Exhibit 99.1
Verso Corporation Announces Change in Leadership
MIAMISBURG, Ohio - October 1, 2020 – Verso Corporation (NYSE: VRS) today announced that Adam St. John has resigned as President and Chief Executive Officer and as a member of the Board of Directors, effective as of September 30, 2020. The Verso Board of Directors has named Randy J. Nebel, a current member of the Board, as interim President and Chief Executive Officer. Mr. Nebel will also continue to serve as a member of Verso’s Board. Verso’s Board will commence a search for a permanent President and Chief Executive Officer, and plans to engage a national executive search firm to help identify and evaluate qualified candidates.
Mr. Nebel joined Verso’s Board in 2019 and has extensive paper and packaging industry knowledge and experience. He previously served as Executive Vice President of Integrated Packing at KapStone Paper and Packaging Corporation, where he oversaw manufacturing and direct customer commercial operations. He was formerly President of Longview Fibre Paper and Packing, Inc. and is a past member of the Board of Directors of the National Association of Manufacturers and the American & Forest Paper Association.
Sean Erwin, Chairman of the Board, said, “We are pleased that a leader of Randy’s caliber is stepping into the interim President and CEO role while we search for a permanent successor to Adam.”
“On behalf of the entire Board, I would like to thank Adam for his many contributions to Verso during his years of service,” said Erwin. “We wish him well in his future endeavors.”
Mr. Nebel stated, “I’m honored to take on the interim President and CEO role and continue the work of building a stronger, more flexible operating model, delivering the highest quality of products and service to our customers, and creating long-term value for all of our stakeholders.”
About Verso
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 graphic and specialty papers, packaging papers and pulp, Verso provides insightful solutions that help drive improved customer efficiency, productivity, brand awareness and business results. Verso’s longstanding 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 versoco.com.
Forward-Looking Statements
In this press release, all statements that are not purely historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by the words “believe,” “expect,” “anticipate,” “project,” “plan,” “estimate,” “intend,” “potential” and other similar expressions. They include, for example, statements relating to our ability to build a stronger and more flexible operating model and to create long-term value for our stakeholders. Forward-looking statements are based on currently available business, economic, financial, and other
