Canadian Paper Co. Execs Depart In Wake Of Hedge Fund Move

Jan 16 2007 | 10:06am ET

The leaders of Canadian paper producer Catalyst Paper are making way for Third Avenue Management.

The New York-based hedge fund hiked its stake in the Vancouver, British Columbia-based company last year, triggering golden parachutes of C$4.8 million and C$1.6 million, respectively, for outgoing CEO Russel Horner and CFO Ralph Leverton. Last month, four Third Avenue-picked directors joined Catalyst’s board.

Catalyst’s newly-constituted board will choose their successors at or before its March 28 annual meeting.


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