Verso CEO out

MIAMISBURG, Ohio (News release) -- Verso Corporation announced that Adam St. John has resigned as President and Chief Executive Officer and as a member of the Board of Directors, effective as of September 30, 2020. The Verso Board of Directors has named Randy J. Nebel, a current member of the Board, as interim President and Chief Executive Officer. Mr. Nebel will also continue to serve as a member of Verso's Board. Verso's Board will commence a search for a permanent President and Chief Executive Officer, and plans to engage a national executive search firm to help identify and evaluate qualified candidates.

Mr. Nebel joined Verso's Board in 2019 and has extensive paper and packaging industry knowledge and experience. He previously served as Executive Vice President of Integrated Packing at KapStone Paper and Packaging Corporation, where he oversaw manufacturing and direct customer commercial operations. He was formerly President of Longview Fibre Paper and Packing, Inc. and is a past member of the Board of Directors of the National Association of Manufacturers and the American & Forest Paper Association.

Sean Erwin, Chairman of the Board, said, "We are pleased that a leader of Randy's caliber is stepping into the interim President and CEO role while we search for a permanent successor to Adam."

"On behalf of the entire Board, I would like to thank Adam for his many contributions to Verso during his years of service," said Erwin. "We wish him well in his future endeavors."

Mr. Nebel stated, "I'm honored to take on the interim President and CEO role and continue the work of building a stronger, more flexible operating model, delivering the highest quality of products and service to our customers, and creating long-term value for all of our stakeholders."

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