Smurfit-Stone's Moore to Retire as CEO Following Chapter 11 Emergence

Print this article | Send to Colleague

Smurfit Stone Container Corp., Chicago, Ill., USA, reports that Patrick J. Moore, chairman of the board and CEO, intends to retire within one year following the company's emergence from Chapter 11 proceedings. Moore will continue to serve on the board.

The company has filed amendments to its Plan of Reorganization documents in U.S. bankruptcy court that provides for a non-executive chairman of the board upon emergence from Chapter 11. It is anticipated that the new board of the reorganized company will designate a successor to Moore after the company and its subsidiaries emerge from Chapter 11. President and COO Steven J. Klinger will continue to serve in his current role as well as on the company's board of directors.

Moore said that "Steve and I will work together on an orderly, well planned transition. We remain fully committed to leading the company to a successful emergence from our Chapter 11 restructuring. Throughout 2010, we will focus on a seamless leadership succession while profitably growing our business and leveraging the strong operational and financial foundation that our employees have worked so hard to build."

Smurfit-Stone filed its Plan of Reorganization on December 1 and plans to emerge from restructuring proceedings in both the U.S. and Canada either late in the first quarter or early in the second quarter of 2010.