett Resigns

Jan. 19, 2010 - NewPage Corp. today announced that Richard D. Willett, Jr., president and CEO, has resigned from NewPage effective January 18, 2010, and will remain with the company as a consultant through March 31, 2010.

Mark A. Suwyn, former CEO and currently executive chairman, has been elected to serve as CEO until a new chief executive is named.

“After considerable personal reflection on my longer term career interests, I have made the difficult decision to leave NewPage to pursue opportunities in other industries,” Willett said.

“A smooth transition is important to me, and I have agreed to assist Mark Suwyn and the NewPage management team as needed as a consultant to the company, and then further through a two-year consulting arrangement with Cerberus Operations,” Willett added.

Mark Suwyn said, “While there is never a perfect time for a transition, Rick and I, along with the Board of Directors, have mutually agreed on this timing and feel that NewPage is well positioned for the future now that the acquisition of Stora Enso North America has been successfully integrated.

"Rick has made enormous contributions to NewPage over the past four years and we all wish him well in the future,” Suwyn said

Willett joined Newpage in April 2006 as president and COO. He was named president and CEO in March 2009.

SOURCE: NewPage Corporation

PaperAge. Copyright © O'Brien Publications, Inc. All rights reserved.