MONTRÉAL, Sept. 13, 2021 - Resolute Forest Products Inc. (NYSE: RFP) (TSX: RFP) today 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.
Cautionary Statements Regarding Forward-Looking Information
Statements in this press release that are not reported financial results or other historical information of Resolute Forest Products Inc. ("Resolute" or "we") are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. They include, for example, statements relating to our strategies for achieving our goals generally. Forward-looking statements may be identified by the use of forward-looking terminology such as the words "should," "would," "could," "will," "may," "believe," "see," "look," "generate," "continue," and other terms with similar meaning indicating possible future events or potential impact on Resolute's business or its shareholders.
The reader is cautioned not to place undue reliance on these forward-looking statements, which are not guarantees of future performance. These statements are based on management's current assumptions, beliefs, and expectations, all of which involve a number of business risks and uncertainties that could cause actual performance to differ materially. The potential risks and uncertainties that could cause Resolute's actual future financial condition, results of operations and performance to differ materially from those expressed or implied in this press release include, but are not limited to, the potential risks and uncertainties set forth under Part I, Item 1A, "Risk Factors," of Resolute's annual report on Form 10-K for the year ended December 31, 2020, filed with the U.S. Securities and Exchange Commission (or, the "SEC") on March 1, 2021, which have been heightened by the COVID-19 pandemic, including related governmental responses and economic impacts, market disruptions and resulting changes in consumer habits.
All forward-looking statements are expressly qualified by the cautionary statements contained or referred above and in Resolute's other filings with the SEC and the Canadian securities regulatory authorities. Resolute disclaims any obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
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.
Source: Resolute Forest Products Inc.