- It seems Wausau Paper's largest shareholder will get what it wanted... Two new, non-affiliated Board Members. Wausau Paper announced the decision Wednesday. New York-based Starboard Value LP holds about 15 percent of Wausau Paper's stock. It had demanded the paper company sell underperforming mills and make changes to its Board of Directors earlier this year.
The two new board members were suggested by Starboard Value LP, but do not have any connection to either Starboard Oor Wausau Paper. They'll be up for approval at the 2013 Annual Meeting. This is the third big change of the year for Wausau Paper. In January, the company announced the sale of three midwest mills, including Rhinelander's. Then, last month, they announced the Brainerd, Minn. mill would close.
Written By: Lane Kimble