Pacifica Papers CEO Takes Leave of Absence While Board Negotiates with Canada Firm
Press release from the issuing company
VANCOUVER, BRITISH COLUMBIA - Pacifica Papers Inc. announced today that, at the request of a majority of its board of directors, Wayne Nystrom has taken a temporary leave of absence from his position as President and Chief Executive Officer, pending resolution of the proposed arrangement with Norske Skog Canada. Mr. Nystrom, together with Joyce Johnson-Miller, another Pacifica director, has issued a dissident proxy circular opposing the Norske Skog transaction. Mr. Nystrom remains a director of Pacifica.
Pacifica is a producer of value-added groundwood printing and communications papers including lightweight coated paper, soft nip calendered paper, telephone directory paper, machine finished hibrite paper, and newsprint. Pacifica’s operations include two paper mill complexes at Powell River and Port Alberni, British Columbia, with a combined annual production capacity of close to 900,000 tonnes. Pacifica's shares trade on The Toronto Stock Exchange under the symbol "PPP".
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