Fourth Quarter 2020 Highlights: *Revenue of $783 million *Income from operations of $94 million; Net income from continuing operations of $57 million *TiO2 selling prices remained level, benefiting from margin stability initiatives, and sales volumes increased 8 percent versus fourth quarter 2019 driven by improved market demand globally *Zircon volumes increased 48 percent versus fourth quarter 2019 driven primarily by strong demand in China. Full Year 2020 Highlights: *Revenue of $2,758 million *Income from operations of $271 million; Net income from continuing operations of $995 million *Total acquisition synergies of $243 million achieved, exceeding run rate synergy target of $220 million set at Investor Day in 2019; $193 million reflected in EBITDA, exceeding $183 million target set on third quarter 2020 earnings call *Cash flow provided by operating activities of $355 million; *$200 million discretionary debt repayment made in December 2020
Resolute Forest Products Inc. (NYSE: RFP) (TSX: RFP) today announced the selection and appointment of Yves Laflamme as Resolute’s new president and chief executive officer, and a member of the Board of Directors, succeeding Richard Garneau. The announcement of Mr. Garneau’s retirement today coincides with the announcement of the company’s fourth quarter and 2017 annual results.
“The Resolute Board of Directors enthusiastically supports Yves Laflamme’s selection, recognizing his good judgment and strong business acumen. Yves has a strong reputation in the industry, a well-refined focus on costs, and built teams that consistently deliver results. There is no better person to lead Resolute into the future,” stated Bradley P. Martin, chairman of the Board of Directors. “The choice of an internal candidate to succeed Richard Garneau is a credit to the internal talent developed by the company. Yves’ appointment is also a reaffirmation of our strategic direction.”
Under Mr. Garneau’s leadership, Resolute established a competitive cost structure and diversified asset base, a conservative capital structure and a sustainable business strategy. His unwavering commitment to a safe workplace and environmental stewardship has earned North American and global recognition.
In expressing its appreciation to Mr. Garneau, the Board of Directors recognize his dedication, strength of purpose and personal integrity. “Resolute is a stronger, more dynamic and far more sustainable company today following Richard’s seven-year tenure as president and CEO,” added Mr. Martin. “Richard personified courageous leadership, not only tackling complex issues but also challenging the status quo. Richard above all else is a man of his word, and Resolute in turn reflects this transparency and integrity. His principled leadership and insistence on truly sustainable outcomes have set the foundation for shared prosperity.”
“I am honored to now lead Resolute as we take our next steps, further defining our collective future. We will build on the positive momentum, and continue to make Resolute a profitable and sustainable company,” stated Yves Laflamme. “Richard led by example, exemplified principled leadership, and built upon his knowledge with a commitment to life-long learning. We are very pleased that Richard has agreed to stay on in an advisory capacity working with me on specific mandates.”
Mr. Laflamme currently serves as senior vice president, Wood Products, Global Procurement and Information Technology for Resolute. He is a 37-year veteran of the industry, as well as Resolute and its predecessor companies. Mr. Laflamme began his career in Finance working at Donohue Inc.’s Saint-Félicien integrated pulp mill and wood products operations in 1981, and moved on to serve as controller for the company’s integrated newsprint and wood products facilities in the Abitibi region of Quebec. Over the past 15 years, he held a series of successive roles as vice president and senior vice president, covering the overall wood products business, including both Operations and Sales, as well as the company’s former Recycling business. Over the past several years, Mr. Laflamme expanded his scope to also include a wide range of corporate support functions, including IT and Global Procurement, among others. In addition, he led a number of important mandates for the company, including M&A activity and enterprise resource planning (ERP), and has represented Resolute in major negotiations with governments. Mr. Laflamme currently serves as chairman of Resolute-LP Engineered Wood joint ventures, a Board member of Toundra Greenhouse, an Executive team member of the Quebec Forest Industry Council, and is a past chairman of the Canadian Wood Council. He is a CPA (CMA), after pursuing his university education in administration and finance.
“Yves has the depth of experience, necessary skill set and track record of success, prerequisites for the top job in this challenging industry environment. Yves is a tireless worker who has never lost sight of his roots. He has high expectations and is fair,” said Richard Garneau. “Yves’ strong leadership traits have positioned Resolute’s wood products business as top tier, and have given the company a competitive edge across business cycles.”