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In the meantime, Verso’s board of directors will establish an Office of the Chief Executive on Sept. 1 to lead the management of the company until a new CEO comes on board. Robert Amen, the current lead independent director of Verso, will become the chairman of the board upon Paterson’s retirement.
Additionally, Adam St. John has been promoted to serve as senior vice president of manufacturing.
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“I am deeply honored to have had the opportunity to lead Verso over the last four years, and I am extremely proud of what our team has accomplished together in the face of significant challenges,” Paterson said. “Now that Verso has completed its restructuring and is positioned for a more financially stable and sustainable future, I retire with the confidence that our senior leadership team, along with the board of directors, will take full advantage of every opportunity to make Verso a resounding success.”
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In late July, the company announced it emerged from bankruptcy following a successful financial restructuring. Verso’s restructuring reduced the company’s debt by $2.4 billion and includes $595 million in exit financing to support ongoing operations and capital investment, according to a news release.
The Memphis, Tenn.-based company filed for bankruptcy reorganization in late January a year after it acquired Miami Twp.-based NewPage in January 2015.
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