Wausau Paper CEO Henry Newell Steps Down

(RTTNews) - Wausau Paper Corp. (WPP) said Wednesday that its President and Chief Executive Officer, Henry Newell, has stepped down as CEO effective immediately and plans to resign from the company's Board of Directors after a brief transition period.

The company also said that Non-Executive Chairman Thomas Howatt will be retiring from the Board in advance of the company's 2014 Annual Meeting of Shareholders.

Michael Burandt, a Wausau Paper Board member since February 2012, has been appointed interim Chief Executive Officer and will become Chairman following a brief transition period.

Burandt, 68, is a paper industry veteran, having served from 1988 until 2007, in various senior positions at Georgia Pacific Corp. He is currently President and CEO of Cantina Holdings LLC, a position he has held since September 2007.

The company said its board is conducting a search for a permanent CEO replacement.

Burandt expects to conduct a detailed review of all aspects of the company's operations and the impact on first-quarter performance of cold weather, competitive pricing pressure in support product categories, professional fees associated with proxy and advisory services, and other factors.