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ABWTQ (OTC)MONTREAL, July 16 /CNW Telbec/ - AbitibiBowater announced today, as part
of the Company's ongoing comprehensive restructuring, that the organization of
executive responsibilities has been reviewed and streamlined. The new, leaner
structure will provide for enhanced efficiency and reduced costs.
"This is the right structure to lead us through both restructuring and
emergence from creditor protection," stated David J. Paterson, President and
Chief and Executive Officer. "As we progress through our comprehensive
restructuring and filings, AbitibiBowater will continue to explore options to
further reduce costs and enhance productivity, including the reduction of SG&A
costs at Head Office."A functional approach was taken in designing the new Executive Team,
which will be comprised of five (5) executives reporting to David J.
Paterson:
- Alain Grandmont, Executive Vice President, Human Resources and Supply
Chain, will take on a new role that merges the Company's human
resources and supply chain functions.
- William G. Harvey, Executive Vice President and Chief Financial
Officer, will continue to oversee AbitibiBowater's finance and
corporate development functions.
- Yves Laflamme, Senior Vice President, Wood Products, will continue to
lead the Company's woodland and sawmill operations, wood products sales
and wood fiber sourcing.
- Pierre Rougeau, Executive Vice President, Operations and Sales, will
now lead operations and sales for both the Commercial Printing Papers
and Newsprint divisions.
- Jacques P. Vachon, Senior Vice President, Corporate Affairs and Chief
Legal Officer, will continue to have responsibility for overseeing the
Company's Legal and other corporate functions.The appointments announced today are effective immediately. Also, as
previously announced, Bruce K. Robertson will serve as Chief Restructuring
Officer and work closely with the Executive Team. His primary responsibility
will be to support Company efforts in the restructuring process stemming from
AbitibiBowater's creditor protection filings.
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 23 pulp and paper facilities and 30 wood products facilities located
in the United States, Canada, the United Kingdom 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.
