Duncan K. Davies Named Chairman of the Board of Resolute
Resolute Forest Products Inc. (“Resolute”) announced that the board of directors appointed, effective today, Duncan K. Davies as an additional member of the company’s board, and that Mr. Davies will succeed Bradley P. Martin as the company’s non-executive chairman. Mr. Martin of Fairfax Financial Holdings Limited will continue to serve as vice chairman of Resolute’s now eight-member board.
“Duncan has outstanding credentials and a proven track record of success in the North American forest products industry,” said Remi G. Lalonde, president and chief executive officer. “We have identified wood products as a key pillar of our transformation strategy, and bringing Duncan’s deep knowledge of the industry on board is an excellent step in that direction to complement our existing board and strategy. I want to also express our gratitude to Brad for his leadership and guidance as chairman for the last nine years. I’m delighted that Brad will continue to contribute to our success in his new role as vice chairman.”
Mr. Davies was president and chief executive officer of Interfor Corporation (“TSX”) for nearly 20 years until he stepped down in 2019, and served most recently as chief executive officer of Pinnacle Renewable Energy Inc. (“TSX”). He also served as an officer of two other integrated forest products companies, and as an investment banker, specializing in forest products activities. Mr. Davies is currently vice chair of the Binational Softwood Lumber Council and has served on the Softwood Lumber Board, BC Lumber Trade Council and Canadian Lumber Trade Alliance, where he was involved in industry-wide promotion and trade-related matters involving softwood lumber.
“I’m excited to join the board at this important time for Resolute,” said Mr. Davies. “I look forward to working with my board colleagues and with Remi and his team to generate value for the company and its stakeholders.”
“We are pleased for Duncan to join and to lead Resolute’s board,” said Alain Rhéaume, lead director and chair of the human resources and compensation/nominating and governance committee. “We are fortunate to have an industry champion with his range of skills and knowledge as well as depth of experience.”
On the basis of information obtained from Mr. Davies, and upon the advice and recommendation of the human resources and compensation/nominating and governance committee, the board has determined that Mr. Davies is independent, as defined in the NYSE’s corporate governance standards and the company’s by-laws. Accordingly, going forward, Mr. Rhéaume will cease to serve as lead director to sit as a regular director.
About Resolute Forest Products
Resolute Forest Products is a global leader in the forest products industry with a diverse range of products, including market pulp, tissue, wood products and papers, which are marketed in over 50 countries. The company owns or operates some 40 facilities, as well as power generation assets, in the United States and Canada. Resolute has third-party certified 100% of its managed woodlands to internationally recognized sustainable forest management standards. The shares of Resolute Forest Products trade under the stock symbol RFP on both the New York Stock Exchange and the Toronto Stock Exchange. Resolute has received regional, North American and global recognition for its leadership in corporate social responsibility and sustainable development, as well as for its business practices. Visit www.resolutefp.com for more information.
Marianne Limoges – Treasurer & Vice President Investor Relations – firstname.lastname@example.org – (514) 394-2214
Source: Resolute Forest Products Inc.