Clearwater Paper CEO to retire, COO to take over

Fri Oct 5, 2012 8:58am EDT

Oct 5 (Reuters) - Clearwater Paper Corp, which makes paper napkins and packaging paper, said Chief Executive Gordon Jones will retire at the end of the year and Chief Operating Officer Linda Massman will take over.

Jones, who has been CEO since 2008, has worked in the pulp and paper industry for more than 30 years.

Massman will take over on Jan. 1, the company said.

In May, hedge fund SAC Capital Advisors, which at the time held a 7 percent stake in the company, wrote to Jones that Clearwater Paper was "deeply undervalued".

It later urged the company to split itself into two parts to raise its value.

Shares of the company closed at $40.88 on Thursday on the New York Stock Exchange.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.