Fibrek Inc. has announced that following the acquisition of 63.3% of Fibrek by Resolute Forest Products, each of the members of the board of directors has resigned.

The new members of the Board nominated by Resolute are Jacques P. Vachon, Jo-Ann Longworth, Michel Desbiens, Michel Gagnon, Daniel Filion, and Richard Garneau who will serve as Chairman of the Board.

Fibrek also announced that the following members of Fibrek’s management team have resigned from their positions as corporate officers of the Company, effective immediately, but will ensure an orderly transition to the new management team until May 31, 2012:

• Pierre Gabriel Côté, President and Chief Executive Officer;
• Patsie Ducharme, Vice President and Chief Financial Officer;
• Emmanuelle Lamarre-Cliche, Vice President, Legal Affairs, Sustainable Development and Corporate Secretary;
• Jean-Pierre Benoit, Vice President, Sales and Operations;
• Dany Paradis, Vice President, Change Management and Supply Chain.

The incoming Board of Directors has named a new management team, which includes:

• Richard Garneau, President and Chief Executive Officer;
• Alain Boivin, Vice President, Operations;
• Jo-Ann Longworth, Vice President and Chief Financial Officer;
• Jacques P. Vachon, Vice President, Legal Affairs and Corporate Secretary.

In addition to the above, it was also announced that Investissement Québec has agreed today to amend the change of control provision contained in the term loan such that the change of a majority of the Board of Fibrek by nominees designated by Resolute shall not constitute a change of control of Fibrek (as such term is defined in the term loan) up until the earlier of i) the date of the next annual or special meeting of Fibrek; or ii) June 29, 2012.

Source: Fibrek