Paterson also has informed Verso’s board of directors that he intends to step down as the company’s president and chief executive when Verso finds his successor, but until then, he intends to continue to serve in this role, the filing said.
“Though there is no set timetable for Mr. Paterson’s departure, both Verso and he intend for the transition to occur in short order, with the objective that the new president and chief executive officer be in place to guide Verso as soon as practicable after it emerges from bankruptcy,” the SEC filing said. “Verso has engaged a search firm and is actively seeking a successor to Mr. Paterson.”
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