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

NEW ORLEANS - 8:30 p.m.

New Orleans police say the number of people injured after a vehicle crashed into a crowd watching the Krewe of Endymion parade in the Mid-City section of New Orleans has increased to 28 and a suspect is in custody.

Police Chief Michael Harrison says one person in custody and that he is being investigated for driving while intoxicated. Harrison says police do not suspect terrorism.

Harrison says that 21 people were hospitalized after the crash with five victims in guarded condition. Seven others declined to be hospitalized.

+ Read More

Play Video

RHINELANDER - Every girl dreams of the perfect prom dress. But, no matter how dreamy the dress, most girls only wear it once. Rhinelander High School's FBLA/DECA decided to try and get more use out of their dresses.
 
"Everyone doesn't have a lot of money to spend on prom dresses," said FBLA/DECA Co-President Haley Sisel.

+ Read More

MADISON - State superintendent candidate Lowell Holtz sent a campaign-focused email detailing his support among Republicans using his Whitnall Public School email address during a school day.

The email sent in May appears to be in violation of the state law prohibiting the use of government resources for campaign work.

The email was provided to The Associated Press by the liberal advocacy group One Wisconsin Now which received it through an open records request.

Holtz did not respond to a request for comment.

Former chief state elections administrator Kevin Kennedy says the email does break the law, but it's not likely to rise to the level of something warranting prosecution. Kennedy says it shows more of a lack of judgment than criminal act.

+ Read More

OCONOMOWOC - A Wisconsin couple is charged with child neglect and suffocation after police say they gagged and "hog-tied" a 12-year-old boy with duct tape while they went out to dinner in December.

The Milwaukee Journal Sentinel reports that the victim's mother and stepfather, of Oconomowoc, each face misdemeanor counts of child neglect and felony counts of suffocation as parties to the crime. The woman faces an additional charge.

+ Read More

RHINELANDER - The Oneida County woman accused of mistreating animals in her rescue won't go to court next week.

The Oneida County District Attorney's Office confirmed Friday morning that Stephanie Schneider's court appearance Monday has been pushed back.

Police seized 39 dogs from her "It Matters to One" animal rescue in Sugar Camp earlier this month.

+ Read More

Play Video

RHINELANDER - When it snows here in the Northwoods, we usually think about driving conditions and shoveling our driveways. But turns out dealing with the snow can mean both work and play.

If you're sick of digging out your car, try being Chuck Doemel.

"This year's been a really, really mild winter. I can only think of about seven times that we've had to plow and move the snow and move the cars around," said Doemel of Rhinelander Honda.

+ Read More

HAYWARD - Organizers of the American Birkebeiner ski race have canceled this year's event in northern Wisconsin.

A snow storm that's dumped more than 10 inches of snow in parts of Wisconsin since Thursday missed the Hayward and Cable area where the annual cross-country race is held. Officials say record high temperatures and rain recently have left the Birkie course unsafe for a race on Saturday.

+ Read More
+ More General News
Search: 





Click Here