Loading

54°F

58°F

55°F

53°F

53°F

55°F

55°F

59°F

53°F

56°F

59°F

55°F
Search
NEWS STORIES

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

Lauren Stephenson
5 p.m. Anchor/Reporter
lstephenson@wjfw.com


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

Play Video

RHINELANDER - The fair had a large variety of health screenings available.

St. Mary's Hospital Foundation Director Jesse Boulder thinks it offers an important service to the community.

+ Read More

BESSEMER - The Gogebic Iron Area Narcotics Team, or GIANT, arrested a 30-year-old man on multiple drug charges in Bessemer Friday night.

The man faces charges ranging from resisting and obstructing, dangerous drugs, selling heroin, and violating parole.

The man was arrested on a number of warrants. Those were from the Gogebic County Sheriff's Department, the States of Wisconsin and Minnesota, and the Federal U-S Marshall's Department.

The man is being held in the Gogebic County Jail on multiple bonds.

+ Read More

Play Video

PHILLIPS - Many parents worry about their children being distracted while driving.

Students at Phillips High School got to learn about how hard it is to drive while impaired or distracted.

The Phillips Police Department and school district hosted The Save A Life Tour for students Friday afternoon. It teaches kids the negative impacts of impaired driving.

Students took turns in two different chairs to feel what distracted driving feels like.

"One is simulating being impaired or intoxicated, and it shows what happens while the students are driving that," said Phillips Police Department Lieutenant Al Cummings. "The other one is regarding distracted driving, and actually students need to answer text messages while they're driving."

+ Read More

Play Video

CRANDON - The Northwoods saw some beautiful weather Saturday, and for some people, that good weather means good food.

Palubicki's Eats and Treats in Crandon is open again for the season.

"It takes about three or four days and seven or eight of us to get it going," says Palubicki's Eats and Treats owner Sue Palubicki.

Sue Palubicki and her husband Larry have owned Eats and Treats for nine years.

+ Read More

Play Video

MINOCQUA - The show was at Lakeland Union High School.

More than 60 vendors were at the show. They covered a large range of services.

Organizers say they tried to get a lot of professionals to come the show. That way people in the community could get a lot of their home related questions answered.

+ Read More

Play Video

RHINELANDER - A semi and a minivan both wound up off the road after they collided on Highway 8 west of Rhinelander Friday morning.

The crash happened near South Rifle Road around 7 a.m.

+ Read More

ANTIGO - More than 13 percent of high school students in the U.S. reported using e-cigarettes in 2014, according to a report by the CDC.

+ Read More
+ More General News
Search: 




Click Here