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

RHINELANDER - Dozens of Rhinelander students called in sick, forcing the district to shut down early last month. But
teachers weren't immune either. It got so bad that there weren't enough substitute teachers on hand to
fill in for the sick staff. The district is now recruiting more subs to be better prepared for another
outbreak.

+ Read More

MERRILL - President Donald Trump took the oath of office in Washington D.C. But a café in Merrill wanted to bring some of that memorable day here to the Northwoods.

The Checkered Churn is known for its creative sandwiches and menu items.The "Eat Brave" menu featured a few inauguration-inspired foods on Friday.

+ Read More

Play Video

WAUSAU - The Wausau Police Department welcomed three new officers to the force Friday. 

City Hall was full of city workers, police officers, firefighters, friends and family for the swearing-in ceremony. The officers are all excited to start serving the community and, in some cases, fulfill a lifelong dream.

+ Read More

PARK FALLS - The Price County Sheriff's Office identified the victim of a one-car crash that happened Thursday morning.

Lee Harmon, 32, died after crashing along Highway D in Worcester around 9:30 a.m.

Harmon's car went off the road, rolled, and crashed into a tree. He died at the scene. The Sheriff's Office says Harmon was wearing a seat belt.

+ Read More

WASHINGTON, D.C. - Donald Trump is now the 45th president of the United States. He's just taken the oath of office on the West Front of the Capitol.

The combative billionaire businessman and television celebrity won election in November over Democrat Hillary Clinton, and today he's leading a profoundly divided country - one that's split between Americans enthralled and horrified by his victory.

+ Read More

Play Video

ONEIDA COUNTY - You often think of burgers and brats as football stadium food but there's apparently been a lot popcorn popping this Packers season.

On National Popcorn Day, Lambeau Field tweeted out that it made more than 16,000 pounds. of popcorn this season. 

But how does that compare to what a movie a theater makes in a year?

+ Read More

MADISON - A suspect is charged with killing a western Wisconsin sheriff's deputy in October and endangering the safety of several other officers as they were arresting him.

According to the criminal complaint filed Friday, Doug Nitek fatally shot Rusk County Sheriff's Deputy Dan Glaze on Oct. 29 after Glaze approached Nitek's vehicle. Glaze died of a gunshot wound to the head.

+ Read More
+ More General News
Search: 





Click Here