Verso Corporation (NYSE: VRS) ("Verso" or the "Company") has just announced that the Board has nominated Paula H. J. Cholmondeley, and Ms. Cholmondeley has agreed to be nominated, as a director at the 2019 annual meeting of stockholders to be held on January 21, 2020 (the "Annual Meeting").
Verso has taken significant steps to refresh and diversify its Board of Directors to include a mix of industry and executive experience as well as a range of additional relevant expertise in, among other areas, finance, public company operations, manufacturing and distribution. With Ms. Cholmondeley's nomination, four of six independent directors have been nominated for election at the Annual Meeting in the last six weeks, and following their election at the Annual Meeting, five of seven directors will have joined the Board in less than one year. Although the formal nominations have occurred in a short span of time, they reflect the culmination of an extended, careful and thorough search process, with the assistance of leading executive search firms, that the Board has actively pursued over the course of the year. With the election of Ms. Cholmondeley and our recent nominees, the Board will have over 150 years of collective paper industry experience and a majority of our Board will comprise highly experienced experts in the paper and manufacturing industries.
Ms. Cholmondeley was nominated by the Board's Corporate Governance and Nominating Committee (the "Nominating Committee") based upon her impressive array of executive leadership roles, particularly in the paper and industrial manufacturing industries. Ms. Cholmondeley has served as a director for Terex Corporation, an international industrial products company, since 2004, as well as a director of the Bank of the Ozarks since 2016 and as an independent trustee of Nationwide Mutual Funds since 2000. She has held multiple other directorships, including for KapStone Paper and Packaging from 2016 to 2018, for DENTSPLY International from 2002 to 2016, for Minerals Technologies from 2004 to 2014, for Albany International from 2005 to 2013, and Ultralife Corporation from 2004 to 2010. From 2004 to present, she has been the principal of The Sorrel Group, a consulting firm founded by Ms. Cholmondeley specializing in customized corporate governance education for first time members of boards of directors. From 2000 to 2003, Ms. Cholmondeley was Vice President and General Manager of the Specialty Products division of Sappi Fine Paper, North America. Ms. Cholmondeley has also held other senior management and finance roles throughout her career, including during her six years of service at International Paper. Ms. Cholmondeley is a (non-practicing) CPA and is a part-time faculty member for the National Association of Corporate Directors.
In the non-profit arena, her board experience includes the American Institute of CPAs; Gifts-in-Kind, the largest product-giving charity in the United States; the Executive Leadership Council; and the National Association of Black Accountants. Ms. Cholmondeley is on the advisory board for Trewstar, a recruiting firm whose focus is on women directors. She is also the chair of the corporate board initiative for the Executive Leader Council.
Steven Scheiwe, an independent director of the Board, stated, "Ms. Cholmondeley is an outstanding and highly qualified nominee for election to the Board. She has a proven track record of delivering results as an executive leader of complex organizations and brings deep experience across relevant industries, including manufacturing. In her current role as a governance advisor, she will bring a strong emphasis on sound corporate governance practices, strategic planning and executive oversight to the Verso Board to advance our commitment to delivering value to stockholders."
Verso Corporation is the turn-to company for those looking to successfully navigate the complexities of paper sourcing and performance. A leading North American producer of specialty and graphic papers, packaging and pulp, Verso provides insightful solutions that help drive improved customer efficiency, productivity, brand awareness and business results. Verso's long-standing reputation for quality and reliability is directly tied to our vision to be a company with passion that is respected and trusted by all. Verso's passion is rooted in ethical business practices that demand safe workplaces for our employees and sustainable wood sourcing for our products. This passion, combined with our flexible manufacturing capabilities and an unmatched commitment to product performance, delivery and service, make Verso a preferred choice among commercial printers, paper merchants and brokers, converters, publishers and other end users. For more information, visit us online at www.versoco.com
SOURCE Verso Corporation