Clearwater Paper Adds New Board Member

Rhea-AI Summary

Clearwater Paper Corporation (NYSE: CLW) has appointed Christine M. Vickers Tucker to its board of directors, effective May 18, 2021. The board aims for diversity and refreshment, with chair Alexander Toeldte emphasizing the value of her extensive experience in professional products and business operations. Vickers Tucker has led Clorox’s Professional Products business since 2014 and has a background in financial services. With her addition, the board will comprise 9 members, 8 of whom are independent as per NYSE standards.

Positive

• Appointment of Christine M. Vickers Tucker is expected to enhance board diversity.
• Her experience in professional products and business-to-business sales may strengthen Clearwater Paper's market position.

Negative

• Concerns about the experience gap as the board undergoes changes.
• Potential uncertainty in strategic direction with the introduction of a new board member.

Clearwater Paper Corporation (NYSE: CLW) today announced that Christine M. Vickers Tucker has been elected to the company’s board of directors, effective May 18, 2021.

“At Clearwater Paper, our Board is committed to diversity and the pursuit of board refreshment and a balanced tenure,” said Alexander Toeldte, chair of the board. “We are excited to welcome Ms. Vickers Tucker to our board and look forward to her perspectives and contributions. Chris’ deep knowledge of and experience with professional and consumer products, business-to-business sales and marketing and manufacturing operations will be invaluable to Clearwater Paper.”

Ms. Vickers Tucker is vice president and general manager of the Professional Products business at The Clorox Company (CLX) and has lead Clorox’s Professional Products Company since October 2014. Clorox is a leading multinational manufacturer and marketer of consumer and professional products. Ms. Vickers Tucker started her career in financial services and since joining Clorox has served in roles of increasing scope and responsibility.

Ms. Vickers Tucker has been appointed to the class of directors whose term of office will expire at the 2023 annual meeting. With this addition, Clearwater Paper’s board will consist of 9 directors, 8 of whom meet New York Stock Exchange standards for independence.

ABOUT CLEARWATER PAPER

Clearwater Paper manufactures quality consumer tissue, away-from-home tissue, parent roll tissue, bleached paperboard and pulp at manufacturing facilities across the nation. The company is a premier supplier of private label tissue to major retailers and wholesale distributors, including grocery, drug, mass merchants and discount stores. In addition, the company produces bleached paperboard used by quality-conscious printers and packaging converters, and offers services that include custom sheeting, slitting and cutting. Clearwater Paper's employees build shareholder value by developing strong relationships through quality and service.

FORWARD-LOOKING STATEMENTS

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding the expected contributions and nominations of the new director. These forward-looking statements are based on current expectations that are subject to change, and actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially include those risks and uncertainties described from time to time in the company's public filings with the Securities and Exchange Commission. The company does not undertake to update any forward-looking statements based on new developments or changes to the company’s expectations.

For additional information on Clearwater Paper, please visit our website at www.clearwaterpaper.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20210507005514/en/

FAQ

Who is Christine M. Vickers Tucker?

Christine M. Vickers Tucker is the vice president and general manager of the Professional Products business at The Clorox Company and has been appointed to Clearwater Paper's board of directors.

What was the reason for the board appointment?

The appointment was made to enhance board diversity and bring fresh perspectives to Clearwater Paper.

What is the significance of the new board member for Clearwater Paper?

Christine Vickers Tucker's background in professional products and marketing is expected to positively influence Clearwater Paper's strategic decisions.

When does Christine Vickers Tucker's term on the board expire?

Her term is set to expire at the 2023 annual meeting.

How many members are on Clearwater Paper's board now?

With Vickers Tucker's appointment, Clearwater Paper's board now consists of 9 members.