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

LAC DU FLAMBEAU - When people found a woman's body in Lac du Flambeau, police first thought she committed suicide -- something Newswatch 12 does not cover.

But Friday, the Vilas County Sheriff's Office confirmed it is investigating the 45-year-old woman's death as suspicious.

+ Read More

Play Video

RHINELANDER - Almost 12,000 people took a trip into history this year. But you only have one more day to check out the Pioneer Park Historical Complex in Rhinelander. The museum closes for the season Saturday.

+ Read More

Play Video

RHINELANDER - You can find a lot of trees losing their leaves this time of year.  But a strip of trees near downtown Rhinelander is losing more than its leaves--those trees are losing their lives.

The ash trees sit between Trig's and the post office in Rhinelander.  City Parks Director Gunder Paulsen noticed that many are infected with the emerald ash borer and will need to come down.

+ Read More

PRICE COUNTY - Some of us owe a lot to our health clinics for keeping us healthy enough to celebrate our birthday every year.

But one local health operation celebrates a big birthday of its own this year.

Marshfield Clinic turns 100 this December, but  the clinics in Price County celebrated the milestone on Friday.

+ Read More

MADISON - Chronic wasting disease has turned up in a deer in another northern Wisconsin county.

The Wisconsin Department of Agriculture, Trade, and Consumer Protection announced that a deer on an Oconto County hunting preserve tested positive for the disease.

+ Read More

Play Video

ONEIDA COUNTY - If you want to escape car exhaust, streetlights, and sirens, people in Oneida County know you don't need to pack for an extended trip.

Tucked away in western Oneida County, the Willow Flowage offers outdoor enthusiasts a year-round playground.

With 27,000 acres of undeveloped land and 6,000 acres of pristine water, the Willow Flowage reminds a lot of people of Canada...almost.

+ Read More
Rhinelander Homecoming parade Submitted: 09/30/2016

RHINELANDER - Construction did not stop Hodag pride Friday night.

Green and white spilled into downtown for Rhinelander's homecoming celebration.

The dance team showed off its moves and the football team rolled down Brown Street.

The homecoming parade got students, parents, and even grandparents to come out in support.

"I am here to see my grandson, he is on the court, "said Elsa Burke.

Hodag jerseys and green facepaint lined the street as the RHS band and flag twirlers marched.

There definitely was a lot to look at, but football seemed to be the only thing on some people's minds.

"To see the Hodags come home with a W. That would be good," said RHS student Jacob Mahner.

The varsity football game kicks off at 7 p.m. tonight against the Medford Raiders.



+ Read More
+ More General News
Search: 




Click Here