A former Canfor CEO will take the top job at battered Catalyst Paper Corp. (TSX:CYT), the company announced today.
Joe Nemeth will take over as president and CEO of Catalyst October 1.
The company’s current CEO Kevin Clarke announced he would resign in April.
Clarke led Catalyst through a tumultuous three years in which it struggled under $800 million in debt, sold off assets and restructured. The company emerged from creditor protection in early 2013 and relisted on the Toronto Stock Exchange.
In 2013’s first quarter, the company reported a loss of $9.8 million, an improvement over its $35.2 million loss in 2012’s fourth quarter.
Nemeth was president and CEO of Canfor from April 2010 to September 2012. Prior to joining Canfor, he spent 14 years with Fletcher Challenge Canada, which was sold to Norske Canada, which later became Catalyst.
He is currently a director of Fortress Paper Ltd.
