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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
What We're Working OnSubmitted: 09/30/2016

- Tonight on Newswatch 12:

Several ash trees in Rhinelander have become infected with the emerald ash borer and will need to come down. Tonight we'll show you what signs to look for to keep an ash tree on your property from being infected.

You'll hear from inmates at the McNaughton Correctional Center about what it's like making the transition from being in prison to going back into the community.

And tonight on Friday Night Blitz, we'll bring you scores from high school games all across northcentral Wisconsin as well as highlights from the following games:

Houghton vs. Northland Pines

Antigo vs. Lakeland

Medford vs. Rhinelander

Florence vs. Three Lakes/Phelps

Rib Lake/Prentice vs. Tomahawk

That's tonight on Friday Night Blitz, at the end of Newswatch 12 at 10.

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

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