Fourth Quarter of 2021 Highlights *The fourth quarter of 2021 (“Q4 2021”) was the Company’s first full quarter operating its newly acquired forest products business **Q4 2021 net earnings of $8.0 million or $0.04 earning per share *Lumber pricing improved in Q4 2021 and into 2022 with continued volatility expected *Made significant strides in reducing reliance on transitional services arrangement with key hires in human resources, IT and accounting *Asset backed revolving loan facility of $65.0 million was undrawn at December 31, 2021 and has remained undrawn at March 23, 2022. Cash from operations has funded the seasonal log inventory build-up *Invested in Boreal Carbon Corporation, an entity focused on acquiring and managing forestry projects in North America to generate carbon credits
Verso Corporation (NYSE: VRS) today announced that Brian D. Cullen will become its Senior Vice President and Chief Financial Officer effective June 16, 2021.
“I am very pleased to have someone of Brian’s caliber join Verso’s leadership team and serve in this critical role for our company,” said President and Chief Executive Officer Randy Nebel. “His operating finance proficiency and experience combined with his strong strategic thinking and leadership skills will be extremely beneficial to Verso as we continue to strengthen our position as a leader in the paper industry.”
Mr. Cullen has over 20 years of broad financial and strategic leadership experience, with the majority of his career holding executive and senior leadership roles at Fortune 500 companies, including McDonald’s Corporation and The Procter & Gamble Co. Prior to joining Verso he served as US Vice President of Finance and Controller for McDonald’s Corporation. Mr. Cullen holds a B.B.A. in Finance with accounting concentration from The University of Notre Dame in Indiana.
Mr. Cullen will succeed Allen J. Campbell who will retire from Verso effective June 30, 2021. Mr. Campbell will remain with Verso through the remainder of June to assist with the transition to Mr. Cullen.
“On behalf of our Board and leadership team, I would like to thank Allen for his leadership and significant contributions to Verso’s success and congratulate him on his retirement,” said Nebel. “Additionally, I appreciate Allen’s preparedness and commitment to help transition this role to Brian prior to his departure.”