Effective Jan. 1, 2017, the agreement is for a four-year term and supersedes and replaces Wasilenkoff’s transition agreement and all other services arrangements with the company and its subsidiaries, and provides the company with a further deferral until the end of the term, or the termination of the agreement, of the $3 million payment that the company agreed to pay him under the transition agreement.
Over the past 12 months, the company said in a statement that it has “achieved improved financial results and a strengthened balance sheet which provide for greater flexibility to pursue new business opportunities,” adding that it also “identified certain value creating initiatives which could be realized by leveraging the company’s core strengths”
According to the statement, Fortress Paper believes Wasilenkoff’s more robust role will provide a “catalyst to achieving the company’s renewed strategic direction which will focus on growth and expansion.”
Yvon Pelletier about the agreement with Chadwick Wasilenkoff
“We are extremely pleased to have come to an agreement with Chad regarding his continued employment with the Company as its Executive Chairman, ensuring that the Company retains a valuable executive for the medium to long-term,” said Yvon Pelletier, company CEO. “Chad’s strategic and entrepreneurial talents are an asset to our Company, and we look forward to working with him to maximize value for all our stakeholders.”
“I look forward to continuing to work with Yvon and our talented management team,” added Wasilenkoff. “Yvon’s strong operational experience and leadership has played a key role this year with Fortress Paper successfully completing various strategic initiatives. As we move forward, the entire team is excited about the opportunities and potential within our existing business segments, as well as the prospects of new growth initiatives which leverage the company’s core competencies.”
In the picture: Chadwick Wasilenkoff, Executive Chairman of Fortress Paper