ABH (TSX, NYSE)
US$
MONTREAL, April 15 /CNW Telbec/ - AbitibiBowater Inc. today announced the
appointments of Anthony F. Griffiths and Paul Rivett to serve on its Board of
Directors. These appointments are the result of Fairfax Financial Holdings
Limited (TSX, NYSE: FFH) exercising its right to appoint two directors to the
Board, pursuant to the terms of the purchase agreement of Fairfax's private
placement, announced on March, 24, 2008. Both Board appointments are effective
on April 15, 2008.
The Company also announced today the departures of Hans P. Black and
Bruce W. Van Saun as members of the Board. Mr. Black has been a member of the
AbitibiBowater and, previously, Abitibi-Consolidated Inc. boards since 2005.
Mr. Van Saun served on the boards of AbitibiBowater and, previously, Bowater
Incorporated since 2005.
"We are very pleased to have both Anthony Griffiths and Paul Rivett join
the AbitibiBowater Board of Directors," stated Executive Chairman John W.
Weaver. "On behalf of the Board of Directors and senior management, I would
like to welcome them to our organization. We look forward to benefiting from
their experience and expertise."
In commenting on today's announcements, President and Chief Executive
Officer David J. Paterson stated, "Hans Black and Bruce Van Saun provided our
new and legacy organizations with valuable counsel throughout their tenure. We
would like to acknowledge their contributions and thank them both for their
commitment to enhance our competitiveness and corporate governance."
Anthony F. Griffiths is currently an independent business consultant and
corporate director. He is a member of Fairfax's Board of Directors, serving as
Lead Director, member of its Audit Committee and Chair of its Compensation and
Governance, and Nominating Committees. He is also the Chairman of Russel
Metals Inc. and Novadaq Technologies Inc. and a director of Northbridge, Crum
& Forster and OdysseyRe, Vitran Corporation Inc., PreMD Inc. and Jaguar Mining
Inc. He was the Chairman of Mitel Corporation, a telecommunications company,
from 1987 to 1993, while also holding the position of President and Chief
Executive Officer from 1991 to 1993.
Paul Rivett has been Fairfax's Chief Legal Officer since 2004. He also
serves as Vice President and Chief Operating Officer of Hamblin Watsa
Investment Counsel Ltd. Prior to 2004, Mr. Rivett was an attorney at Shearman
& Sterling LLP in Toronto, Canada.
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 35 wood products facilities located
in the United States, Canada, the United Kingdom and South Korea. Marketing
its products in more than 90 countries, AbitibiBowater is also among the
world's largest recyclers of 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.
