Smurfit-Stone Chairman, CEO Moore plans to retire

AP News
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Posted: Dec 23, 2009 7:34 AM

Smurfit-Stone Container Corp. Chairman and CEO Patrick Moore plans to retire within a year of the company's emergence from Chapter 11 bankruptcy protection.

The containerboard and corrugated packaging producer said late Tuesday that Moore, 55, will still serve on its board and that it has filed amendments to its reorganization plan so that it can appoint a non-executive chairman when it exits bankruptcy protection.

Smurfit-Stone filed its reorganization plan on Dec. 1 and anticipates exiting restructuring proceedings in the U.S. and Canada either late in the first quarter or early in the second quarter.

Smurfit-Stone said it expects the board of its reorganized business to name a new CEO after it leaves bankruptcy protection.

President and Chief Operating Officer Steven Klinger will keep his duties and assist with the transition process.