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: 02/22/2017

- Tonight on Newswatch 12:

We show you part of a rescue on the willow flowage where a car fell though the ice yesterday due to mild weather.

The weather also has a major effect on the wear and tear of roads when heavy vehicles travel on them. We talk to the Oneida County highway commissioner about weight restrictions that are in effect on county roads earlier than usual.

And smartphone tracking technology can be very helpful, but it can also make it easier for people to know your every move. Tonight we talk with a local domestic violence coordinator about how common smartphone stalking is, and we'll give you tips for decreasing your chance of being a stalking victim.

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

+ Read More

MCALLEN, TX - U.S. House Speaker Paul Ryan is visiting the Rio Grande valley for a firsthand look at the U.S.-Mexico border as the Trump administration steps up immigration enforcement and prepares to ask Congress to pay for a border wall.

It's the first time the Wisconsin Republican has visited the border, and protests have been announced to meet his arrival in McAllen, Texas, on Wednesday.

+ Read More

Play Video

EAGLE RIVER - The "Kids on the Block" call themselves a group of misfit kids playing with misfit puppets.

But the performance they put on aims to inspire.

+ Read More

MADISON - Turnout in the primary for Wisconsin state superintendent exceeded the average of recent similar elections.

Turnout in Tuesday's primary hit 8.2 percent, based on unofficial results. The average turnout in the prior three primaries for state superintendent was 5.9 percent.

+ Read More

MINOCQUA - Changing weather can cause a lot of cracks and bumps in the road.

Minocqua wants to stay on top of its road conditions this spring to save taxpayers money.

+ Read More

RHINELANDER - Mark Naniot works 24 hours a day, 365 days a year.

"We are pretty much prepared for just about anything, anytime of year," said Naniot, the rehab director at Wild Instincts.

That's a good thing, especially with the winter that he's had this year.

"The weather was like this in November," Naniot said.

+ Read More

MILWAUKEE - The American Civil Liberties Union claims Milwaukee police target black and Latino residents with a stop-and -frisk program.

A lawsuit is being filed in federal court on behalf of six black and Latino plaintiffs.

+ Read More
+ More General News
Search: 





Click Here