News and Updates

PotlatchDeltic Names new President/CEO

SPOKANE, Wash.–(BUSINESS WIRE)– (NASDAQ: PCH) PotlatchDeltic Corporation’s board of directors today announced that Eric J. Cremers, currently the company’s president and chief operating officer, has been appointed president and chief executive officer of the company, effective January 1, 2021. Michael J. Covey, 62, who joined the company in 2006 as president and chief executive officer, and who has served as chairman and chief executive officer since 2007, will continue in his role as a director, serving as executive chairperson of the board of directors.

Cremers, 57, joined the company in 2007 as vice president and chief financial officer, and has held various executive roles at the company, including serving as the company’s president and chief operating officer since 2013. He was appointed to the board of directors in 2013 and will continue to serve as a director. As chief operating officer, Cremers has had supervisory responsibility over the company’s Timberlands, Wood Products, and Real Estate business operations. As a member of PotlatchDeltic’s leadership team for more than a decade, Cremers has played an integral role in the company’s business operations and strategy. He was instrumental in leading the company’s spin-off of Clearwater Paper Co. in 2008 and executing the company’s merger with Deltic Timber Corporation in 2018, creating a leading domestic timberland owner and top-tier wood products manufacturer. Cremers also serves as second vice-chairman of the American Wood Council board of directors, and as a director on the Softwood Lumber Board.

“I am confident the succession plan announced today provides for continuity of leadership that will continue to build on PotlatchDeltic’s successes,” said Mr. Covey. “I believe the board has made an outstanding choice in the selection of Eric as CEO. During his fourteen years in leadership positions at PotlatchDeltic, Eric has developed a sound understanding of our industry necessary to ensure the future success of PotlatchDeltic. His deep experience in finance, investor relations, and strategic operations will serve him well. I look forward to continuing to work with Eric and the board to support our customers and employees and deliver value for our shareholders.”

Cremers was previously senior vice president of corporate strategy and business development for Albertsons, Inc. and, prior to that, was managing director, investment banking, for Piper Jaffray. He has also held roles in corporate development at companies including General Signal, Pillsbury, and Cooper Industries. Cremers earned a degree in mechanical engineering from the University of Kentucky and an MBA from the Harvard Business School.

Cremers commented, “I am honored to be selected as PotlatchDeltic’s next CEO and I look forward to continuing to work closely with our exceptional senior leadership team, along with Mike, as our executive chairperson, and our board of directors. I am excited to build on the momentum Mike has created to continue driving growth, profitability and environmental stewardship throughout the business to deliver long-term value.”

Charles Grenier, PotlatchDeltic’s lead independent director, said: “Mike has done a tremendous job leading PotlachDeltic, assembling a deep team of talented leaders and instilling a clear strategy for future growth and lasting success. As a board, it is important to build on this strong foundation by implementing a thoughtful succession planning process. We are confident that Eric is the right person to lead PotlatchDeltic into the future.”

About PotlatchDeltic

PotlatchDeltic (NASDAQ:PCH) is a leading Real Estate Investment Trust (REIT) that owns approximately 1.8 million acres of timberlands in Alabama, Arkansas, Idaho, Louisiana, Minnesota and Mississippi. Through its taxable REIT subsidiary, the company also operates six sawmills, an industrial-grade plywood mill, a residential and commercial real estate development business and a rural timberland sales program. PotlatchDeltic, a leader in sustainable forest management, is committed to environmental and social responsibility and to responsible governance. More information can be found at www.potlatchdeltic.com.

Safe Harbor Statement

The following constitutes a “Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This news release contains, in addition to historical information, certain forward-looking statements. These forward-looking statements are based on management’s best estimates and assumptions regarding future events, and are, therefore, subject to known and unknown risks and uncertainties and are not guarantees of future performance. The company’s actual results could differ materially from those expressed or implied by forward-looking statements. The company disclaims any intent or obligation to update these forward-looking statements.

Clearwater Paper Announces Joanne P. Shufelt as New Consumer Products Leader

SPOKANE, Wash.– Clearwater Paper Corporation (NYSE: CLW) a premier supplier of quality tissue and bleached paperboard products,today announced a key divisional executive appointment. Joanne P. Shufelt is named senior vice president and general manager of the consumer products division, effective immediately. Ms. Shufelt succeeds Arsen Kitch, who was named president and chief executive officer of the company in April 2020.

“Joanne is an outstanding leader and brings more than 30 years of sales, marketing, and operations experience in the paper industry to our tissue business,” said Arsen Kitch, president and chief executive officer. “I look forward to Joanne’s continued, valued contributions as a senior leader for Clearwater Paper after having served as the interim general manager for the consumer products business since April,” Kitch concluded.

Ms. Shufelt joined Clearwater Paper in 2012 as vice president of sales and marketing for consumer products and has since grown in leadership responsibilities while in this role. Previously, she held sales leadership positions at Duro Standard Products, a private packaging company, and AbitibiBowater Inc., now Resolute, Inc., a pulp, paper, and tissue company. Prior to that, Ms. Shufelt spent 20 years at Georgia Pacific, in sales and operations leadership roles. She earned a Bachelor of Science degree in business and finance from Marymount College, a division of Fordham University, and a Master of Business Administration from Emory University.

“We have a great team at Clearwater Paper, and I am honored to lead the consumer products business and continue our commitment to achieve strong business results and service our customers,” said Ms. Shufelt.

ABOUT CLEARWATER PAPER

Clearwater Paper is a premier supplier of private brand tissue to major retailers and wholesale distributors, including grocery, drug, mass merchants and discount stores. In addition, the company produces bleached paperboard used by quality-conscious printers and packaging converters, and offers services that include custom sheeting, slitting and cutting. Clearwater Paper’s employees build shareholder value by developing strong relationships through quality and service.

FORWARD-LOOKING STATEMENTS

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding the expected contributions and benefits of the new officer and the company’s operating and financial performance. These forward-looking statements are based on current expectations that are subject to change, and actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially include those risks and uncertainties described from time to time in the company’s public filings with the Securities and Exchange Commission. The company does not undertake to update any forward-looking statements based on new developments or changes to the company’s expectations.

For additional information on Clearwater Paper, please visit our website at www.clearwaterpaper.com.

How Koch is Fighting COVID-19

https://news.kochind.com/news/2020/how-koch-is-fighting-covid-19

AF&PC member company Koch shared a letter from their Chairman and CEO about how the organization is fighting COVID-19.

The letter begins:

Let me begin by commending you for what you are accomplishing during these uncertain and challenging times. Koch companies and our 130,000 employees worldwide remain committed to creating the products and providing services that people value and rely on.  I thank each of you for what you are doing. This is vital work.

Click here to read the full letter.

NAHB Letter to President Trump

Dear Mr. President:

On behalf of the more than 140,000 members of the National Association of Home Builders (NAHB), we write to urge you to consider policy proposals to support the housing sector of the economy during the COVID-19 pandemic. NAHB’s members stand with you during these uncertain times and look to your leadership to help steer the American people and the national economy through uncharted waters.

Prior to COVID-19 hitting our shores, the U.S. economy was performing well, and the housing sector was a major contributor to a positive Gross Domestic Product (GDP). We are hopeful the solid underpinnings of the national economy can weather this national emergency; nonetheless, the federal government must take decisive action to support the housing sector, both for the homebuyers who power housing markets across the country and for the small businesses that build 80% of the new homes in America.

Attached, please find a list of policy proposals NAHB believes will help stabilize the housing sector in the near term. The proposals range from tax relief to boost business liquidity to flexibility for housing project completion to ensuring permits and financial documents can be completed in the telework environment. As we move through this unprecedented crisis together, we need bold, creative, common sense solutions.

Click here to read the letter…..

2020 Fiscal Session Report

The Arkansas General Assembly convened today at noon for the 2020 Fiscal Session with no fanfare or lobbyists in crowding the hallways of the State Capitol building. The socially distanced Senate met in their chamber and the House in the Jack Stephens Center on the UALR campus. Several members of both chambers were not present choosing to vote by proxy while three House members have tested positive for the COVID 19 virus.

Governor Hutchinson delivered his State of the State address in the Senate chamber for the first time. During the recently completed Special Session he addressed the House in the Stephens Center. He emphasized the need for thoughtfulness and efficiency in the face of the virus circumstances. The Exec had presented a balanced budget prior to the Special Session and asked the General Assembly to work with him to find the $205 million dollar cuts required to meet the economic stress of FY21. The Governor espoused the need to expand telemedicine and to review the needs for college student learning options. He praised the Department of Health, especially Dr. Nate Smith, for the extra effort they have put out to lead the state through the COVID 19 challenges.

Upon completion of the Governors remarks the Senate read the bills then adjourned until 10 AM, Wednesday, April 15. The House did the same leaving the Joint Budget Committee as the only committee to meet this week, possibly thru Saturday to prepare the appropriation bills for floor action next week. The idea is to come back, with the bills prepared for floor action along with the Revenue Stabilization Act, spending just three days voting on the bills and be out on Friday, April 17. There will be a few weeks recess to review the bills prior to sine die.

You can view the Joint Budget Committee by clicking here. This is the new General Assembly website, you may want to familiarize yourself with it.

This Fiscal Session sets up to be a truncated version of previous Fiscal Sessions. There were two Senate Resolutions introduced that were aimed at consideration of non-appropriation bills. SR4 was asking consideration to forgo the income tax cuts scheduled for this year and SR 5 is aimed at abortion as an elective surgery during the COVID 19 crisis. SR$ was voted down 5-27, SR 5 had no action taken. Other than that, the normal course of appropriation bill procedure was handled judiciously.