VOL. 132 | NO. 10 | Friday, January 13, 2017
Verso Names New CEO
By Bill Dries
Memphis-based Verso Corp. has named B. Christopher DiSantis as its new chief executive officer effective Feb. 1.
DiSantis comes to the paper and pulp company from being CEO of H-D Advanced Manufacturing Co. for the last four years. H-D makes motion control products in the aerospace and defense industries. Before that he was CEO of Latrobe Specialty Metal, which supplied alloys for aerospace and defense manufacturing before it was bought by Carpenter Technology Corp.
The announcement Thursday, Jan. 12, is the latest in a series of changes at a corporation facing a changing industry and a challenging market.
In November, the company announced it will move its headquarters from Memphis to Miamisburg, Ohio, in a consolidation of offices as the company set a goal of reducing its overhead expenses by 10 percent annually. The strategic plan, including the move out of Memphis, was to begin this month.
Verso filed for bankruptcy reorganization a year ago after reaching an agreement with creditors on the reorganization plan. It included a financing package of up to $600 million to allow the company to continue to operate day to day in the turnaround of the company.