Loading
Search
NEWS STORIES

Wausau Paper's largest shareholder calls for management overhaul and move, or saleSubmitted: 01/19/2014
Story By Lauren Stephenson


MOSINEE - Wausau Paper's largest shareholder, Starboard Value LP, wants the company to replace management or consider selling the company.

Starboard owns more than 15% of Wausau Paper's stock.

It publicly released a 10-page letter outlining its suggestions to board members Friday.

The letter criticizes current management for "ignoring shareholder concerns" and the company's "prolonged underperformance under the direction of the current management team and Board."

In the letter, Starboard's CEO Jeffrey Smith says Wausau Paper's board "has been more intent on lining the pockets of management."

He says the board spent $250 million to restructure its printing and writing business.

Starboard suggested they sell it.

Wausau Paper did finally sell the two specialty printing mills in Rhinelander and Mosinee to KPS Capital Partners LP last summer.

But Starboard CEO Jeffrey Smith said they should have sold a year earlier when the business was worth more.

Starboard claims management refuses to move headquarters from Mosinee even though "Wausau's Tissue business, which now represents 100% of revenue, operates entirely out of Kentucky and Ohio."

Wausau Paper just invested $220 million into its facility in Kentucky.

Starboard argues the management should move there to oversee the operations.

The letter also nominates three people directors to the Wausau Paper board.

One of those nominees is Starboard CEO Jeffrey Smith.

Text Size: + Increase | Decrease -
| Print Story | Email Story
Sponsored in part by HodagSports.com





 IN OTHER NEWS
What We're Working OnSubmitted: 04/27/2017

- Tonight on Newswatch 12:

Rain, sleet and snow led to at least three accidents this morning near Rhinelander today. We'll give you the details and talk to a Rhinelander police officer about how to avoid accidents in weather like today.

We'll tell you how the recent precipitation is affecting lake levels in the Northwoods.

And an acoustic guitarist from Japan is opening the season at Three Lakes Center for the Arts Friday, and this will be his second time performing there. He tells us why he likes playing in that particular theater.

We'll bring you the details on these stories and more tonight on Newswatch 12 - news from where you live.

+ Read More

RHINELANDER - Rain, sleet, and snow led to at least three car accidents Thursday morning near Rhinelander.

At around 10 a.m. Thursday, a driver lost control of a family vehicle and rolled off onto the side of Highway 17 on Rhinelander's north side.

+ Read More

WOODRUFF - When a loved one dies, family members remind each other that a piece of that person will always live on. A Funeral home in Woodruff means that literally. 

The Nimsgern family opened their funeral home In Woodruff five years ago. 

They wanted to be able to provide support to people in their community during their hardest moments. 

"They put that trust in myself and my dad. 

They know we're going to be able to take care of them," said Funeral Director Apprentice Justin Nimsgern. 

Someone can put their loved one in a crystal ball, piece of jewelry or a teddy bear. 

"The traditional funeral has changed a lot and as funeral directors we have to change with the flow of what people want," said Funeral Director Jamie Nimsgern. 

+ Read More

MADISON - A top psychologist at Wisconsin's troubled youth prison was fired for allegedly ignoring the requests of dozens of inmates who asked for help.

Records obtained by The Associated Press show Dr. D. Jeremy John was accused in December of not following up with 26 youth inmates at the Lincoln Hills and Copper Lake prison facility.

+ Read More

MADISON - The state Department of Justice, federal authorities and police are urging people to get rid of unwanted medications this weekend.

The DOJ, the U.S. Drug Enforcement Administration and local police departments have set up a drug take back day on Saturday.

+ Read More

MILWAUKEE - A Wisconsin man was removed from a Delta Air Lines flight after using the bathroom against crew instructions shortly before takeoff.

Kima Hamilton says he urgently needed to use the bathroom April 18 while on a Milwaukee-bound plane in Atlanta. He says takeoff was delayed and the flight wasn't moving, so he decided to go.

+ Read More

Play Video

SUGAR CAMP - A pickup truck caught fire and blocked traffic on Highway 17 near County D north of Rhinelander on Wednesday night.

It happened a little after 6 p.m.

+ Read More
+ More General News
Search: 





Click Here