Sylvamo Enters Into Cooperation Agreement, Appoints Two New Independent Directors

Sylvamo’s (NYSE: SLVM) board of directors entered into a cooperation agreement with Atlas Holdings, its largest shareowner, adding two new independent directors to its board.

Effective March 1, Sylvamo will add Karl Meyers and Mark Wilde, expanding the company’s board to 11 directors.

“We look forward to welcoming Karl and Mark to our board,” said Jean-Michel Ribiéras, chairman and chief executive officer. “They will bring valuable expertise to Sylvamo.”

The cooperation agreement includes customary restrictions and voting commitments. Sylvamo will nominate Meyers and Wilde for election with its other directors during its 2023 annual shareowners meeting.

The board also determined it would terminate Sylvamo’s shareholder rights plan immediately.

The cooperation agreement and information about the shareholder rights plan will be included in a Form 8-K filed with the Securities and Exchange Commission.

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