Mark Angelson, former CEO of RR Donnelley and engineer of significant industry consolidation in the past decade (pictured left), has been tipped as the next chairman of the board for troubled Quebecor World, replacing Brian Mulroney who has held the position since April, 2002. The only returning member of the board is expected to be Quebecor World’s current CEO, Jacques Mallette.
The new slate of independent directors, to be filed by creditors of cash-strapped printing company, is also expected to include: Tom Ryder, former chairman and CEO of Reader’s Digest; Jack Kliger, former president and CEO of Hachette Filipacchi; Raymond Bromark, chairman of the audit committee of CA, Inc., and a retired senior partner of PricewaterhouseCoopers; James Gaffney; Michael Allen; David McAusland; and Gabriel de Alba.
"The highly fragmented printing industry must undergo further consolidation, and this company will be an important part of that process. We look forward to providing overall strategic guidance, best governance practices and oversight," said a spokesman for the new incoming directors in a statement.
The new board members would begin their roles following Quebecor World’s exit from court protection, which made great gains on Monday, June 22, when creditors in Canada and the U.S. voted to accept the restructuring plan put forth by the printing company.
North of the border the plan was approved by approximately 96% of the affected creditors who voted, and in the U.S., 86% of the available creditors voted to accept the U.S. plan.
A joint confirmation hearing on the U.S. and Canadian plans is scheduled to occur on June 30th in the U.S. Bankruptcy Court in New York and the Quebec Superior Court.
Quebecor World anticipates the consummation of the deals and an exit from protection by mid-July.
Details of the company’s restructuring are available here.
