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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.

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 IN OTHER NEWS

BURLINGTON - House Speaker Paul Ryan is campaigning for Sen. Ron Johnson in southern Wisconsin, but is also avoiding expanding on his announcement that he could not support presumptive Republican presidential nominee Donald Trump "at this point."

Ryan refused to take questions from reporters following the event Thursday, where he did not refer to Trump. Johnson, who also did not mention Trump, followed Ryan's lead in refusing the take questions.

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RHINELANDER - Many boaters will spend this weekend on Northwoods lakes, but with more boats comes an increased risk of spreading aquatic invasive species. 

Some Oneida County conservationists hope education will protect the lakes this year.

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ST. GERMAIN - Volunteers often don't get recognized for their dedicated work.

But on Thursday, Ministry Heath Care honored the men and women who help keep their hospitals running.

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TOWN OF MAPLE GROVE - Authorities have identified a man killed in a helicopter crash in Manitowoc County.

61-year-old Paul Ruppert of Madison died in Wednesday's crash.

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Food trucks roam the NorthwoodsSubmitted: 05/05/2016

NORTHWOODS - When you go out to eat, you usually think of typical brick-and-mortar restaurants, but a few local businesses might be turning the tide right here in the Northwoods just by working out of a truck.

"It's actually a growing community," says Chumpot Ratanawong, owner and operator of the Hanuman Express food truck. "It's nice because we talk to each other, we bounce ideas off each other."

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What We're Working OnSubmitted: 05/05/2016

- People gathered all across the nation to offer prayers for a number of different causes, including a few dozen in Rhinelander. We'll share their message and hope for prayer in the open tonight at 5, 6 and 10.

- Plus, we will tell you about new federal rules now in place that regulate e-cigarettes.

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

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RHINELANDER - The Rhinelander Food Pantry recently received a generous donation from the Northwood Turners.

"The food pantry has just been a great boon to this area and it was needed for such a long time and now they are doing really great," says Northwood Turners President Bill Kingsbury.

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