Starboard Files Proxy Materials for Election of Three Wausau Directors
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Starboard Value LP, New York, N.Y., USA, the largest shareholder of Wausau Paper Corp. with approximately 14.8% of its outstanding common stock, this week said that it has filed preliminary proxy materials with the SEC regarding the election of directors to the Wausau board at its 2013 annual meeting.
For the past couple of years, Starboard says it has urged Wausau to exit its paper business, including both its Print & Color business and its Technical Paper business, and focus on its highly profitable Tissue business. Last year Wausau decided to sell only the Print & Color portion of its Paper segment, as well as its non-core timberland assets. Recently, it reportedly committed to exploring the possible sale of its Technical Paper Business. Starboard has maintained its view that Wausau needs to either sell its "non-core, money-losing" Technical Paper business, focus on its Tissue business, and reduce redundant overhead costs, or sell the entire company.
Starboard's three candidates for the Wausau board are John S. Kvocka, George Patrick Murphy, and Jeffrey C. Smith. Kvocka is a former VP and CFO of Finch Paper LLC, a producer of uncoated printing and writing papers, and former VP of business development for SCA Tissue North America. He is currently president and CEO of JSK Assoc., an entrepreneurial and consulting entity. Kvocka is a former senior advisor and director of Apex Resource Technologies Inc., a medical device manufacturing company, and senior advisor and director of Garnet River LLC, an IT services and business consulting firm.
Murphy is the former VP and business leader of the Away-from-Home Division of Kimberly-Clark Corp., and former CEO of Technical Concepts LLC. He is currently a senior operating partner of Hudson Ferry Capital, a private equity firm, and a member of the executive team of advisors of Mason Wells, a private equity company. Murphy served on the board of directors, including in the role of executive chairman, of Atlas Paper Mills LLC, a tissue producer located in Miami, Fla.
Smith is co-Founder and CEO of Starboard Value. He has extensive public company board experience, and currently serves on the board of Regis Corp. Previously he was chairman of Phoenix Technologies and a director of Zoran Corp., Actel Corp., S1 Corp., Kensey Nash Corp., and SurModics Inc. He also served as a member of the management committee for Register.com.
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