After joining Groupe Papier Excellence, the big boss of Resolute Forest Products is leaving the company. Two other senior executives do the same.
Resolute President and CEO Rémi Lalonde has decided to leave the company on September 1 “to take on new challenges,” Papier Excellence said in a statement on Friday.
The chief financial officer, Sylvain Girard, and the senior vice-president of corporate affairs, Stéphanie Leclaire, will also leave their functions on the same date.
Papier Excellence, established in British Columbia, completed the acquisition of the Quebec company Résolu in March 2023, a transaction of 2.7 billion. The transaction made Papier Excellence a major player in the Quebec forest industry.
The announcement has no effect on the promise to maintain the head office of Resolute in Montreal, assures its spokesperson, Louis Bouchard. “The banners remain and the decision-making centers are also maintained, so Resolute and its management team remain in Montreal. »
The next leader of the Pulp and Tissue business unit will be named at “a later date”. Chief Operating Officer Richard Tremblay and Senior Vice-President, Pulp and Tissue Paper Sales, John Lafave, will serve on the interim.
The president of wood products, Hugues Simon, remains at the head of this business unit.
Mr. Lalonde was entitled to a severance package estimated at $4.1 million, according to documents sent to shareholders before the transaction closed. The executive was also entitled to compensation of more than 11 million for the reimbursement of equity securities granted under a long-term incentive plan.
When announcing the transaction last year, Mr. Lalonde said that the acquisition of the Montreal company by Papier Excellence was good news for Quebec. He pointed out that the company would have access to more financial resources.
At the end of October, however, Papier Excellence had been the subject of a critical report by the environmental association Greenpeace. The report alleges that the company has an opaque structure and is linked to companies criticized for their poor environmental practices. Paper Excellence rejected the report’s findings.
