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After becoming a member of Paper Excellence, the chief of Resolute Wooded area Merchandise is leaving the corporate. Two different senior executives are doing the similar.
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The manager monetary officer, Sylvain Girard, and the senior vice-president of company affairs, Stéphanie Leclaire, can even depart their purposes at the similar date.
Papier Excellence finished the purchase of Resolute in March 2023, a $2.7-billion transaction. The transaction made Papier Excellence a significant participant within the Quebec forestry business.
The announcement has no impact at the promise to take care of Resolute’s head workplace in Montreal, assures its spokesperson, Louis Bouchard. “The banners stay and the decision-making centres also are maintained, so Resolute and its control workforce stay in Montreal.”
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The following head of the Pulp and Tissue trade unit shall be named at “a later date.” Leader working officer Richard Tremblay and senior vice-president, pulp and tissue paper gross sales, John Lafave, will suppose tasks in the meanwhile.
The president of Picket Merchandise, Hugues Simon, stays on the head of this trade unit.
Lalonde was once entitled to a severance package deal estimated at $4.1 million, in line with paperwork despatched to shareholders ahead of the transaction was once concluded. The chief was once additionally entitled to reimbursement of greater than $11 million for the repayment of fairness securities granted beneath a long-term incentive plan.
When the transaction was once introduced remaining yr, Lalonde stated the purchase of the Montreal corporate by way of Paper Excellence was once just right information for Quebec. He identified the corporate would have get admission to to extra monetary sources.
On the finish of October, on the other hand, Paper Excellence were the topic of a crucial document by way of the environmental affiliation Greenpeace. The document alleges the corporate has an opaque construction and is related to firms criticized for his or her deficient environmental practices.
Paper Excellence rejected the document’s findings.
