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

MADISON - The presidential recount vote underway in Wisconsin is costing millions of dollars, diverting county workers from their normal end-of-year duties and raising questions about the integrity of the vote.

+ Read More

OAKLAND, CALI. - The Latest on a deadly fire in a converted warehouse in Oakland, California (all times local):

12:50 p.m.

California Gov. Jerry Brown has issued a statement of condolences after a deadly fire in Oakland, Calif. left at least nine people dead.

Brown says in a statement that he and his wife, Anne, were saddened to hear about the deadly blaze.

In the statement Saturday he said: "Our thoughts are with the entire city in this difficult time and we extend our condolences to the family and friends of those lost."

Oakland Mayor Libby Schaaf issued a separate statement calling the fire "an immense tragedy."

Authorities say they fear up to 40 people might have died in the fire at a warehouse converted into artist studios that was hosting an electronic dance party.

Rescue crews were combing through wreckage and still trying to access parts of the warehouse mid-day Saturday.

+ Read More

MILWAUKEE - Two women are charged in the death of a 7-year-old boy who was starved, burned with cigarettes, beaten and whipped.

+ Read More

Play Video

WAUSAU - Pets add laughter, joy and tons of entertainment to the families they join. 

If those pets go missing it's an experience no family wants to go through. 

One woman in Wausau is making a difference for the pets and families in her community.

"I wanted to be the voice for the animals, because there aren't that many people that are like that out there," said Wausau Human Officer Ashlee Bishop.

Bishop started making a difference when she began working at the humane society when she was just fifteen years old. 

Last year she started the pet vaccine and micro-chipping event, to make sure animals in her hometown were healthy and safe.

"I have so many people that are thankful because their animals are home for the holidays," said Bishop.

The Humane Society says that one in three pets will get lost during its lifetime.

 The $10 microchips provided at the event increase the chances of lost pets being brought home.

+ Read More

Play Video

NORTHCENTRAL WI. - Three northcentral Wisconsin police departments need help identifying suspects in the recent skimming of credit cards from local ATMs at banks.

Marshfield, Rhinelander, and Tomahawk police departments are working together to catch the skimming suspects.

+ Read More

Play Video

NORTHWOODS - Temperatures dropping and more snow falling means more snow on our cars and streets. 

Cities all over the Northwoods want to make sure your cars and the roads stay safe with each snowfall by instituting winter parking regulations. 

The regulations in the City of Rhinelander include odd and even street parking to make it easier for clearing roads.

+ Read More

Play Video

CONOVER - Great Headwaters Trails board members know people love to walk, run, and bike on the Conover-Phelps Trail.

Now, they need help expanding that trail another five and a half miles.

+ Read More
+ More General News
Search: 





Click Here