MOSINEE, WI (WTAQ) - A New York hedge fund has scored another victory in its effort to change the course of the Wausau Paper Corporation.
The Mosinee-based company has announced a major executive shakeup, apparently linked to ongoing pressure from the Starboard Value fund.
Henry "Hank" Newell stepped down Wednesday as the CEO, and he plans to leave the board of directors after a short transition.
Michael Burandt -- who was named to the board in 2012 after being nominated by Starboard -- became the interim CEO. He'll also become the company's new board chairman replacing Thomas Howatt, who plans to retire.
For the last three years, Starboard has used its minority ownership to criticize Wausau Paper's management plan. During that time, the 115-year-old company has shut down its long running paper mills in Brokaw and Brainerd Minnesota -- and it sold paper mills in Rhinelander and Mosinee.
Starboard has been publicly trying to convince Wausau Paper to sell its timber lands in the state, and to move its only remaining building -- its headquarters -- out of Wisconsin.
(Story courtesy of Wheeler News Service)