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From The Editor

Friday, July 3rd

NEW BRASS AT TWO COMPANIES

Companies on both sides of the country made announcements regarding senior management changes this week. In Duncan, B.C., Western Forest Products said former Washington Marine Group president Stephen Frasher will take over as president of Western, while in Montreal, AbitibiBowater said Bruce Robertson, a former senior managing partner at Brookfield Asset Management Inc. has been appointed chief restructuring officer.

In a news conference, Western chairman Dominic Gammiero said Frasher’s appointment is effective immediately. Gammiero has been acting as president since Reynold Hert left the position six months ago. It is the second major change in Western’s senior management team this year as CFO Murray Johnston left the company in March and was replaced by controller Brian Cairo.

Western lost $25.5 million in the first three months of this year, which the company described as “far from satisfactory.” Gammiero said the experience Frasher has gained at the Washington Marine Group “has provided him with an understanding of the political, labour and First Nations environment in B.C.,” adding, “Mr. Frasher has a proven track record with companies facing challenging situations and he will complement the recent re-organization of the company.”

At AbitibiBowater, Robertson brings extensive experience from Brookfield to the company, including the management of over $7 billion in North American distressed private equity, bridge lending and real estate finance. He has also served on a number of boards in the private and public sectors.

Abitibi has been hit hard by the downturn in the forest industry and has been under court protection from creditors since mid-April. The company was delisted from the Toronto Stock Exchange on May 15 of this year.

“We are pleased to have Bruce Robertson on board and to share his expertise in corporate finance and restructurings,” said AbitibiBowater president and CEO David Paterson.

Bill Tice, Editor

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