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Sylvamo Enters Into Cooperation Agreement, Appoints Two New Independent Directors
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
management
Rhea-AI Summary
Sylvamo (NYSE: SLVM) has reached a cooperation agreement with its largest shareholder, Atlas Holdings, to enhance its board of directors by adding Karl Meyers and Mark Wilde as independent directors, effective March 1. This expansion brings the total number of directors to 11. The company will nominate these new directors for election at the 2023 annual shareholder meeting. Additionally, Sylvamo will terminate its shareholder rights plan. Both appointees bring extensive experience from the paper sector and equity research, positioning the company for potential strategic improvements.
Positive
Appointment of two experienced independent directors, Karl Meyers and Mark Wilde, expected to strengthen board expertise.
Termination of shareholder rights plan may streamline governance and enhance shareholder value.
Negative
Possible concerns about continuity and potential experience gaps with new directors.
MEMPHIS, Tenn.--(BUSINESS WIRE)--
Sylvamo's (NYSE: SLVM) board of directors entered into a cooperation agreement with Atlas Holdings, its largest shareowner, adding two new independent directors to its board.
Effective March 1, Sylvamo will add Karl Meyers and Mark Wilde, expanding the company's board to 11 directors.
"We look forward to welcoming Karl and Mark to our board," said Jean-Michel Ribiéras, chairman and chief executive officer. "They will bring valuable expertise to Sylvamo."
The cooperation agreement includes customary restrictions and voting commitments. Sylvamo will nominate Meyers and Wilde for election with its other directors during its 2023 annual shareowners meeting.
The board also determined it would terminate Sylvamo's shareholder rights plan immediately.
The cooperation agreement and information about the shareholder rights plan will be included in a Form 8-K filed with the Securities and Exchange Commission.
About Karl Meyers
Karl L. Meyers has more than 40 years of experience in the paper sector, most recently serving as the chief executive officer and chairman of Soundview Paper Holdings, a leading manufacturer of towel and tissue products. Mr. Meyers received his Bachelor of Science and MBA from Northeastern State University.
About Mark Wilde
Mark W. Wilde served as a senior analyst in equity research for Bank of Montreal Capital Markets on the North American Paper, Packaging & Forest Products sector from 2014 through 2022. Before joining Bank of Montreal, Dr. Wilde spent more than 25 years at Deutsche Bank and predecessor firms BT Alex Brown and Bankers Trust. He graduated from Alma College, where he studied history and accounting. He holds a Ph.D. from the University of Delaware.
About Sylvamo
Sylvamo (NYSE: SLVM) is the world's paper company with mills in Europe, Latin America and North America. Our vision is to be the employer, supplier and investment of choice. We transform renewable resources into papers that people depend on for education, communication and entertainment. Headquartered in Memphis, Tennessee, we employ more than 6,500 colleagues. Net sales for 2022 were $3.6 billion. For more information, please visit Sylvamo.com.
What changes is Sylvamo making to its board of directors?
Sylvamo is adding Karl Meyers and Mark Wilde as independent directors as part of a cooperation agreement with Atlas Holdings.
When will the new directors be effective?
The new directors will be effective starting March 1.
What is the significance of terminating the shareholder rights plan for SLVM?
The termination of the shareholder rights plan may indicate a shift towards more straightforward governance and could enhance shareholder value.
What experience do the new directors bring to Sylvamo?
Both directors have extensive experience in the paper industry and financial sectors, with Karl Meyers having led Soundview Paper Holdings and Mark Wilde having worked in equity research.
How will these board changes impact Sylvamo's future?
The addition of experienced directors may bring fresh perspectives and strategic improvements to Sylvamo.
