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Tue, Mar 19, 2019 21:23
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Management Side
Verso to reduce board size

MIAMISBURG, Ohio (From news sources) -- Verso Corp. is changing the size of its board of directors. The Miamisburg-based paper maker will shift from seven members to five at its upcoming annual meeting in September, according to a filing with the U.S. Securities and Exchange Commission.

The move comes as two current directors are departing the board. Jerome Goldman has decided not to stand for reelection at the company's 2018 annual meeting. Robert Amen also previously announced he won't stand for reelection.

"In connection with Mr. Goldman's and Mr. Amen's respective departures and to eliminate the resulting vacancies, the board of directors, by resolution in accordance with the company's Amended and Restated Bylaws, has reduced its size from seven to five directors, effective upon the election of directors at the 2018 Annual Meeting," according to the filing. "As a result, the number of directors who will stand for election at the 2018 Annual Meeting has been reduced from seven to five."

Verso, a publicly-traded company, relocated from Memphis in 2017. It's the fifth-largest company in the Dayton region with more than 200 employees.

It posted revenue of $2.5 billion last year, down $180 million from the same period the previous year. Verso also recorded a $30 million loss in 2017. However, this marked an improvement from the previous year when it posted a $32 million loss.

Earlier this month, Verso learned it stands to collect $40 million as the result of refunded tariffs. Verso requested the U.S. Department of Commerce revoke an order that imposed tariffs on Canadian producers of supercalendared paper, according to documents filed with the U.S. Securities and Exchange Commission.

This included Port Hawkesbury Paper Limited Partnership and other related entities, as well as Irving Paper Limited.

On July 5, the U.S. Department of Commerce granted the request and agreed to refund the collected tariffs to the Canadian firms.

Pursuant to a settlement agreement with the Canadian firms, Verso expects to receive $40 million before the end of the year.

The company's annual meeting will be held Sept. 24 in the New York City.

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