Clearwater paper corporation (NYSE: CLW) rallied in yesterday’s session to close the day with gains of 27.05%. This came after the company announced that, its board of directors had taken a unanimous decision to elect Arsen S. Kitch, its senior vice president, and general manager of the consumer division, as its CEO. Kitch will take over this role on the 1st of April, 2020.
Kitch will take over from Linda K. Massman who has told the company that she intends to retire, after serving since 2013. Besides, the change in CEO, the company has also announced that, its chairman Alexander Toeldte will move from the position of chairman to that of an independent executive chairman. He will take up his new position on the 1st of March.
Commenting on the transition, Chairman Alexander Toeldte said that, Arsen has been a huge asset to the company. He added that, Arsen’s prowess in strategic management was a huge contribution to the company. He further stated that, Arsen was well-positioned for the role, and will lead the company towards enhancing shareholder value. That’s because, he has deep knowledge of the industry, and experience in finance.
Mr. Arsen also commented on his own appointment stating that, he was honored to take over from Linda. He added that, he was excited about the opportunity and that he was looking forward to working with the board to advance its strategy, and take the company to the next level.
Looking at its price action, CLW gained upside momentum in yesterday’s session. The stock gapped up and opened the day at $25.28. It then traded between a low of $25.28 and a high of $28.61 before closing the day at $28.32. Volumes in the day stood at 536.62K.
About Clearwater Paper Corporation
Clearwater Paper Corporation deals in private label tissue and related products. The company has its headquarters in Spokane, Washington.