AbitibiBowater's Executive Chairman John W. Weaver Announces Retirement
ABH (NYSE, TSX)
MONTREAL, June 5 /CNW Telbec/ - At AbitibiBowater Inc.'s first annual
meeting of stockholders earlier today, John W. Weaver announced his retirement
as Executive Chairman of the Company, effective July 1, 2008. Mr. Weaver will
continue to serve as non-Executive Chairman and a member of the Board of
Directors of AbitibiBowater until March 31, 2009.
"Leaving AbitibiBowater at this stage of my life is the right thing to
do," stated Mr. Weaver. "I am very proud of how far we have come as a combined
company in such a short period of time. Many challenges lie ahead and I am
confident that the right people are in place to successfully meet them head
"I feel honored by my many years of association with such a fine
organization," added Mr. Weaver. "And I would like to take this opportunity to
thank all our employees for their ongoing hard work and commitment."
"John has been key in forging the new Company personality and setting the
foundation for a bright future," commented David J. Paterson, President and
Chief Executive Officer. "On behalf of all AbitibiBowater employees and
shareholders - as well as on a very personal level - I thank John for his
invaluable contributions and dedication, and wish him all the best for this
next phase of his professional and personal life."
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 27 pulp and paper facilities and 34 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 more third-party
certified sustainable forest land than any other company in the world.
AbitibiBowater's shares trade under the stock symbol ABH on both the New York
Stock Exchange and the Toronto Stock Exchange.