Bowater Announces New CEO
April 04 2006 - 3:14PM
Business Wire
Bowater Incorporated (NYSE: BOW) announced today that David J.
Paterson has been appointed President and Chief Executive Officer
of the Company effective May 1, 2006. He succeeds Arnold M.
Nemirow, who is retiring as Chief Executive Officer but will remain
as non-executive Chairman until later this year. Since 2003, Mr.
Paterson, 51, has been Executive Vice President of Georgia-Pacific
Corporation, in charge of its Building Products Division. He joined
Georgia-Pacific in 1987, and in recent years has been responsible
for its Pulp and Paperboard Division, its Paper and Bleached Board
Division and its Communication Papers Division. Mr. Paterson holds
a Bachelor of Science Degree from the School of Industrial and
Labor Relations, Cornell University, and a Masters in Business
Administration from the University of Michigan. "David brings a
vast amount of business experience as well as a successful record
of accomplishments to Bowater. I am confident that he will provide
the strong leadership necessary to further our Company's financial
recovery," said Nemirow. In January 2006, Mr. Nemirow, 63,
announced his intention to retire this year pending completion of a
search for his successor. He joined Bowater in 1994 as President
and Chief Operating Officer, becoming Chief Executive Officer in
March 1995, and Chairman in 1996. Prior to joining Bowater, Mr.
Nemirow served as President and Chief Executive Officer of Wausau
Paper Mills Company after spending sixteen years with Great
Northern Nekoosa Corporation. He began his career in 1969 with a
Wall Street law firm. Bowater Incorporated, headquartered in
Greenville, SC, is a leading producer of newsprint, coated
mechanical, and specialty papers. In addition, the company makes
bleached kraft pulp and lumber products. The company has 12 pulp
and paper mills in the United States, Canada and South Korea and 11
North American sawmills that produce softwood lumber. Bowater also
operates two facilities that convert a mechanical base sheet to
coated products. Bowater's operations are supported by
approximately 1.4 million acres of timberlands owned or leased in
the United States and Canada and 29 million acres of timber cutting
rights in Canada. Bowater is one of the world's largest consumers
of recycled newspapers and magazines. Bowater common stock is
listed on the New York Stock Exchange and the Pacific Exchange. A
special class of stock exchangeable into Bowater common stock is
listed on the Toronto Stock Exchange (TSX: BWX).
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