US$ ABWTQ (OTC)
MONTREAL, June 3 /CNW Telbec/ - AbitibiBowater Inc. today announced the appointment of Richard Garneau to serve on its Board of Directors. The Company also announced today the departure of Anthony F. Griffiths as a member of the Board. Mr. Griffiths has been a member of the AbitibiBowater Board since April 15, 2008. Mr. Griffiths joined the AbitibiBowater Board as a result of Fairfax Financial Holdings Limited (TSX, NYSE: FFH) exercising its right to appoint two directors to the Board, pursuant to the terms of a purchase agreement of Fairfax's private placement, announced on March 24, 2008. Richard Garneau will join the Board effective June 3, 2010.
"Anthony Griffiths provided the Company with valued advice and wise counsel during a particularly challenging time in the Company's history. We appreciate his contributions and thank him for his commitment and support for principles of strong corporate governance," stated Chairman Richard B. Evans. "We are very pleased to have Richard Garneau join the AbitibiBowater Board of Directors. On behalf of the Board and senior management, I would like to welcome him to the organization. We look forward to benefiting from his extensive industry experience and proven leadership capacity," added Evans.
Richard Garneau most recently served as President and Chief Executive Officer of Catalyst Paper Corporation from March 2007 to May 2010. Prior to his tenure at Catalyst, Mr. Garneau was Senior Vice President for the Forest Products Group of Domtar before assuming the role of Executive Vice President, Operations for the overall Company. He also held a variety of roles at Norampac, Copernic.com, Future Electronics, St. Laurent Paperboard, Finlay Forest Industries and Donohue Inc. Upon graduating with a Degree in Administration from Laval University in Quebec in 1971, Mr. Garneau joined Ernst and Young and remains a member today of the Canadian Institute of Chartered Accountants.
AbitibiBowater produces a wide range of newsprint, commercial printing papers, market pulp and wood products. It is the eighth largest publicly traded pulp and paper manufacturer in the world. AbitibiBowater owns or operates 22 pulp and paper facilities and 26 wood products facilities located in the United States, Canada and South Korea. Marketing its products in more than 90 countries, the Company is also among the world's largest recyclers of old newspapers and magazines, and has third-party certified 100% of its managed woodlands to sustainable forest management standards. AbitibiBowater's shares trade over-the-counter on the Pink Sheets and on the OTC Bulletin Board under the stock symbol ABWTQ.